Exam 6: Audit Evidence, Audit Objectives,

Much of the audit planning, including obtaining an understanding of internal control, assessing control risk, and the application of substantive tests of transactions can be conducted prior to the balance sheet date.

Generally accepted auditing standards recognize two categories of evidential matter: underlying accounting data and corroborating information. In making an audit in accordance with GAAS:

Having a computer audit specialist as a member of the audit team relates to the effect of electronic data processing on:

A common member of today's audit team is a computer audit specialist.

If a client uses an image processing system to scan documents and original documents are not retained, the auditor will want to consider the implications for the timing of procedures related to material account balances and transaction cycles.

The subject of the auditing procedure observing is least likely to be:

If a client maintains records in electronic form, and the auditor can indirectly access electronic records, it may have significant implications for the extent of audit procedures.

The auditing procedure vouching relates to which one of the following types of audit evidence?

In practice, the terms "working paper schedule" and "working paper analysis" are used interchangeably.

The subject of the auditing procedure inspecting is least likely to be:

Confirmations provide important evidence and are used in auditing because the evidence is usually objective and comes from an internal source.

The extent of audit procedures does not relate to the auditor's decision about how much audit evidence to obtain.

The auditor wanting to know the files where data are stored and understand how to access the files relates to the effect of electronic data processing on:

The auditor need not consider the implications of electronic data processing on material account balances and transaction classes.

Which of the following would not be considered corroborating information?

The assessed risk of material misstatement influences audit decisions about audit procedures. Which of the following decisions is more appropriate when the risk of material misstatement is assessed as low rather than when it is assessed as high?

Choices about audit evidence are influenced by all of the following except:

Valuation is generally considered to be the same as existence by practicing auditors.

Tracing produces primarily analytical evidence.

The auditing procedure reperforming relates to which one of the following types of audit evidence?