Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility if material errors and fraud, the auditor should conduct the audit with an attitude ofSelect one:a.Conservative advocacyb.Professional Responsivenessc.Professional Skepticismd.Objective judgment

Explain the need to plan and perform audits with an attitude of professional scepticism, and to exercise professional judgement.

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

The fundamental objective of the audit of a company is to A. Protect the interests of the minority shareholders B. Detect and prevent errors and fraud C. Assess the effectiveness of the company’s performance D. Attest to the credibility of the company’s accounts

The auditor shall document:Select one:a.Conclusions reached regarding the acceptance and continuance of client relationships and audit engagements.b.Issues identified with respect to compliance with relevant ethical requirements and how they were resolved.c.All of these must be documentedd.Conclusions on compliance with independence requirements that apply to the audit engagement, and any relevant discussions with the firm that support these conclusions.

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.