Answered step by step
Verified Expert Solution
Question
1 Approved Answer
View Policies Current Attempt in Progress. Stella and Tony, two relatively inexperienced audit staff associates are discussing audit evidence in a meeting. Stella and
View Policies Current Attempt in Progress. Stella and Tony, two relatively inexperienced audit staff associates are discussing audit evidence in a meeting. Stella and Tony are part of a team auditing a large audit client. The audit manager running the meeting has advised the team that as part of gathering audit evidence, they should take reasonable steps to ensure the evidence is persuasive. Which of the following statements would most accurately describe the concept of persuasive audit evidence? O It is a matter of auditor judgment to determine when the quality and quantity of audit evidence is appropriate and sufficient. The auditor usually gathers less evidence when risk of material misstatement is higher. O There is generally an inverse relationship between the quality and quantity of audit evidence gathered, with more persuasive evidence being gathered if the risk of material misstatement is high. O Audit evidence is generally considered more persuasive if it is obtained independently by the external auditors, and then passed to management to review its authenticity and accuracy. O Evidence obtained through internal channels such as the client's management and the internal audit function are generally considered more persuasive.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started