The in-charge auditor most likely would have a supervisory responsibility to explain to the staff assistants:
A)that immaterial fraud is not to be reported to the client's audit committee.
B)how the results of various auditing procedures performed by the assistants should be evaluated.
C)how the overall audit strategy will allow the firm to reach a sufficiently low level of audit risk.
D)how overall materiality was selected.

Question

Quizplus · Accepted Answer

As the supervisor, the in-charge auditor will need to provide guidance on how to evaluate the results of various procedures performed by staff assistants. This will ensure consistent and accurate evaluations are made throughout the audit process. It is also important to note that reporting fraud, regardless of materiality, should always be disclosed to the client's audit committee. The overall audit strategy and materiality selection are decisions made by the engagement team as a whole, not just the in-charge auditor.

The In-Charge Auditor Most Likely Would Have a Supervisory Responsibility