AU-C 330 Performing Audit Procedures in Response to Assessed Risks

question 54

Multiple Choice

AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained and AS 2301 The Auditor's Responses to the Risks of Material Misstatement state that _______.

• A)auditors are required to perform substantive procedures for all relevant assertions that have been identified during the report issuance phase
• B)auditors are required to perform substantive procedures for all relevant assertions that have been identified during the risk assessment phase
• C)the auditors must always confer with the prior auditor before issuance of any audit report
• D)the accounting qualities of faithful representation and comparability are immaterial to the audit

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Definitions:

Stability

The state of being steadfast and not prone to change, which ensures reliability and predictability in processes or systems.

Weighted Point Evaluation

A method used to evaluate and compare suppliers based on certain criteria, where each criterion has a different level of importance or "weight".

Supplier Evaluation Process

A systematic approach to appraising and scoring suppliers based on their performance, reliability, quality, and capability to meet requirements.

Evaluation Criteria

The standards or benchmarks used to assess the quality, performance, or suitability of a product, service, or supplier.