Question: # Partial (or complete) Definition or Illustration Applicable Term Applicable Term Choices: 1 Overvaluing information that quickly comes to mind. Anchoring bias 2 Starting with
| # | Partial (or complete) Definition or Illustration | Applicable Term | Applicable Term Choices: |
| 1 | Overvaluing information that quickly comes to mind. | Anchoring bias | |
| 2 | Starting with an initial belief and then insufficiently adjusting that belief when contrary information is encountered. | Audit evidence | |
| 3 | Seeking and treating as more persuasive information that is consistent with ones beliefs. | Availability bias | |
| 4 | Overestimating ones abilities. | Confirmation bias | |
| 5 | All information prepared within the audited organization. | Control risk | |
| 6 | Information used by the auditor that corroborates or contradicts the assertions in the financial statements. | No term applies | |
| 7 | Information used by the auditor that corroborates the assertions in the financial statements. | Professional skepticism | |
| 8 | The risk that the auditors procedures will lead them to conclude that a misstatement does not exist when in fact it does exist. | Relevant assertion | |
| 9 | The risk that a material misstatement that could occur will not be prevented or detected on a timely basis. | Significant assumption | |
| 10 | A financial statement assertion that is probable of misstatement given the nature of the further audit procedures performed. | ||
| 11 | A financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated. | ||
| 12 | A financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially or immaterially misstated. | ||
| 13 | An attitude that includes a questioning mind, and a critical assessment of audit evidence. | ||
| 14 | An attitude that includes a subjective mind and a detailed assessment of audit evidence. | ||
| 15 | Every assumption relating to a significant financial statement assertion. | ||
| 16 | As related to an accounting estimate, an assumption for which a reasonable variation would materially affect the measurement of that accounting estimate. |
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
