Answered: Read the text below and fill in the…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter7: Planning The Audit: Identifying, Assessing, And Responding To The Risk Of Material Misstatement

Section: Chapter Questions

Problem 23RQSC

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•Read the text below and fill in the missing words, making your choice from the words given. You will not need to use all the words. •WORDS AS OPTIONS •Internal, threat, profession, revision, demands, sensitive, future, power, interest, promise, reject, accountability, dynamic, mend, mechanism, competence, changing, mobile, needs, role, expectation, groups, social and society. Text/Passage •The audit is a …(a).. control…(b)..for securing the …(c)..of the company and its directors. The audit function is a product of the …(d)..of …(e)..and as such it is a …(f)..not a static one. The profession must continue to be …(g)..to the …(h)..needs of the various…(i)..groups. The emergence of the kind of …(j)..gap to which reference has already been made, represents a potential …(k)..to the future of the …(l).. As auditors and the apparent users of audited financial statement change, society may …(m)..roles formerly considered acceptable. Professional groups, such as auditors, must continually be alert to the desirability of …(n)..modification and …(o)….

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