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According to AU-C Sec. 315, For the purposes of the AU-C sections, a risk of material misstatement exists when (a) there is a reasonable possibility of a misstatement occurring (that is, its likelihood), and (b) if it were to occur, there is a reasonable possibility of the misstatement being material (that is, its ____... | magnitude | ps-au-c-sections_page_0378 | auc-md/ps-au-c-sections_page_0378.md |
According to AU-C Sec. 240, If the auditor has concluded that the presumption that there is a risk of material misstatement due to fraud related to ______________ is overcome in the circumstances of the engagement, the auditor should include in the audit documentation the reasons for that conclusion. | revenue recognition | ps-au-c-sections_page_0233 | auc-md/ps-au-c-sections_page_0233.md |
According to AU-C Sec. 501, If the auditor is unable to attend physical inventory counting due to unforeseen circumstances, the auditor should make or observe some physical counts on an alternative date and perform audit procedures on ______________. | intervening transactions | ps-au-c-sections_page_0595 | auc-md/ps-au-c-sections_page_0595.md |
According to AU-C Sec. 810, If the summary financial statements are not consistent, in all material respects, with the audited financial statements, in accordance with the applied criteria, and management does not agree to make the necessary changes, the auditor should express an ______________ opinion on the summary f... | adverse | ps-au-c-sections_page_1581 | auc-md/ps-au-c-sections_page_1581.md |
According to AU-C Sec. 810, The auditor should read the information included in a document containing the summary financial statements and the auditor’s report thereon and consider whether a material inconsistency exists between that information and the summary financial statements. | material inconsistency | ps-au-c-sections_page_1582 | auc-md/ps-au-c-sections_page_1582.md |
According to AU-C Sec. 600, If the group has a noncontrolling interest in an entity that is accounted for by the ______________ for which the group auditor is neither making reference to the audit of the noncontrolled entity’s auditor in the auditor’s report on the group financial statements, nor using audited financia... | equity method | ps-au-c-sections_page_0915 | auc-md/ps-au-c-sections_page_0915.md |
According to AU-C Sec. 600A, Components aggregated at a certain level may constitute a component for purposes of the group audit; however, such a component also may prepare group financial statements that incorporate the financial information of the components it encompasses (that is, a ______________). | subgroup | ps-au-c-sections_page_1041 | auc-md/ps-au-c-sections_page_1041.md |
According to AU-C Sec. 940, in an audit of financial statements that is not integrated with an audit of ICFR, identifying deficiencies is incidental, whereas the audit is focused on identifying ______________ of the financial statements. | misstatements | ps-au-c-sections_page_1864 | auc-md/ps-au-c-sections_page_1864.md |
According to AU-C Sec. 220, The engagement partner exercises professional judgment in determining the extent of documentation to be reviewed, for example, when determining the nature and extent of the review of component auditor documentation in a ______________. | group audit | ps-au-c-sections_page_0174 | auc-md/ps-au-c-sections_page_0174.md |
According to AU-C Sec. 720, Such matters may include, for example, business prospects and future cash flows that the auditor considered when evaluating the assumptions used by management in performing impairment tests on intangible assets such as goodwill, or when evaluating management’s evaluation of whether there are... | going concern | ps-au-c-sections_page_1435 | auc-md/ps-au-c-sections_page_1435.md |
According to AU-C Sec. 703, Paragraph .47 requires the auditor to obtain and read the draft Form 5500 prior to ______________. | dating the auditor’s report | ps-au-c-sections_page_1291 | auc-md/ps-au-c-sections_page_1291.md |
According to AU-C Sec. 915, a ______________ is defined as a completed or proposed transaction or group of related transactions or a financial reporting issue involving facts and circumstances of a specific entity. | Specific transaction | ps-au-c-sections_page_1621 | auc-md/ps-au-c-sections_page_1621.md |
According to AU-C Sec. 700, Management and, when appropriate, those charged with governance accept responsibility for the preparation of the financial statements in accordance with the applicable financial reporting framework, including their fair presentation. Management also accepts responsibility for the design, imp... | error | ps-au-c-sections_page_1173 | auc-md/ps-au-c-sections_page_1173.md |
