AT: The Professional Standards

In the auditing environment, failure to meet auditing standards is often:

• an accepted practice

• a suggestion of negligence

• conclusive evidence of negligence

• tantamount to criminal behavior

Audit standards requires an auditor to:

• Perform procedures that are designed to detect all instances of fraud

• Provide reasonable assurance that the financial statements are not materially misstated

• Issue an unmodified opinion only when the auditor is satisfied that no instances of fraud have occured

• Design the audit program to meet financial statement users' expectations concerning fraud

Which of the following underlies the application of generally accepted auditing standards, particularly the standards of field work and reporting?

• Element of internal control

• Elements of materiality and risk

• Elements of reasonable assurance

• Elements of corroborating evidence

Which of the following best describes what is meant by generally accepted auditing standards?

• Audit objectives generally determined on audit engagements

• Acts to be performed by the auditor

• Measure of the quality of the auditor's performance

• Procedures to be used to gather evidence to support financial statements

Requirements for training, independence, and due professional care are included in which group of the generally accepted auditing standards?

• Fieldwork

• General

• Reporting

• Quality Control

The general standards of the generally accepted auditing standards include a requirement that:

• The fieldwork to be adequately planned

• The auditor's report to state whether the financial statements are presented in conformity with PFRS

• Due professional care be exercised by the auditor

• The auditor to obtain sufficient, competent evidential matter

Under GAAS, which of the following reflects a concept from the general group?

• The confirmation of accounts receivable

• Completing an internal control questionnaire

• The initial planning of the audit with the audit partner, manager senior, staff and client personnel

• The assignment of audit personnel to an engagement where they have no financial interest

What is the general character of the three generally accepted auditing standards classified as general standards?

• Criteria for competence, independence, and professional care of individual performing the audit

• Criteria of evidence gathering

• Criteria for the content of the auditors' report on financial statements and related footnote disclosures

• The requirements for the planning of the audit and supervision of assistants, if any

What is the general character of the three generally accepted auditing standards classified as standards of field work?

• The competence of persons performing the audit

• Criteria for the content of the auditor's report on financial statements and related footnote disclosures

• The criteria of audit planning and evidence-gathering

• The need to maintain an independence in mental attitude in all matters relating to the audit

Which of the following does not pertain to the standards of fieldwork?

• Adequate planning and supervision

• Obtaining sufficient competent evidential matter

• Proper study and evaluation of internal control as a basis for reliance thereon

• Technical training and proficiency