Materiality is determined at the last phase of the audit process. True O False The auditor obtain an understanding of the entity and its environment to plan the audit and determine the scope of his work.* True False The conformance of the financial statements with PCAOB standards is included in the scope paragraph of the auditor's report.* O True False Auditing is a type of assurance services. * True O False Reviewing the payment procedures of the Accounts Payable Department for a large manufacturer is an example of compliance audit. * True O False docs.google.com BACC430 Assessment 1 Different interests may exist between the entity preparing the statements and the persons using the statements, and thus external assurance is needed to enhance the credibility of the statements. * True False Preparing the financial statements is one of the main auditor's responsibilities. * O True False Assisting in the development of the audit plan is one of the main role of the seniorlin charge members of the audit team.* True False An independent audit adds value to the communication of financial information because it confirms the exact accuracy of management's financial representations. True False Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit both private and public companies. O True False Evaluating a company's computer services department in terms of the efficient and effective use of corporate resources is an example of operational audit.* True False Compilation and review services are considered as non-audit services that may be performed by many public accounting firms.* True False BACCANO A Lessment 1 False Preparing adequate and appropriate documentation of completed work is one of the main role of the senior/in charge members of the audit team.* O True False The auditor should obtain an understanding of internal controls primarily to serve as a basis for setting audit risk and materiality. * True False In the scope paragraph of the unqualified report, the auditor should indicate that his responsibility is to express an opinion about the fairness of the financial statements.* O True False 70 docs.google.com BACC430 Assessment 1 Providing assurance that the financial statements are not materially misstated is the general character of the work conducted in performing a financial statement audit for a company. * O True False True False The Public Company Accounting Oversight Board's role is to oversee the auditors of public companies in order to protect the interests of investors. * True False The greater the materiality is the fewer the number of evidence taken by the auditor is. True False The responsibility for implementing sound accounting practices and principles, maintaining an adequate internal control structure, and making fair representations in the financial statements rests primarily with the managers. * True O False The primary responsibility for the adequacy of disclosures in the financial statements of a publicly held company rests with the Auditor in charge of the fieldwork. * O True O False
