Exam 5: Preliminary Audit Planning: Understanding the Auditees Business

Overall materiality is determined by the auditor at the planning stage of the audit and remains fixed throughout the audit process.

(True/False)

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Question 41

What is the best description of the engagement letter?

(Multiple Choice)

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Question 42

This question is about the auditor's concept of materiality considered in the planning stage of the audit. Required: A)Define or describe the independent auditor's concept of "planning materiality." B)Name (but do not describe or explain)three common relationships or considerations used by the auditor quantifying materiality.

(Essay)

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Question 43

Since auditing is a public profession,auditors are obligated to continue auditing a client once they start.

(True/False)

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Question 44

The detailed audit plan guides development of the overall audit strategy.

(True/False)

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Question 45

Showing 41 - 45 of 45

Overall materiality is determined by the auditor at the planning stage of the audit and remains fixed throughout the audit process.

What is the best description of the engagement letter?

Since auditing is a public profession,auditors are obligated to continue auditing a client once they start.

The detailed audit plan guides development of the overall audit strategy.

Introduction to Auditing

Auditors Professional Roles and Responsibilities

Auditors Ethical and Legal Responsibilities

Reports on Audited Financial Statements

Assessing Risks in an Audit Engagement

Internal Control Over Financial Reporting

Audit Evidence and Assurance

Control Assessment and Testing

Audit Sampling

The Revenues, receivables, and Receipts Process and Cash Account Balance

The Purchases, payables, and Payments Process

Payroll and Production Processes

The Finance and Investment Process

Completing the Audit Work

Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report

Other Public Accounting Services and Reportsreviews and Compilations

Professional Rules of Conduct Details and Auditor Responsibilities

The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates

Legal Liability Cases

Other Professional Accounting Services and Reports, including Fraud Auditing

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