According to AU-C Sec. 402, The user auditor using the work of another auditor may find the guidance in section 600A useful as it relates to understanding another auditor (including that auditor’s independence and ______________). | professional competence | ps-au-c-sections_page_0527 | auc-md/ps-au-c-sections_page_0527.md |
According to AU-C Sec. 402, The user auditor should not refer to the work of a service auditor in the user auditor’s report containing an ______________ opinion | unmodified | ps-au-c-sections_page_0521 | auc-md/ps-au-c-sections_page_0521.md |
According to AU-C Sec. 240, this section is effective for audits of financial statements for periods ending on or after ______________. | December 15, 2012 | ps-au-c-sections_page_0223 | auc-md/ps-au-c-sections_page_0223.md |
According to AU-C Sec. 330, the judgmental selection of specific items is subject to ______________. | nonsampling risk | ps-au-c-sections_page_0510 | auc-md/ps-au-c-sections_page_0510.md |
According to AU-C Sec. 330, if the auditor plans to test the operating effectiveness of controls in determining the nature, timing, and extent of ______________, the auditor must design and perform tests of controls. | substantive procedures | ps-au-c-sections_page_0486 | auc-md/ps-au-c-sections_page_0486.md |
According to AU-C Sec. 940, If the auditor determines that the new controls achieve the related objectives... the auditor will not need to test the design and operating effectiveness of the ______________ controls for purposes of expressing an opinion on ICFR. | superseded | ps-au-c-sections_page_1858 | auc-md/ps-au-c-sections_page_1858.md |
According to AU-C Sec. 540, For example, pricing services often provide information about their methods and assumptions by ______________, rather than individual securities. | asset class | ps-au-c-sections_page_0759 | auc-md/ps-au-c-sections_page_0759.md |
According to AU-C Sec. 315, Rights and obligations. The entity holds or controls the rights to assets, and liabilities are the ______________ of the entity. | obligations | ps-au-c-sections_page_0429 | auc-md/ps-au-c-sections_page_0429.md |
According to AU-C Sec. 230, On their own, ______________ by the auditor do not represent adequate support for the work the auditor performed or conclusions the auditor reached. | oral explanations | ps-au-c-sections_page_0205 | auc-md/ps-au-c-sections_page_0205.md |
According to AU-C Sec. 600, Clear and timely communication between the group auditor and the component auditors about their respective responsibilities, along with clear direction to the component auditors about the ______________ of the work to be performed and the matters expected to be communicated to the group audi... | nature, timing, and extent | ps-au-c-sections_page_0927 | auc-md/ps-au-c-sections_page_0927.md |
According to AU-C Sec. 540, the nature, timing, and extent of further audit procedures regarding a management’s specialist are affected by the auditor's evaluation of the specialist's ______________, capabilities, and objectivity. | competence | ps-au-c-sections_page_0716 | auc-md/ps-au-c-sections_page_0716.md |
According to AU-C Sec. 450, The evaluation of the effect of uncorrected misstatements on key ratios or trends and compliance with legal, regulatory, and contractual requirements (for example, ______________). | debt covenants | ps-au-c-sections_page_0554 | auc-md/ps-au-c-sections_page_0554.md |
According to AU-C Sec. 315, However, as described in paragraph .A101, the auditor may identify, in accordance with paragraphs .27 and .29b, controls within the entity’s risk assessment process ______________ for which the auditor also evaluates design and determines implementation as required by paragraph .30. | component | ps-au-c-sections_page_0406 | auc-md/ps-au-c-sections_page_0406.md |
According to AU-C Sec. 402, if the user auditor plans to use a ______________ or a type 2 report that excludes the services provided by a subservice organization, the user auditor should apply the requirements of this section with respect to the services provided by the subservice organization. | type 1 | ps-au-c-sections_page_0522 | auc-md/ps-au-c-sections_page_0522.md |
According to AU-C Sec. 500, If the same type of information has been specifically commissioned by the entity to use its expertise to develop information about those risks, tailored to the entity’s circumstances, the external individual or organization is likely to be acting as a ________________. | management’s specialist | ps-au-c-sections_page_0575 | auc-md/ps-au-c-sections_page_0575.md |
