A given set of procedures may provide audit evidence that is relevant to certain assertions but not others. Which of the following statements concerning audit evidence is correct.
Acc 305 Final Exam Part 1 Exam Final Exams Financial Statements
Which of the following statements concerning audit evidence is correct.
. The cost of obtaining evidence is not an important consideration to an auditor in. Sufficiency is the measure of the quality of audit evidence that is its relevance and reliability. Which of the following statements concerning audit evidence is correct.
A Appropriate evidence supporting managements assertions should be convincing rather than persuasive. The measure of the reliability of audit evidence lies in the auditors judgment. Effective internal control contributes little to the reliability of the evidence created within the entity.
A large sample of evidence provided by an independent party is always considered persuasive evidence. Which of the following statements is correct concerning an auditors assessment of control risk. Solutions for Chapter 5 Problem 19MCQ.
B Effective internal controls contribute little to the reliability of the evidence created within the entity. Which of the following statements concerning audit evidence is correct. The measure of the reliability of audit evidence lies in the auditors judgmentc.
A Evidence obtained from an independent source outside the client organization is more reliable than that obtained from within. The quantity of audit evidence needed is affected by its quality and the risk of misstatement d. Multiple Choice Appropriate evidence supporting managements assertions should be convincing rather than persuasive.
The difficulty and expense of obtaining audit evidence concerning an account balance is a valid basis for omitting the test. To be appropriate audit evidence should be either persuasive or relevant but need not be both. Which of the following statements is nota correct statement regarding audit evidence.
Responses a b and c are not. Accounting questions and answers. Audit evidence obtained from an independent external source is always reliable.
Appropriate evidence supporting managements assertions should be convincing rather than merely persuasive. The measure of the validity of audit evidence lies in the. B is corrent because appropriate evidence is both relevant and reliable.
The cost of obtaining evidence is not an important. The quantity of audit evidence needed is affected by its quality and the risk of misstatement. To be appropriate audit evidence should be either reliable or relevant but it need not be both.
Which of the following statements concerning audit evidence is correct. The difficulty and expense of obtaining audit evidence concerning an account balance is a valid basis for omitting the test. A is incorrect because by itself accounting data cannot be considered sufficient support of the financial statementscorroborating audit evidence is necessary.
Audit evidence obtained from an independent external source is always reliable D. Effective internal controls contribute little to the reliability of the evidence created within the entity. A clients general ledger may be sufficient audit evidence to support the.
Correct - Your answer is correct. Which of the following statements concerning audit evidence is correcta. Audit evidence to support the financial statements.
An audit usually involves the authentication of documentation. The difficulty and expense of obtaining audit evidence concerning an account balance is a valid basis for omitting the test. D A clients accounting data cannot be considered.
Appropriateness is the measure of the quality of audit evidence. Which of the following is a correct statement regarding audit evidence. To be appropriate audit evidence should be either persuasive or relevant but need not be bothb.
Sufficiency is the measure of the quality of audit evidence that is relevance and reliability c. Assessing control risk may be performed concurrently during an audit with obtaining an understanding of the entitys internal control. To be competent audit evidence should be either persuasive or relevant but need not be both.
The measure of the validity of audit evidence lies in the auditor s judgment. Which of the following presumptions is correct regarding the reliability of audit evidence. An audit usually involves the authentication of documentation B.
The difficulty and expense of obtaining audit evidence concerning an account. C is incorrect because reliable evidence may not be sufficient evidence. Audit evidence from external sources for example confirmation received from a third party is more.
Which set of assertions is tested when during completion of the audit the audit partner conducts a final review of the format of the entitys balance sheet. B Documentary evidence is more reliable when it is received by the auditor indirectly rather than directly. A To be reliable evidence should be convincing rather than simply persuasive.
Which of the following statements concerning audit evidence is correct. A given set of procedures may provide audit evidence that is relevant to certain assertions but not others C. Appropriateness is the measure of the quantity of audit evidence b.
Which of the following statements concerning audit evidence is correct. A large sample of evidence provided by an independent party is always considered persuasive evidence. External evidence such as communications from banks is generally regarded as more reliable than answers obtained from inquiries of the client b.
Which of the following statements is not a correct statement regarding audit evidence. D is incorrect because while auditors must attempt to perform. A small sample of only one or two pieces of highly appropriate evidence is always considered persuasive evidence.
A clients accounting records can be sufficient audit evidence to support the financial statements. Which of the following is a correct statement regarding audit evidence. C The cost of obtaining evidence is not an important.
Wrong - Your answer is wrong. A companys accounting data cannot be considered sufficient audit evidence to support the financial statements. Documents that originate outside the company are considered more reliable than those.
A small sample of only one or two pieces of highly appropriate evidence is always considered persuasive evidence. Which of the following statements concerning audit evidence is correct. B Information obtained directly from outside sources is considered to be the most reliable type of evidence.
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