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Audit Evidence and Accounting Records Quiz

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Audit Evidence and Accounting Records Quiz

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Questions and Answers

What factor affects the quantity of audit evidence needed?

The quality of audit evidence

Both the risk of misstatement and quality of audit evidence (correct)

The auditor's professional judgment

The risk of misstatement

Which statement about the relevance of audit evidence is incorrect?

None of the given statements are incorrect.

The auditor often obtains evidence from different sources for the same assertion.

A set of audit procedures may provide evidence relevant to some assertions but not others.

Obtaining evidence for one assertion can substitute for another assertion. (correct)

Which generalization about the reliability of audit evidence is incorrect?

Evidence obtained directly by the auditor is more reliable than indirect evidence.

Documentary evidence is more reliable than other forms.

Evidence from independent sources outside the entity is more reliable.

Internally generated evidence is not affected by the entity's controls. (correct)

Which statement about audit evidence is incorrect?

Accounting records alone provide sufficient audit evidence. Signup and view all the answers

Which categories of assertions are used by the auditor?

Transactions, account balances, and presentation/disclosure Signup and view all the answers

What does the text state about assertions related to classes of transactions and events?

They relate to the period under audit. Signup and view all the answers

Which of the following statements about audit evidence is correct?

Audit evidence is all the information used by the auditor in arriving at the conclusions on which the audit opinion is based. Signup and view all the answers

Which of the following is least likely to be included in accounting records?

Comparable data about competitors (benchmarking) Signup and view all the answers

Which of the following is least likely to be considered as other information that the auditor may use as audit evidence?

Adjustments to the financial statements that are not reflected in formal journal entries Signup and view all the answers

What is the measure of the sufficiency of audit evidence?

The relevance and reliability of audit evidence in supporting assertions Signup and view all the answers

What is the measure of the appropriateness of audit evidence?

The relevance and reliability of audit evidence in supporting assertions Signup and view all the answers

Which of the following statements about audit evidence is incorrect?

Audit evidence includes only information contained in the accounting records underlying the financial statements. Signup and view all the answers