According to AU-C Sec. 540, when understanding the entity's system of internal control, the auditor should consider how management identifies the need for and applies specialized skills or knowledge, including with respect to the use of a management's ______________. | specialist | ps-au-c-sections_page_0709 | auc-md/ps-au-c-sections_page_0709.md |
According to AU-C Sec. 600, Further audit procedures on the consolidation process, including sub-consolidations, may include determining that the necessary journal entries are reflected in the consolidation, and evaluating the ______________ of the controls over the consolidation process and responding appropriately if... | operating effectiveness | ps-au-c-sections_page_0945 | auc-md/ps-au-c-sections_page_0945.md |
According to AU-C Sec. 570, when evaluating the feasibility of management's plans to mitigate conditions raising substantial doubt, the auditor assesses whether the plan will be effectively implemented within ______________ after the date that the financial statements are issued. | one year | ps-au-c-sections_page_0834 | auc-md/ps-au-c-sections_page_0834.md |
According to AU-C Sec. 550, the Effective Date section states this section is effective for audits of financial statements for periods ending on or after ______________. | December 15, 2012 | ps-au-c-sections_page_0779 | auc-md/ps-au-c-sections_page_0779.md |
According to AU-C Sec. 540, In documenting the linkage of the auditor’s further audit procedures with the assessed risks of material misstatement at the ______________, this section requires that the auditor take into account the reasons given to the risks of material misstatement at the relevant assertion level. | relevant assertion level | ps-au-c-sections_page_0763 | auc-md/ps-au-c-sections_page_0763.md |
According to AU-C Sec. 610, in discussing the planned use of the work of the internal audit function, it may be useful to address materiality for the financial statements as a whole (and, if applicable, materiality level or levels for particular classes of transactions, account balances, or disclosures) and ___________... | performance materiality | ps-au-c-sections_page_1113 | auc-md/ps-au-c-sections_page_1113.md |
According to AU-C Sec. 220, Agendas from discussions between the engagement partner and other members of the engagement team and, when applicable, the ______________, and related sign-offs and records of the time the engagement partner spent on the engagement, may provide evidence of the engagement partner’s involvemen... | engagement quality reviewer | ps-au-c-sections_page_0181 | auc-md/ps-au-c-sections_page_0181.md |
According to AU-C Sec. 945, for securities exempt from registration under the ______________, it may not be necessary for the auditor to provide any type of written agreement. | Securities Act of 1933 | ps-au-c-sections_page_1911 | auc-md/ps-au-c-sections_page_1911.md |
According to AU-C Sec. 600A, regardless of whether reference will be made in the auditor’s report, the group engagement team should obtain an understanding of whether a component auditor is ______________. | independent | ps-au-c-sections_page_1027 | auc-md/ps-au-c-sections_page_1027.md |
According to AU-C Sec. 945, If the requesting party does not provide the required written opinion from external legal counsel or a ______________, the auditor may issue a similar letter that does not provide negative assurance. | representation letter | ps-au-c-sections_page_1909 | auc-md/ps-au-c-sections_page_1909.md |
According to AU-C Sec. 720, The auditor may communicate the following to management or those charged with governance: The auditor’s expectations in relation to obtaining the final version of the annual report in a timely manner ______________ such that the auditor can complete the procedures required by this section be... | prior to the date of the auditor’s report | ps-au-c-sections_page_1429 | auc-md/ps-au-c-sections_page_1429.md |
According to AU-C Sec. 940, ...identify the points within the entity’s processes at which a misstatement, including a misstatement due to ______________, could arise... | fraud | ps-au-c-sections_page_1824 | auc-md/ps-au-c-sections_page_1824.md |
According to AU-C Sec. 560, An auditor may be requested by management or those charged with governance to furnish additional copies of the auditor’s report after the ______________. | report release date | ps-au-c-sections_page_0818 | auc-md/ps-au-c-sections_page_0818.md |
