Whenever a cpa professional is engaged to perform an

Whenever a CPA professional is engaged to perform an audit
of financial statements
according
to Philippine
Standard on
_ Auditing,
he is required to
comply with those
standards in order
to
a. Eliminate audit risk
+. Meet
the minimum requirement
when
providing audit
services
‘€.
To reduce
the auditor's
responsibility
‘d,
Eliminate
the professional
judgment
in resolving
audit
issues
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5. The criteria for evaluating quantitative information vary. For
example, in the case of an independent audit of financial
statements by CPA firms, the critetia are usually the
6. In “auditing” financial accounting data, the primary concem is
with:
7. An audit of financial statements is conducted to determine
if the
8. In determining the primary responsibility of the external auditor
for an audit of a company’s financial statements, the auditor
owes primary allegiance to:
_a. Stockholders, creditors and the investing public.
b. The management of the audit client because the auditor
is hired and paid by management.
c. The Auditing and Assurance Standards Council, because
it determines auditing standards and auditor’s
responsibility.
d. The audit committee of the audit client because that
committee is responsible for coordinating and reviewing
all audit activities within the company.