Answered: CHOOSE THE BEST ANSWER Auditing is a…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 24CYBK

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CHOOSE THE BEST ANSWER Auditing is a systematic process by which a competent, independent person objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria an communicating the results thereof to interested users. The objective obtaining and evaluating of evidence describe that the auditor A. Examining the bases for the assertions ( representations) and judiciously evaluating the results without bias or prejudice either for or against the individual (or entity) making the representations B. The auditor must be qualified to understand the criteria used and the competence to know how and what evidence to accumulate to reach the proper conclusion C. These are standards against which the assertions or representations are judged. This must be specific rules prescribed by a legislative body, budgets and other measures of performance set by management D. The expression of correspondence may be quantified such as the amount of shortage in a petty cash fund or it may be qualitative , such as the fairness or reasonableness ) of the financial statements

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