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.

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 financial statements audited by the auditor are identified in theSelect one:a.Opening paragraphb.Opinion paragraphc.Scope paragraphd.All of these

An audit requires an understanding of all the control activities related to each significant class of transactions, account balance, and disclosure in the financial statements or to every assertion relevant to them.Select one:TrueFalse

The financial statements subject to audit are those of the entity, prepared and presented by management of the entity with oversight from those charged with governance.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.