Which element(s)is/are pervasive to the application of generally accepted auditing standards,particularly the standards of fieldwork and reporting?
A) The elements of materiality and audit risk.
B) The element of internal control.
C) The element of corroborating evidence.
D) The element of reasonable assurance.

Question

Quizplus · Accepted Answer

The elements of materiality and audit risk are pervasive to the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting. Materiality is a key concept in determining the nature and extent of audit procedures, while audit risk is the risk that the auditor will issue an incorrect opinion. Both of these elements are central to the audit process and are considered throughout the fieldwork and reporting stages.

Which Element(s)is/are Pervasive to the Application of Generally Accepted Auditing