18.3 The only difference between a management’s expert and an auditor’s expert is that the management’s expert is an employee of the company and the auditor’s expert is an employee of the auditor.Is this statement true or false?
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A Consistent with industry guidelines B Based on objective assumptions C Reasonable under the circumstances
2 .17.2 Which of the following approaches to evaluating the reasonableness of an accounting estimate would provide insufficient audit evidence?
A Review subsequent events or transactions occurring prior to audit completion B Develop an independent expectation of the estimate C Review and test the process used to develop the estimate D Review the minutes of board of directors and shareholder meetings for discussion of the estimate
3 .17.3 Which of the following types of assumptions would an auditor be concerned about when evaluating the reasonableness of an entity’s accounting estimates?
A Assumptions that are susceptible to bias B Assumptions that are consistent with prior periods C Assumptions that are insensitive to variations D Assumptions that are similar to industry guidelines
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A Management judgement B Observable or unobservable inputs C The length of any forecast period D The auditor’s professional judgement
5 .17.5 Which of the following procedures would an auditor NOT ordinarily perform in evaluating management’s accounting estimates for reasonableness?
A Develop an independent expectation of management’s estimates B Gather evidence to restate prior year estimates C Test the calculations used by management to develop the estimates
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9 .18.4 In using the work of an audit expert, an auditor referred to the expert’s findings in the auditor’s report.Under what circumstances would this be appropriate?
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