Could you answer these 13 multiple answers

1.When there is a significant risk that an account will be misstated and the client's system of internal controls is not considered effective at reducing that risk,

• less high-quality evidence is gathered when conducting substantive tests
• detection risk is set as low.
• only control testing is required.
• detection risk is set as high.

2.When and why are analytical procedures performed by an auditor? Select all that apply.

• reporting phase to identify areas of potential material misstatements
• reporting phase to evaluate the effectiveness of controls
• risk response phase to evaluate information included in the financial statements
• risk assessment phase to assess if the financial statements reflect the auditor's understanding of the client
• risk assessment phase to identify unusual fluctuations

3.During an audit, an auditor calculates the amount of depreciation and agrees the amount to the client's fixed asset continuity schedule. This evidence-gathering procedure is called

• recalculation.
• re-performance.
• an analytical procedure.
• observation.

4.What does the extent of the review of the component auditor's work depend on? Select all that apply.

• reputation of component auditor
• desires of client whose financial statements are being audited
• professional designation of group engagement partner
• risk of component being audited by component auditor
• materiality of component being audited by component auditor

5.When would an auditor likely decide to use an expert to help provide evidence of the value of inventory? Select all that apply.

• high risk of material misstatement
• corroborating evidence is available
• inventory valuation is complex
• audit team has a great amount of knowledge of the inventory and its valuation
• low risk of material misstatement

6. Steven Marinaro, CPA is performing complex calculations to help him determine reserves in the Alberta Oil Sands. Which of the following evidence-gathering procedures will Steve use when using the work of another auditor?

• recalculation
• observation
• confirmations
• all of the answers are correct

7.To which customer is the auditor least likely to send a receivables confirmation?

• customer who owes very little at year end
• customer who is also a related company to the entity under audit
• customer who owes a significant amount of money at year end
• customer whose account is overdue

8.Which of the following circumstances would likely require the use of a component auditor? Select all that apply.

• client is a large business with operations and assets with multiple locations, but all in one municipality
• client is a medium-sized business with all operations and assets in one location
• client has material assets in another country
• client owns subsidiaries in other countries
• client has significant amounts of inventory in a number of locations

9. A high volume of sales transactions close to year end

• indicates that fraud has been committed.
• indicates increased profitability.
• indicates increased expenses.
• indicates an opportunity for fraud to be committed.

10.The auditor understands the client at the entity, economy, and industry levels to

• plan the audit team required.
• identify the risks of material misstatement in the client's financial statements.
• identify the risks associated with the client.
• plan the time required to audit the client.

11.Sufficient, appropriate evidence is obtained through

• risk assessment, risk response, and reporting.
• risk assessment, risk planning, and reporting.
• risk assessment, audit strategy, and execution of the audit.
• risk assessment, audit strategy, and risk response.

12.Which of the following is an example of an estimate on the financial statements?

• salaries payable.
• prepaid expenses.
• warranty liability.
• accounts payable.

13.Conclusions on the fair presentation of the financial statements should be based on

• the audit strategy and evidence accumulated.
• the nature, timing, and extent of audit procedures.
• understanding of the client, knowledge of risks, and conclusions based on testing.
• evidence accumulated and materiality.