Which of the following is not a consideration in the planning phase of the audit?
A) Obtaining an understanding of the entity's business and industry.
B) Assessing competence to perform the audit.
C) Considering audit risk.
D) Making preliminary judgements about materiality levels.
Correct Answer:
Verified
Q1: The reliance on client internal audit personnel
Q2: In assessing independence, an audit firm may
Q3: The initial phase of a financial statement
Q5: Setting materiality levels, assessing audit risk and
Q9: Concerning errors, irregularities and illegal acts, the
Q11: In the investigation of a potential new
Q12: A common fee structure for audit engagements
Q15: The main purpose of the audit engagement
Q22: When obtaining knowledge about the entity's objectives
Q34: The least likely source of information for
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