According to AU-C Sec. 220, SAS No. 149 amended this section effective for engagements conducted in accordance with generally accepted auditing standards for periods beginning on or after ______________. | December 15, 2025 | ps-au-c-sections_page_0149 | auc-md/ps-au-c-sections_page_0149.md |
According to AU-C Sec. 720, A material misstatement of fact may undermine the credibility of the ______________. | annual report | ps-au-c-sections_page_1428 | auc-md/ps-au-c-sections_page_1428.md |
According to AU-C Sec. 610, As stated in paragraph .A7, ______________ refers to the ability to perform the proposed work without allowing bias, conflict of interest, or undue influence of others to override professional judgments. | objectivity | ps-au-c-sections_page_1116 | auc-md/ps-au-c-sections_page_1116.md |
According to AU-C Sec. 600A, the group engagement team should obtain an understanding of the ______________, including the instructions issued by group management to components. | consolidation process | ps-au-c-sections_page_1027 | auc-md/ps-au-c-sections_page_1027.md |
According to AU-C Sec. 200, ______________ includes being alert to audit evidence that contradicts other audit evidence obtained, information that brings into question the reliability of documents, and conditions that may indicate possible fraud. | Professional skepticism | ps-au-c-sections_page_0096 | auc-md/ps-au-c-sections_page_0096.md |
According to AU-C Sec. 240, When obtaining reasonable assurance, the auditor is responsible for maintaining ______________ throughout the audit, considering the potential for management override of controls. | professional skepticism | ps-au-c-sections_page_0222 | auc-md/ps-au-c-sections_page_0222.md |
According to AU-C Sec. 810, As amended, effective for engagements to report on summary financial statements for periods ending on or after ______________, by SAS No. 139. | December 15, 2021 | ps-au-c-sections_page_1583 | auc-md/ps-au-c-sections_page_1583.md |
According to AU-C Sec. 810, Due to the summarized nature of the summary financial statements, a ______________ opinion would not be appropriate; the summary financial statements either are or are not consistent, in all material respects, with the audited financial statements, in accordance with the applied criteria. | qualified | ps-au-c-sections_page_1587 | auc-md/ps-au-c-sections_page_1587.md |
According to AU-C Sec. 510, opening balances include matters requiring disclosure that existed at the beginning of the period, such as __________ and commitments. | contingencies | ps-au-c-sections_page_0670 | auc-md/ps-au-c-sections_page_0670.md |
According to AU-C Sec. 600, Regardless of whether reference is made in the auditor’s report on the group financial statements to the report of a referred-to auditor, the ______________ or the group engagement partner’s firm is responsible for the group audit opinion. | group engagement partner | ps-au-c-sections_page_0907 | auc-md/ps-au-c-sections_page_0907.md |
According to AU-C Sec. 9700, Section 706 requires the auditor to include an __________ paragraph when a matter is fundamental to users' understanding of the financial statements. | emphasis-of-matter | ps-au-c-sections_page_1211 | auc-md/ps-au-c-sections_page_1211.md |
According to AU-C Sec. 806, When the auditor reports on compliance in a separate report, the report should include a paragraph that states that the financial statements were audited in accordance with generally accepted auditing standards and an identification of the United States of America as the country of origin of... | U.S. generally accepted auditing standards | ps-au-c-sections_page_1561 | auc-md/ps-au-c-sections_page_1561.md |
According to AU-C Sec. 240, The auditor should consider whether ______________ obtained by the auditor indicates risks of material misstatement due to fraud. | other information | ps-au-c-sections_page_0227 | auc-md/ps-au-c-sections_page_0227.md |
According to AU-C Sec. 703, the Basis for Opinion section must include a statement that the auditor is required to be ______________ of the plan and to meet the auditor’s other ethical responsibilities. | independent | ps-au-c-sections_page_1267 | auc-md/ps-au-c-sections_page_1267.md |
According to AU-C Sec. 501, _______________ relates to the possible effects that bias, conflict of interest, or the influence of others may have on the professional or business judgment of the management’s specialist. | Objectivity | ps-au-c-sections_page_0617 | auc-md/ps-au-c-sections_page_0617.md |
