each of the following might, by itself, form a valid basis for an auditor to decide to omit a procedure except for the group of answer choices difficulty and cost involved in testing a particular item. assessment of the risks of material misstatement at a low level. inherent risk involved. relationship between the cost of obtaining evidence and its usefulness.

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10-11-2022
Business

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each of the following might, by itself, form a valid basis for an auditor to decide to omit a procedure except for the group of answer choices difficulty and cost involved in testing a particular item. assessment of the risks of material misstatement at a low level. inherent risk involved. relationship between the cost of obtaining evidence and its usefulness.

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zaibfatimarizvi zaibfatimarizvi · Answer 1 · 2022-11-15T23:36:00+01:00

Each of the given, by itself, forms a valid basis for an auditor to decide to omit an audit procedure except difficulty and cost involved in testing a particular item. (Option A)

An auditor conducts audit procedures to attain sufficient and appropriate audit evidence to provide a reasonable basis for their opinion to be valid. Audit procedures ensure that the transactions are classified accurately in the accounting records. It obtains reasonable assurance that the financial statements are free from material misstatement and inherent risk associated with the control so that the auditor can express opinion on the financial statements and report accordingly. Furthermore, the auditor considers the relationship between the cost of obtaining audit evidence and the usefulness of the information obtained. Hence, all of the given items provide a reasonable basis for auditor’s decision to omit an audit procedure except the difficulty and cost involved in testing a particular item.

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