Which of the following is not an inherent limitation of an audit? Group of answer choicesaudit testing of selective samplesforming professional judgements in highly specialised areasauditor independencetime lapse between the balance date and the presentation of the audit report

Which of the following is not a limitation of auditing?A Sampling is used as an audit toolB Internal control systems have inherent limitationsC Client staff may collude in fraudD Unqualified staff may be used on audit assignments

Circumstances where the auditor is justified in qualifying the audit report because of an inability to obtain sufficient appropriate audit evidence would not include which of the following?Group of answer choicesthe auditor runs out of time to follow normal auditing procedures because it has scheduled too many clients for audit in the final month of the audit periodthe auditor is appointed after the count of physical inventories has occurredthe auditor is not able to obtain sufficient appropriate audit evidence about an associated entitywhere a fire has destroyed the entity’s accounting records

If the amount of materiality decreases, the amount of audit evidence will increase.Group of answer choicesTrueFalse

The materiality level of the audit is fixed throughout the engagement.Group of answer choicesTrueFalse

What are three purposes of auditing?Multiple select question.preparing the trial balancelooking into operational effectiveness and efficiencyreviewing recordsexamining the financial health of an organization