Question: What basic techniques for obtaining audit evidence are there?

What basic techniques for obtaining audit evidence are there?

Step by Step Solution

★★★★★

3.37 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Auditors use various techniques for obtaining audit evidence to support their opinions on the financial statements These techniques help auditors gather sufficient and appropriate evidence to assess t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Auditing 12th Questions!

Identify the process evaluation article that you chose and explain why you selected this example. Describe the purpose of the evaluation, the informants, the questions asked, and the results of the...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Suzie Pickering has experience in the clothing and retail industry, which is why she was assigned to the Cloud 9 audit. Suzie is mentoring Ian Harper, a first-year staff on the audit team, and they...

SECTION A This question is COMPULSORY QUESTION 1 (30 marks) ABC Ltd is a used car and parts dealership operating from seven locations across Jamaica. Each branch has up to 10 staff working there,...

Explain Five techniques of obtaining audit evidence. Explain the threats to auditors independence.

Identify and explain the 5 principal techniques for obtaining audit evidence available to the auditor. (5 marks) State 2 categories of misstatement and the misstatements they should capture. (2...

I need the multiple choice questions answers from chapter 4 and 5 of the attached & Monograph...

1.Mr. Ibrahim, the auditor of Good Luck Constructions Company checks if the laptops and trucks included in the financial statements of the company actually belongs to the company and not to the...

Select all the correct statements about audit evidence! a) Sufficiency is a measure of the quantity of audit evidence, while adequacy is a measure of quality. b) If the auditor cannot obtain...

this is for Audit and i need someone who knows all the answers. Auditing -ACCT 460 - Section 1. 1) Who establishes generally accepted auditing standards? a) Public Company Accounting Oversight Board...

The following drawdown information was collected from an observation well 120 ft away from a 16-in.-diameter well that is pumped at a uniform rate of 1.25 cfs. Determine the permeability and the...

Five donors have pledged $1 million dollars each over 4 years to Lucky Duck University; How should these pledges be reported as change in net assets, and in which net assets class should they be...

The auditor is performing analytical procedures and determines that the accounts receivable growth should be similar to the revenue growth. After performing the analytical procedure, the auditor...

Hill states that the leader has special responsibility for functioning in a manner that will help the team achieve effectiveness While the 1980 U.S. Olympic hockey team was highly successful, do you...

List the four parts of the Code of Professional Conduct, and state the purpose of each.

What organization is responsible for developing ethics standards at the international level? What are the fundamental principles of the international ethics standards?

Distinguish between independence of mind and independence in appearance. State three activities that may not affect independence of mind but are likely to affect independence in appearance.

Intermediate Accounting I Accounting Project Cherry & White Bike Company The Cherry & White Bike Company is a small closely-held company with two owners. Its two owners, Charlotte and George, have...

Suppose you want to start a business in three years, and you need a loan for four years once the business is created (for years 4, 5, 6, and 7). The bank has told you that the three-year rate is 7%,...

Youthgrow productsi Inc is a c corp during the year th comps you sold business assets held long treem at a gain which is true about the tax treatment of thr gains?