Question

1.Which of the following is not a type of materiality?

Auditor’s materiality

Performance materiality

Overall materiality

SUM

2.T/F. The planned audit evidence is subject to change based on the results of the audit risk model

3.T/F. An auditor with a long term relationship with a client than a short term relationship may suffer harm, even though the audit report rendered for the client is correct.

4.T/F. When auditing inventory, sheet to floor is an example of tracing and floor to sheet is an example of vouching.

5.T/F. The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with applicable financial accounting frame work. An auditor’s opinion enhances the degree of confidence that intended users can place in the financial statements.

Answer 1

Answer : 1) auditors materiality

2) true

3) true

4) true

Audit opinion is all the information used by the aydaudi in arriving at the conclusion on which audit opinion is based

Definition of auditing An audit is the independent examination of financial
information of any entity, whether profit oriented or not,
and irrespective of its size or legal form, when such an
examination is conducted with a view to expressing an
opinion thereon

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