Settlement of Audit Objections

It invoices substantiation of occurrence of transactions

Its objective is to establish existence, ownership, possession, valuation and disclosure of assets

The auditor has to form an opinion on different aspects

All are true

one and the same

different

internal control includes internal check

None of the above

Restrictions the client imposed

Reliance on the report of other auditor

Inability to obtain sufficient appropriate evidential matter

Inadequacy of accounting records

valuation

existence

disclosure

possession

Custom

Excise duties

Sales tax

Income tax

Commission earned

Bad debts recorded

Credit sale

Sale of scrap

To detect errors or fraud

To comply with GAAP

To gather sufficient appropriate evidence

To assess audit risk

Lower, Higher, Lower

Lower, Lower, Higher

Higher, Lower, Lower

Lower, Higher, Higher

Watchman

foolish dog

mad dog

watch dog

The supplier exist

There are no unrecorded liabilities

Recorded purchases actually occurred

None of these