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

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.

When preparing the audit plan, the auditor must ensure that they acquired significant understanding of the entity, its environment, and its internal controls.Group of answer choicesTrueFalse

Identify and explain the need for, benefits of and importance of planning an audit

Adequate planning of the audit work helps the auditor of accomplishing the following objectives, exceptSelect one:a.Gathering of all corroborating audit evidence.b.Identifying the areas that need a service of an expert.c.Ensuring that appropriate attention is devoted to important areas of the audit.d.The audit work is completed efficiently.Clear my choice

Studying the client and industry allows an auditor to:Question 6AnswerSelect one:a.familiarise themselves with the client’s business and the industry in which it operates.b.gain an understanding of any accounting practices or transactions unique to that industry.c.assess the control environment and the attitudes and capability of senior management.d.All of the options are correct.