According to AU-C Sec. 703, When planning and performing the audit procedures for an ERISA Section 103(a)(3)(C) audit, the materiality considerations apply to the ______________. | financial statements as a whole | ps-au-c-sections_page_1285 | auc-md/ps-au-c-sections_page_1285.md |
According to AU-C Sec. 9700, a public accounting firm does not need to be registered with the PCAOB to perform an audit of a nonissuer in accordance with PCAOB standards. | nonissuer | ps-au-c-sections_page_1224 | auc-md/ps-au-c-sections_page_1224.md |
According to AU-C Sec. 550, The evaluation should include procedures to test the ______________ of the related party relationships and transactions. | accuracy and completeness | ps-au-c-sections_page_0783 | auc-md/ps-au-c-sections_page_0783.md |
According to AU-C Sec. 800, an interpretation of a contract is considered significant when adoption of another reasonable interpretation would have produced a ______________ in the information presented in the financial statements. | material difference | ps-au-c-sections_page_1477 | auc-md/ps-au-c-sections_page_1477.md |
According to AU-C Sec. 240, Inquiries of management and others within the entity are generally most effective when they involve an ______________ discussion. | in-person | ps-au-c-sections_page_0239 | auc-md/ps-au-c-sections_page_0239.md |
According to AU-C Sec. 930, The appropriateness of offsetting a misstatement of an estimated amount with a misstatement of an item capable of ______________ is a consideration that may affect the evaluation of whether uncorrected misstatements are material. | precise measurement | ps-au-c-sections_page_1744 | auc-md/ps-au-c-sections_page_1744.md |
According to AU-C Sec. 940, If, as a result of the subsequent events procedures, the auditor obtains knowledge about a material weakness that existed as of the date specified in management’s assessment about ICFR, the auditor should issue an ______________ opinion, as required by paragraph .68. | adverse | ps-au-c-sections_page_1828 | auc-md/ps-au-c-sections_page_1828.md |
According to AU-C Sec. 705, this section is effective for audits of financial statements for periods ending on or after ______________. | December 15, 2021 | ps-au-c-sections_page_1345 | auc-md/ps-au-c-sections_page_1345.md |
According to AU-C Sec. 550, Considerations specific to ______________ entities. Because of the variety of the types of relationships and transactions among governmental and other entities, some of which are highly complex, identifying the nature of the related party relationship and its appropriate treatment in the fin... | governmental | ps-au-c-sections_page_0791 | auc-md/ps-au-c-sections_page_0791.md |
According to AU-C Sec. 510, The auditor should not make __________ to the report or work of the predecessor auditor as the basis, in part, for the auditor’s own opinion. | reference | ps-au-c-sections_page_0672 | auc-md/ps-au-c-sections_page_0672.md |
According to AU-C Sec. 600A, Indicators of possible ______________ regarding accounting estimates and the application of accounting principles. | management bias | ps-au-c-sections_page_1039 | auc-md/ps-au-c-sections_page_1039.md |
According to AU-C Sec. 540, measurement bases may, in some cases, indicate a ______________ as the relevant unit of account for measurement purposes, which may reduce inherent estimation uncertainty. | portfolio level | ps-au-c-sections_page_0766 | auc-md/ps-au-c-sections_page_0766.md |
According to AU-C Sec. 540, As amended, effective for audits of financial statements for periods ending on or after ______________, by SAS No. 145. | December 15, 2023 | ps-au-c-sections_page_0721 | auc-md/ps-au-c-sections_page_0721.md |
According to AU-C Sec. 600A, Section 610, *Using the Work of Internal Auditors*, addresses the group engagement team’s evaluation of whether the internal audit function’s organizational status and relevant policies and procedures adequately support the objectivity of internal auditors, the level of competence of the in... | systematic and disciplined | ps-au-c-sections_page_1070 | auc-md/ps-au-c-sections_page_1070.md |
According to AU-C Sec. 315, The auditor’s evaluation about how the entity undertakes ______________ for monitoring the effectiveness of controls assists the auditor in understanding whether the other components of the entity’s system of internal control are present and functioning. | ongoing and separate evaluations | ps-au-c-sections_page_0409 | auc-md/ps-au-c-sections_page_0409.md |
According to AU-C Sec. 720, Obtaining the other information in a timely manner prior to the ______________ enables any revisions that are found to be necessary to the financial statements, the auditor's report, or the other information prior to their issuance. | date of the auditor's report | ps-au-c-sections_page_1431 | auc-md/ps-au-c-sections_page_1431.md |
