Essay on Auditing Chapter 1 Solutions manual - 6698 Words

Auditing, 12e (Arens) Chapter 1 The Demand for an Auditing and Assurance Profession 1.1 Identify the components of an audit and explain why there is a demand for audits 1) Which of the following illustrates the definition of auditing with respect to the evidence analysis process? A) accumulation and evaluation of evidence about balance sheet accounts B) learning about different types of computing technology, such as mainframes C) writing an operational audit report that is tailored to the clients situation D) making sure that the auditor is competent and understands evidence gathering Answer: A Diff: 1 Type: MC Page Ref: 5 Learning Obj.: 1-1 Identify the components of an audit and explain why there is a demand for†¦show more content†¦C) record the transactions properly for the underlying records. D) capture the information properly in the computer files. Answer: A Diff: 2 Type: MC Page Ref: 6 Learning Obj.: 1-1 Identify the components of an audit and explain why there is a demand for audits 10) It is important for the auditor to be independent because A) the auditor would not charge a fair rate to the client. B) the auditor might not be as knowledgeable of the subject matter and the criteria. C) this will prevent bias in accumulating and evaluating evidence. D) the Canadian Tax Authorities require that the auditor be independent. Answer: C Diff: 2 Type: MC Page Ref: 6 Learning Obj.: 1-1 Identify the components of an audit and explain why there is a demand for audits 11) Because an external auditor is paid a fee by a client company, he or she A) is absolutely independent and may conduct an audit. B) may be sufficiently independent to conduct an audit. C) is never considered to be independent. D) must receive approval of the relevant provincial securities commission before conducting an audit. Answer: B Diff: 1 Type: MC Page Ref: 6 Learning Obj.: 1-1 Identify the components of an audit and explain why there is a demand for audits 12) The independent auditors report is the A) communication of the result of the audit to the users. B) set of audited financial statements. C) invoice of the auditor detailing the work they have performed. D) report presented toShow MoreRelatedEbooks Solution Manuals and Test Banks for Text Books19223 Words   |  77 Pagesregarding Solutions and Test Bank for courses. We hope that you people will like our service and get better grades. 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