Auditing and Assurance Services (16th Edition)

Chapter 8

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Eight major steps involved in audit planning are:... more

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Before accepting the client for audit purposes, an... more

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Strategic understanding of client’s business ... more

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Judgement about materiality involves identifying ... more

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Preliminary judgement for materiality is set as ... more

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Known misstatements are the exact amount of ... more

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Some benefits of audit planning are:Obtaining ... more

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The responsibility of the successor is to obtain ... more

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The purpose of the engagement letter is to clearly... more

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The Audit Committee is considered as a client when... more

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Knowledge of the client's business industry helps ... more

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The client’s plant tour will help the auditor in ... more

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The nature of products helps the auditor in ... more

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The party with which there are business dealings ... more

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No public company can provide loans to its ... more

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Severe recession will impact the value of the ... more

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The information that might be relevant for the ... more

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The information from minutes of board of director ... more

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Different categories of clients objectives are:... more

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The purposes of performance measurement system are... more

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The quality of analytical procedures can be ... more

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An auditor has to give extra care while auditing ... more

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Materiality refers to that amount of misstatement ... more

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Users of the financial statements can incur loss ... more

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Benchmarks are the reference levels against which ... more

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The qualitative factors to be considered are fraud... more

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An auditor will look at the conglomerate's ... more

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The performance materiality for the three accounts... more

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A lower level of performance materiality will be ... more

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The auditor would request the client to make ... more

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Initial audit planning involves various relevant ... more

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The allowance for inventory write-down is ... more

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Software not accessible. ; Software not accessible... more

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