Reliability – Knowsia

AA – May 2017 – L2 – SA – Q2 – Audit Evidence

Discussion on sufficiency, reliability, and relevance principles for audit evidence as per ISA 500.

Question

The Auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

You are required to:

(a) Identify FIVE factors that an Auditor will consider in determining what constitutes sufficient audit evidence. (5 Marks)
(b) Explain FIVE principles that would assist the Auditor in assessing the reliability of audit evidence. (5 Marks)
(c) Explain FOUR principles that would assist the Auditor in assessing the relevance of audit evidence. (10 Marks)

Answer

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Tags: Audit evidence, ISA 500, Relevance, Reliability, Sufficiency
Level: Level 2

Series: MAY 2017

AA – May 2018 – L2 – Q2 – Audit Evidence

This question addresses the auditor’s determination of sufficient and reliable audit evidence as required by ISA 500.

Question

The auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

Required: a. Explain briefly THREE factors that an auditor will consider in determining what constitutes sufficient audit evidence. (6 Marks) b. Explain briefly TWO principles that would assist an auditor in assessing the reliability of the audit evidence. (4 Marks) c. Describe FOUR principles that would assist an auditor in assessing the relevance of audit evidence. (10 Marks)

Answer

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Tags: Audit evidence, ISA 500, Relevance, Reliability, Substantive Testing
Level: Level 2

Topic: Audit evidence
Series: MAY 2018

AA – Nov 2021 – L2 – Q2 – Audit Evidence

Discuss characteristics of good audit evidence and testing procedures for gathering it.

Question

ISA 500 on audit evidence sets out the objective of the auditor is to design and perform audit procedures in such a way to enable him to:
(i) Obtain sufficient and appropriate audit evidence
(ii) Draw reasonable conclusions
(iii) Base his audit opinion

Required:
a. Identify THREE characteristics of a good audit evidence. (3 Marks)
b. List and explain briefly FIVE testing procedures for gathering audit evidence. (10 Marks)
c. What factors will the auditor consider when assessing the reliability of audit evidence? (7 Marks)
(Total 20 Marks)

Answer

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Tags: Audit evidence, ISA 500, Reliability, Testing Procedures
Level: Level 2

Topic: Audit evidence
Series: NOV 2021

AA – Nov 2018 – L2 – Q6 – Audit Evidence

Explains the factors auditors consider for sufficient evidence, reliability principles, and steps to take when audit evidence is insufficient.

Question

The auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

Required:
a. Identify five factors that an auditor will consider in determining what constitutes sufficient audit evidence.
(5 Marks)

b. Explain five principles that would assist the auditor in assessing the reliability of audit evidence.
(5 Marks)

c. What steps must the auditor take if he discovers that the evidence obtained is insufficient to form an opinion?
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Testing, ISA 500, Reliability, Sufficient Evidence
Level: Level 2

Topic: Audit evidence
Series: NOV 2018

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

Question

The following are attributes of good accounting information EXCEPT:

A. Reliability
B. Consistency
C. Stability
D. Verifiability
E. Faithful representation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Consistency, Financial Reporting, Qualitative Characteristics, Reliability
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: NOV 2014

AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence

Outlines five general principles from ISA 500 for assessing the reliability of audit evidence provided by a client

Question

You have been asked by your Audit Manager to assess the audit evidence provided by a client, a small company owned by Mr. and Mrs. Randolph-Phillips. You observed that the files have been neatly packaged and well referenced. You are however skeptical as to the quality of evidence provided because the year’s audit encountered many difficulties.

Required:
Outline FIVE (5) general principles in accordance with ISA 500: Audit Evidence, that will assist you in assessing the reliability of the audit evidence received.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Principles, Audit Process, ISA 500, Reliability
Level: Level 2

Topic: Audit and Assurance Evidence
Series: DEC 2022

AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence

States factors that influence the reliability of audit evidence.

Question

ISA 500: Audit Evidence requires among other things that audit evidence must be reliable.
Required:
State FOUR (4) factors that influence the reliability of audit evidence.

Answer

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Tags: Audit evidence, ISA 500, Reliability
Level: Level 2

Series: AUG 2022

MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow

Discuss non-financial factors that Bee Ltd should consider before outsourcing production.

Question

b) Bee Ltd could outsource the production of Ohenewa to an overseas manufacturer. The Accountant has presented figures to show that the NPV of the project based on outsourcing the production is GH¢0.5 million higher than the positive NPV of in-house production.

Required:
Explain THREE (3) non-financial factors that Bee Ltd would need to consider before making the decision either to outsource or produce in-house. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Decision Making, Non-Financial Factors, Outsourcing, Quality, Reliability
Level: Level 2

Topic: Discounted cash flow
Series: NOV 2021

AA – May 2017 – L2 – SA – Q2 – Audit Evidence

Discussion on sufficiency, reliability, and relevance principles for audit evidence as per ISA 500.

Question

The Auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

You are required to:

(a) Identify FIVE factors that an Auditor will consider in determining what constitutes sufficient audit evidence. (5 Marks)
(b) Explain FIVE principles that would assist the Auditor in assessing the reliability of audit evidence. (5 Marks)
(c) Explain FOUR principles that would assist the Auditor in assessing the relevance of audit evidence. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, ISA 500, Relevance, Reliability, Sufficiency
Level: Level 2

Series: MAY 2017

AA – May 2018 – L2 – Q2 – Audit Evidence

This question addresses the auditor’s determination of sufficient and reliable audit evidence as required by ISA 500.

