NIA 500 Flashcards
Procedimientos de Auditoría
What does NIA stand for in the context of auditing?
NIA stands for Normas Internacionales de Auditoría.
True or False: NIA 500 deals with the audit evidence.
True.
Fill in the blank: The primary purpose of NIA 500 is to obtain __________ that is sufficient and appropriate.
audit evidence.
What is required to be documented according to NIA 500?
The auditor’s procedures, findings, and conclusions.
Multiple Choice: Which of the following is a source of audit evidence? A) Financial statements B) Internal controls C) External confirmations D) All of the above
D) All of the above.
What type of audit evidence is considered more reliable?
External evidence obtained from independent sources.
True or False: Audit evidence must be relevant to the audit objectives.
True.
List one method of obtaining audit evidence.
Inspection of documents.
What does NIA 500 require auditors to assess regarding audit evidence?
The sufficiency and appropriateness of the evidence.
Multiple Choice: Which of the following is NOT a characteristic of appropriate audit evidence? A) Reliability B) Relevance C) Cost D) Sufficiency
C) Cost.
Fill in the blank: The auditor must consider the __________ of the audit evidence.
nature and extent.
What is the relationship between audit risk and the quantity of audit evidence needed?
Higher audit risk requires more audit evidence.
True or False: NIA 500 allows auditors to use only one type of evidence.
False.
What should auditors consider when evaluating the reliability of audit evidence?
The source of the evidence and the circumstances under which it was obtained.
Fill in the blank: __________ is the process of obtaining audit evidence.
Auditing.
What is the significance of the term ‘sufficient’ in NIA 500?
It refers to the quantity of audit evidence needed to support the auditor’s opinion.
Multiple Choice: Which of the following is an example of analytical procedures? A) Comparing financial ratios B) Inspecting invoices C) Confirming bank balances D) Observing inventory counts
A) Comparing financial ratios.
What does NIA 500 say about the use of professional judgment?
Professional judgment is essential in determining the nature and extent of audit evidence.
True or False: Audit evidence must be collected only at the end of the audit.
False.
What is the auditor’s responsibility under NIA 500?
To design and perform audit procedures to obtain sufficient appropriate audit evidence.
Fill in the blank: The effectiveness of audit procedures is influenced by the __________ of the auditor.
competence.
What should auditors document according to NIA 500?
The rationale for the audit procedures performed and the conclusions reached.
Multiple Choice: Which is an example of direct evidence? A) Testimonial evidence B) Analytical evidence C) Physical evidence D) Circumstantial evidence
C) Physical evidence.
What does NIA 500 emphasize about evaluating audit evidence?
That auditors must evaluate whether the evidence obtained is sufficient and appropriate.
Fill in the blank: The auditor must consider the __________ of the information when assessing audit evidence.
validity.
