Which of the following is the ultimate concern of the knowledge about the business?Select one:a.It assists in determining the type of audit report to be issued.b.To assure that sufficient audit evidence is obtained.c.Consideration of how it affects the financial statements taken as a whole.d.Assists the auditor in enforcing quality control procedures.

Understanding the business and using this information appropriately assists the auditor in, exceptSelect one:a.Planning and performing the audit effectively and efficiently.b.Evaluating audit evidence.c.Assessing risks and identifying potential problemsd.Deciding whether to do tests of controls

Controls over the completeness and accuracy of information produced by the entity may be relevant to the audit if the auditor intends to make use of the information in designing and performing further procedures.Select one:TrueFalse

Which of the following is least likely considered by the auditor in developing the overall audit plan?Select one:a.Relevant risk and materiality.b.The involvement of other auditors in the audit of major component of financial statementsc.Understanding of the accounting and internal control systems.d.The general level of competence of audit assistants.

When designing and performing audit procedures, the auditor shall consider the relevance and reliability of the information to be used as audit evidence.Select one:TrueFalse

Analytical procedures used in planning an audit should focus onSelect one:a.Providing assurance that potential material misstatements will be identified.b.Assessing the adequacy of the available evidential matter.c.Enhancing the auditor's understanding of the client's business.d.Reducing the scope of tests of controls and substantive tests.