According to AU-C Sec. 600, When the group engagement partner determines to make reference to the audit of a ______________ in the auditor’s report on the group financial statements, procedures designed to identify subsequent events may include requesting the referred-to auditor to update subsequent events procedures. | referred-to auditor | ps-au-c-sections_page_0956 | auc-md/ps-au-c-sections_page_0956.md |
According to AU-C Sec. 720, Remaining alert for indications that a ______________ exists or the other information is otherwise misleading could potentially result in the auditor identifying such matters. | material misstatement of fact | ps-au-c-sections_page_1436 | auc-md/ps-au-c-sections_page_1436.md |
According to AU-C Sec. 240, In designing and performing audit procedures for tests of journal entries, the auditor should select journal entries and other adjustments made at the ______________. | end of a reporting period | ps-au-c-sections_page_0229 | auc-md/ps-au-c-sections_page_0229.md |
According to AU-C Sec. 610, although the internal audit function may perform audit procedures similar to those performed by the external auditor, neither the internal audit function nor the internal auditors are ______________ of the entity as is required of the external auditor. | independent | ps-au-c-sections_page_1099 | auc-md/ps-au-c-sections_page_1099.md |
According to AU-C Sec. 540, Section 230 notes that although there may be no single way in which the auditor’s exercise of professional skepticism is documented, the audit documentation may, nevertheless, provide evidence of the auditor’s exercise of ______________. | professional skepticism | ps-au-c-sections_page_0763 | auc-md/ps-au-c-sections_page_0763.md |
According to AU-C Sec. 600A, for components that are not significant components, the group engagement team performs ______________ at the group level. | Analytical procedures | ps-au-c-sections_page_1064 | auc-md/ps-au-c-sections_page_1064.md |
According to AU-C Sec. 700, [As amended, effective for audits of financial statements for periods ending on or after ______________, by SAS No. 138.] | December 15, 2021 | ps-au-c-sections_page_1169 | auc-md/ps-au-c-sections_page_1169.md |
According to AU-C Sec. 706, Key audit matters are those matters that were communicated with ______________ and, in our professional judgment, were of most significance in our audit of the financial statements of the current period. | those charged with governance | ps-au-c-sections_page_1400 | auc-md/ps-au-c-sections_page_1400.md |
According to AU-C Sec. 700, [Evaluating whether the financial statements achieve fair presentation may include... discussions with management... about the degree to which the amounts in the financial statements are aggregated or ______________, and whether the presentation of amounts or disclosures obscures useful info... | disaggregated | ps-au-c-sections_page_1169 | auc-md/ps-au-c-sections_page_1169.md |
According to AU-C Sec. 520, a less precise expectation may be appropriate when evidence obtained from performing the substantive analytical procedure will be combined with audit evidence from performing ________________. | tests of details | ps-au-c-sections_page_0695 | auc-md/ps-au-c-sections_page_0695.md |
According to AU-C Sec. 200, GAAS use the word "must" to indicate an ______________ requirement. | unconditional | ps-au-c-sections_page_0090 | auc-md/ps-au-c-sections_page_0090.md |
According to AU-C Sec. 240, Fraudulent financial reporting may be accomplished by the following: Manipulation, falsification (including ______________), or alteration of accounting records or supporting documentation from which the financial statements are prepared | forgery | ps-au-c-sections_page_0234 | auc-md/ps-au-c-sections_page_0234.md |
According to AU-C Sec. 940, When disclaiming an opinion because of a scope limitation, the auditor should state that the auditor does not express an opinion on the effectiveness of ICFR within the '______________' section. | Disclaimer of Opinion on Internal Control Over Financial Reporting | ps-au-c-sections_page_1836 | auc-md/ps-au-c-sections_page_1836.md |
According to AU-C Sec. 600, the group engagement partner determines, individually for each component, whether to be involved in the work of the component auditor, insofar as that work relates to the expression of an audit opinion on the group financial statements, or make reference to the audit of a ______________ in t... | referred-to auditor | ps-au-c-sections_page_0950 | auc-md/ps-au-c-sections_page_0950.md |
