Which of the following statements best describes the role of auditing standards? a. They are intended to provide examples of audit practice b. They are mandatory for public sector auditors c. They are intended to provide guidance for auditors to follow in order to achieve a high-quality audit d. They are intended to provide ideas for auditors to consider

Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit.Select one:TrueFalse

Which of the following is required documentation in an audit in accordance with generally accepted auditing standards?Select one:a.An audit program setting forth in detail the procedures necessary to accomplish the engagement's objectives.b.A planning memorandum establishing the timing of the audit procedures and coordinating the assistance of entity personnel.c.An internal control questionnaire identifying policies and procedures that assure specific objectives will be achieved.d.A flowchart or narrative of the information system describing the recording and classification of transactions for financial reporting.

The following are the Fieldwork Standards, except:Select one:a.The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.b.The auditor must adequately plan the work and must properly supervise any assistants.c.The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.d.The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit

An auditor may not express a qualified opinion whenSelect one:a.An accounting principles at variance with generally accepted accounting principles is used.b.The auditor lacks independence with respect to the audited entity.c.The auditor's report refers to the work of a specialist.d.A scope limitation prevents the auditor from completing an important audit procedure.

The description of an audit in the scope paragraph of the standard audit report includes all of the following except:Select one:a.Assessing control risk.b.Examining, on a test basis, evidence supporting the amount and disclosures in the financial statements.c.Assessing the accounting principles used and significant estimates made by management.d.Evaluating the overall financial statement presentation.