Question

The auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, ISA 500, Relevance, Reliability, Substantive Testing
Level: Level 2

Topic: Audit evidence
Series: MAY 2018

AA – Nov 2021 – L2 – Q2 – Audit Evidence

Discuss characteristics of good audit evidence and testing procedures for gathering it.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, ISA 500, Reliability, Testing Procedures
Level: Level 2

Topic: Audit evidence
Series: NOV 2021

AA – Nov 2018 – L2 – Q6 – Audit Evidence

Explains the factors auditors consider for sufficient evidence, reliability principles, and steps to take when audit evidence is insufficient.

Question

The auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

Required:
a. Identify five factors that an auditor will consider in determining what constitutes sufficient audit evidence.
(5 Marks)

b. Explain five principles that would assist the auditor in assessing the reliability of audit evidence.
(5 Marks)

c. What steps must the auditor take if he discovers that the evidence obtained is insufficient to form an opinion?
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Testing, ISA 500, Reliability, Sufficient Evidence
Level: Level 2

Topic: Audit evidence
Series: NOV 2018

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

Question

The following are attributes of good accounting information EXCEPT:

A. Reliability
B. Consistency
C. Stability
D. Verifiability
E. Faithful representation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Consistency, Financial Reporting, Qualitative Characteristics, Reliability
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: NOV 2014

AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence

Outlines five general principles from ISA 500 for assessing the reliability of audit evidence provided by a client

Question

Required:
Outline FIVE (5) general principles in accordance with ISA 500: Audit Evidence, that will assist you in assessing the reliability of the audit evidence received.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Principles, Audit Process, ISA 500, Reliability
Level: Level 2

Topic: Audit and Assurance Evidence
Series: DEC 2022

AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence

States factors that influence the reliability of audit evidence.

Question

ISA 500: Audit Evidence requires among other things that audit evidence must be reliable.
Required:
State FOUR (4) factors that influence the reliability of audit evidence.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, ISA 500, Reliability
Level: Level 2

Series: AUG 2022

MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow

Discuss non-financial factors that Bee Ltd should consider before outsourcing production.

Question

Required:
Explain THREE (3) non-financial factors that Bee Ltd would need to consider before making the decision either to outsource or produce in-house. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Decision Making, Non-Financial Factors, Outsourcing, Quality, Reliability
Level: Level 2

Topic: Discounted cash flow
Series: NOV 2021

Question Tag: Reliability

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AA – May 2017 – L2 – SA – Q2 – Audit Evidence

Discussion on sufficiency, reliability, and relevance principles for audit evidence as per ISA 500.

You're reporting an error for "AA – May 2017 – L2 – SA – Q2 – Audit Evidence"

AA – May 2018 – L2 – Q2 – Audit Evidence

This question addresses the auditor’s determination of sufficient and reliable audit evidence as required by ISA 500.

You're reporting an error for "AA – May 2018 – L2 – Q2 – Audit Evidence"

AA – Nov 2021 – L2 – Q2 – Audit Evidence

Discuss characteristics of good audit evidence and testing procedures for gathering it.

You're reporting an error for "AA – Nov 2021 – L2 – Q2 – Audit Evidence"

AA – Nov 2018 – L2 – Q6 – Audit Evidence

Explains the factors auditors consider for sufficient evidence, reliability principles, and steps to take when audit evidence is insufficient.

You're reporting an error for "AA – Nov 2018 – L2 – Q6 – Audit Evidence"

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information"

AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence

Outlines five general principles from ISA 500 for assessing the reliability of audit evidence provided by a client

You're reporting an error for "AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence"

AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence

States factors that influence the reliability of audit evidence.

You're reporting an error for "AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence"

MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow

Discuss non-financial factors that Bee Ltd should consider before outsourcing production.

You're reporting an error for "MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow"

AA – May 2017 – L2 – SA – Q2 – Audit Evidence

Discussion on sufficiency, reliability, and relevance principles for audit evidence as per ISA 500.

You're reporting an error for "AA – May 2017 – L2 – SA – Q2 – Audit Evidence"

AA – May 2018 – L2 – Q2 – Audit Evidence

This question addresses the auditor’s determination of sufficient and reliable audit evidence as required by ISA 500.

You're reporting an error for "AA – May 2018 – L2 – Q2 – Audit Evidence"

AA – Nov 2021 – L2 – Q2 – Audit Evidence

Discuss characteristics of good audit evidence and testing procedures for gathering it.

You're reporting an error for "AA – Nov 2021 – L2 – Q2 – Audit Evidence"

AA – Nov 2018 – L2 – Q6 – Audit Evidence

Explains the factors auditors consider for sufficient evidence, reliability principles, and steps to take when audit evidence is insufficient.

You're reporting an error for "AA – Nov 2018 – L2 – Q6 – Audit Evidence"

FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information

Identifying which option is not an attribute of good accounting information.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Qualitative Characteristics of Useful Financial Information"

AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence

Outlines five general principles from ISA 500 for assessing the reliability of audit evidence provided by a client

You're reporting an error for "AA – Dec 2022 – L2 – Q3a – Audit and Assurance Evidence"

AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence

States factors that influence the reliability of audit evidence.

You're reporting an error for "AA – Aug 2022 – L2 – Q5b – Audit and Assurance Evidence"

MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow

Discuss non-financial factors that Bee Ltd should consider before outsourcing production.

You're reporting an error for "MA – Nov 2021 – L2 – Q4b – Discounted Cash Flow"

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