Question: Why is it necessary to obtain corroborating evidence for inquiry and for observation?

Why is it necessary to obtain corroborating evidence for inquiry and for observation?

Step by Step Solution

★★★★★

3.43 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Corroborating evidence is obtained for inquiry and for observation because these a... View full answer

blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

331-B-A-A-A-N (270).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

Why is it necessary to count inventory when a perpetual inventory control system is used? Explain. Why is it necessary to count inventory when a periodic inventory control system is used? Explain.

Q:

Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?

Q:

Why is it necessary to convert accrual-based net income to cash-basis income when preparing a statement of cash flows?

Q:

Q4 Part A (a) How does the materiality of a condition that might lead to a departure affect the auditors choice of audit opinions? Discuss in detail naming the various types of audit opinions that...

Q:

5 - 9 Why is it necessary to obtain corroborating evidence for inquiry and for observation?

Q:

Why is it necessary to obtain corroborating evidence for inquiry and for observation?. p-968

Q:

Why is it necessary to obtain corroborating evidence for inquiry and for observation when it comes to auditing in accounting?

Q:

Why is it necessary to obtain corroborating evidence for inquiry and for observation.

Q:

61. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? a. It is difficult to prepare financial...

Q:

INTRODUCTION TO AUDITING CASE STUDY Nature of Audit Evidence Most of the auditor's work in forming an audit opinion consists of obtaining and evaluating audit evidence. CAS 500 explains that audit...

Q:

Let U = C°[0, 1 ]. Find the adjoint I * of the identity operator I: {J U under the weighted inner products = u(x) (x) p(x) dx. (u, 7) !3!

Q:

Conduct a WHS briefing session and induction to the new WHSMS It's time to deliver your staff briefing. At the briefing you are required to: Introduce and explain the WHS procedures and information...

Q:

In equilibrium, the expected rate of return on a stock must equal its required return. However, several things can happen to cause the required rate of return to change. Explain the three things that...

Q:

Use the financial statements for Allendale Company from Problem 13-17A to calculate the following ratios for 2019 and 2018: Financial Statement From Problem 13-17A a. Working capital. b. Current...

Q:

The Central Valley Company has prepared division overhead budgets for budgeted-volume levels before allocations as follows: Management has decided that the most appropriate inventory costs are...

Q:

The following account titles and balances were taken from the adjusted trial balance of King Co. for 2018. The company uses the periodic inventory system. Account Title Balance Sales returns and...

Q:

During 2010, Diaz Corporation had net income of $41,000. Included on its income statement were depreciation expenses of $2,300 and amortization expense of $300. During the year, accounts receivable...

Q:

Portofino Company made purchases on account from three foreign suppliers on December 15, 2012, with payment made on January 15, 2013. Information related to these purchases is as follows: Portofino...

Q:

What seems to be the most common view of leadership? a. In the beginning of this chapter, we discussed six ways of viewing leadership. Which of these ways was highlighted most frequently by your...

Q:

Know management's and the auditor's responsibilities for controls that provide reasonable assurance for safeguarding company assets. Be familiar with computer-assisted audit techniques. plo89

Q:

Understand the similarities and differences between audit sampling for tests of controls and substantive tests of details of account balances. P-9652

Q:

Learn to apply monetary-unit sampling. P-9652

Q:

A companys book-value based debt ratio (defined here as total liabilities divided by total assets) is 67.4% which strikes me as being a little too high relative to the competition. I decide to...

Q:

Snider Industries sells on term of 2/10, net 45. Total sales for the year are $1,500,000. Thirty percent of customers pay on the 10 th day and take discounts: the other 70% pay, on average, 50 days...

Q:

Jeff is under contract with ISU to teach Business Law classes. Another college in the area knows Jeff is under contract, however they approach jeff and offer him more money to breach the contract...