11 In the United States financial statement audits of nonpub

11. In the United States, financial statement audits of non-public companies are generally governed by rules of the a. PCAOB b. ASB c. FASB d. SEC 12. Throughout the planning and performance of a financial statement audit auditors are responsible for maintaining and exercising essional skepticism/ professional judgment auditce approval /control over the auditee\'s internal controls c. a cynical attitude / control over the auditee\'s financial statements d. the auditee\'s financial information / management responsibility over the auditee 13. Financial statement auditing generally involves a testing every transaction in which an entity engaged during a year to prove accuracy b. obtaining evidence to remove all risk regarding the accuracy of an entity\'s financial statements c. investigating the personal backgrounds of audit client executives to determine whether they are honest d. testing samples of financial data to determine whether the populations of financial statement information from which the samples are drawn show the financial statements to be fair 14. The requirement that financial statement auditors be independent helps assure the auditors\' work and resulting report will be unbiased and thus credible b. that the auditors\' work and resulting report will be correct c that information risk relating to auditees\' financial statements will be eliminated d that auditing firms will be free of legal liability for deficient audits 15. Auditing generally requires a the availability of established criteria obtaining all possible evidence regarding assertions 100% analysis ofall assertios dthat GAAP ahways be respectied

Solution

11. B - ASB AUDITING STANDARD BOARD ISSUE STANDARDS , GUIDANCE FOR NON PUBLIC CO. AUDIT

13 D- TESTING SAMPLE OF DATA....

15 A-   AUDIT IS GENERALLY CONDUT TO GIVE ASSURANCE THAT F.S AS PER SPECIFIED CRITERIA