According to AU-C Sec. 550, the audit is conducted on the premise that management and, when appropriate, those charged with governance have acknowledged and understand that they have responsibility for the preparation and fair presentation of the financial statements in accordance with the applicable financial reportin... | fraud or error | ps-au-c-sections_page_0792 | auc-md/ps-au-c-sections_page_0792.md |
According to AU-C Sec. 610, as explained in section 315, ______________ are risks assessed close to the upper end of the spectrum of inherent risk. | significant risks | ps-au-c-sections_page_1113 | auc-md/ps-au-c-sections_page_1113.md |
According to AU-C Sec. 315, Events or conditions that may affect susceptibility to misstatement due to management bias may also affect susceptibility to misstatement due to other ______________. | fraud risk factors | ps-au-c-sections_page_0399 | auc-md/ps-au-c-sections_page_0399.md |
According to AU-C Sec. 501, unasserted claims and assessments are those considered by management to be ______________ of assertion and that, if asserted, would have at least a reasonable possibility of an unfavorable outcome. | probable | ps-au-c-sections_page_0624 | auc-md/ps-au-c-sections_page_0624.md |
According to AU-C Sec. 315, Inherent risk factors influence the auditor’s assessment of the likelihood and magnitude of misstatement for the identified risks of material misstatement at the ______________. | assertion level | ps-au-c-sections_page_0433 | auc-md/ps-au-c-sections_page_0433.md |
According to AU-C Sec. 806, When a report on compliance is included in the auditor’s report on the financial statements, the auditor’s report should include an __________ paragraph that includes a reference to the specific covenants or paragraphs of the contractual agreement. | other-matter | ps-au-c-sections_page_1562 | auc-md/ps-au-c-sections_page_1562.md |
According to AU-C Sec. 703, Section 315 requires the auditor to perform risk assessment procedures to provide a basis for the identification and assessment of risks of material misstatement at the financial statement and ______________ levels. | assertion | ps-au-c-sections_page_1280 | auc-md/ps-au-c-sections_page_1280.md |
According to AU-C Sec. 930, the auditor should prepare documentation in connection with a review of interim financial information that will enable an ______________, having no previous connection to the review, to understand the nature, timing, and extent of the review procedures performed. | experienced auditor | ps-au-c-sections_page_1735 | auc-md/ps-au-c-sections_page_1735.md |
According to AU-C Sec. 703, The "Auditor’s Responsibilities for the Audit of the Financial Statements" section of the auditor’s report should also state that the auditor is required to communicate with ______________ regarding, among other matters, the planned scope and timing of the audit... | those charged with governance | ps-au-c-sections_page_1270 | auc-md/ps-au-c-sections_page_1270.md |
According to AU-C Sec. 940, Section 265, Communicating Internal Control Related Matters Identified in an Audit, does not apply to ______________. | integrated audits | ps-au-c-sections_page_1864 | auc-md/ps-au-c-sections_page_1864.md |
According to AU-C Sec. 580, In the case of identified __________ between one or more written representations and audit evidence obtained from another source, the auditor may consider whether the risk assessment remains appropriate. | inconsistencies | ps-au-c-sections_page_0865 | auc-md/ps-au-c-sections_page_0865.md |
According to AU-C Sec. 725, when the auditor reports separately on the supplementary information rather than presenting it with the financial statements, the report should include a reference to the report on the financial statements, the date of that report, the nature of the opinion expressed on the financial stateme... | report modifications | ps-au-c-sections_page_1447 | auc-md/ps-au-c-sections_page_1447.md |
According to AU-C Sec. 940, Because the annual period-end financial reporting process normally occurs after the ______________, those controls usually cannot be tested until after the as of date. | as of date | ps-au-c-sections_page_1854 | auc-md/ps-au-c-sections_page_1854.md |
According to AU-C Sec. 240, Inquiries of management and others within the entity are generally most effective when they involve an ______________ discussion. | in-person | ps-au-c-sections_page_0238 | auc-md/ps-au-c-sections_page_0238.md |
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