AACA 1- C1.1

What is AUDITING?

Other term for Financial Statement Audit

Objective of external audit

The auditor's level of independence should be at a __________________ level.

An auditor should apply professional skepticism at all times.

• TRUE

• FALSE

In quality control for audit of historical financial information, evaluation of integrity should only be applied to new audit clients.

• TRUE

• FALSE

In performing audit procedures, the initial audit strategy should be followed without any reservation, modification and revision.

• TRUE

• FALSE

What are the components of Risk of Material Misstatement?

Also called dependent risk

What is an audit risk?