ACC 403 Strayer Complete Week Quiz Package Latest

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ACC 403 Strayer Complete Week Quiz Package Latest

ACC 403 Strayer Complete Week Quiz Package Latest

ACC403

 

ACC 403 Strayer Complete Week Quiz Package Latest

ACC 403 Strayer Week 2 Quiz 1 Latest

Question 1

In “auditing” financial accounting data, the primary concern is with:

Question 2

The Sarbanes-Oxley Act applies to which of the following companies?

Question 3

Which of the following is not a SysTrust Services principle as defined by the AICPA?

Question 4

Which of the following services provides the lowest level of assurance on a financial statement?

Question 5

An accountant:

Question 6

Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

Question 7

Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

Question 8

The use of the Certified Public Accountant title is regulated by: .

Question 9

The most common way for users to obtain reliable information is to:

Question 10

An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

Question 11

One objective of an operational audit is to:

Question 12

Which of the following is considered audit evidence?

Question 13

An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

Question 14

A correct relationship among the auditor, the client, and the external users is:

Question 15

Three common types of attestation services are:

Question 16

The methods used by a CPA firm to ensure that the firm meets is professional responsibilities to clients and others is:

Question 17

Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:

Question 18

Members of the Public Company Accounting Oversight Board are appointed and overseen by:

Question 19

The International Standards on Auditing (ISAs):

Question 20

To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, the auditor must fulfill several performance responsibilities, including:

Question 21

The legal right to perform audits is granted to a CPA firm by regulation of:

Question 22

The purpose of establishing quality control policies and procedures to accept or continue a client relationship is to:

Question 23

The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the:

Question 24

Statements on Standards for Accounting and Review Services are issued by the:

Question 25

For privately held companies who is responsible for establishing auditing standards?

Question 26

Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit:

Question 27

The organization that is responsible for providing oversight for auditors of public companies is called the ________.

Question 28

The “Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles” provides a framework to help auditors:

Question 29

Historically auditing standards have been organized into three categories, including:

Question 30

When assessing the risk of material misstatements in the financial statements,

ACC 403 Strayer Week 3 Quiz 2 Latest

Question 1

Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern?

Question 2

If most or all users’ decisions that are based on the financial statements are likely to be significantly affected, the materiality level is:

Question 3

The standard unqualified audit report for a non-public entity must:

Question 4

The audit report date on a standard unqualified report indicates:

Question 5

The standard unqualified audit report for public entities includes the following three paragraphs: Answer

Question 6

The auditor’s responsibility section of the standard unqualified audit report states that the audit is designed to:

Question 7

Auditing standards for public companies are established by the:

Question 8

The auditor’s responsibility section of the standard audit report states that the auditor is:

Question 9

The term “explanatory paragraph” was replaced in the AICPA auditing standards with:

Question 10

If the phrase “except for” is present in the opinion paragraph of the audit report, the auditor has issued a(n):

Question 11

The first step to be followed when deciding the appropriate audit report in a given set of circumstances is to:

Question 12

Items that materially affect the comparability of financial statements generally require disclosure in the footnotes. If the client refuses to properly disclose the item, the auditor will most likely issue:

Question 13

When the auditor determines that the financial statements are fairly stated, but there is a nonindependent relationship between the auditor and the client, the auditor should issue:

Question 14

A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of:

Question 15

Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned that management may be trying to prevent discovery of misstatements. In such cases, the auditor will likely issue a:

Question 16

The Sarbanes-Oxley Act ________ a CPA firm from doing both bookkeeping and auditing services for the same public company client.

Question 17

When a member observes the profession’s technical and ethical standards and strives to continually improve her competence and quality of services, she is exercising:

Question 18

The CPA must not subordinate his or her professional judgment to that of others in any:

Question 19

Interpretations of the rules regarding independence allow an auditor to serve as:

Question 20

Rule 301 of the AICPA’s Code of Professional Conduct requires CPAs to maintain the confidentiality of client information. This rule would be violated if a CPA disclosed information without a client’s consent as a result of a:

Question 21

The financial interests of a CPA’s family members can affect the CPA’s independence. Which of the following parties would not be included as a “direct financial interest” of the CPA?

Question 22

Ethics are:

Question 23

Which of the following services are allowed by the SEC whenever a CPA also audits the company?

Question 24

A CPA firm:

Question 25

The Sarbanes-Oxley Act requires a cooling off period of ________ before a member of an audit team can work for a client in a key management position?

Question 26

Of the four parts of the AICPA’s Code of Professional Conduct, which part is enforceable?

Question 27

Freedom from ________ means the absence of relationships that might interfere with objectivity or integrity. .

Question 28

Which of the following is required for a firm to designate itself “Member of the American Institute of Certified Public Accountants” on its letterhead?

Question 29

The AICPA’s Code of Professional Conduct requires independence for all:

Question 30

The members of a client’s “audit committee” should be:

ACC 403 Strayer Quiz 3 Latest

Question 1

If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:

Question 2

Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an opinion, even though there was no intent to deceive financial statement users. This description is the legal term for:

Question 3

Which of the following most accurately describes constructive fraud?

Question 4

The standard of due care to which the auditor is expected to adhere to in the performance of the audit is referred to as the:

Question 5

A(n) ________ failure occurs when an auditor issues an erroneous opinion because it failed to comply with requirements of auditing standards.

Question 6

“Absence of reasonable care that can be expected of a person in a set of circumstances” defines:

Question 7

In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if:

Question 8

Which of the following most accurately describes fraud?

Question 9

The principal issue in cases involving alleged negligence is usually:

Question 10

Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

Question 11

The Foreign Corrupt Practices Act (FCPA) of 1977:

Question 12

In the auditing environment, failure to meet auditing standards is often:

Question 13

In the performance of an audit, a CPA:

Question 14

A common way for a CPA firm to demonstrate a lack of duty to perform is by use of a(n):

Question 15

Which of the following auditor’s defenses usually means nonreliance on the financial statements by the user?

Question 16

The objective of an audit of the financial statements is an expression of an opinion on:

Question 17

When dealing with laws and regulations that do not have a direct effect on the financial statements, the auditor:

Question 18

Which of the following assertions is described as “this assertion addresses whether all transactions that should be included in the financial statements are in fact included”?

Question 19

An audit must be performed with an attitude of professional skepticism. Professional skepticism consists of two primary components: a questioning mind and:

Question 20

A questioning mindset:

Question 21

The cycle approach to auditing:

Question 22

If a client has violated federal tax laws:

Question 23

Which of the following would most likely be deemed a direct-effect illegal act?

Question 24

In certifying their annual financial statements, the CEO and CFO of a public company certify that the financial statements comply with the requirements of:

Question 25

In testing for cutoff, the objective is to determine:

Question 26

When an auditor knows that an illegal act has occurred, she must:

Question 27

Which of the following statements is the most correct regarding errors and fraud?

Question 28

The most important general ledger account included in and affecting several cycles is the:

Question 29

The auditor’s best defense when material misstatements are not uncovered is to have conducted the audit:

Question 30

Management assertions are:

ACC 403 Strayer Quiz 4 Latest

Question 1

When allocating performance materiality:

Question 2

Inherent risk is often high for an account such as:

Question 3

Inherent risk is ________ related to detection risk and ________ related to the amount of audit evidence.

Question 4

When taken together, the concepts of risk and materiality in auditing:

Question 5

If it is probable that the judgment of a reasonable person will be changed or influenced by the omission or misstatement of information, then that information is, by definition of FASB Statement No. 2:

Question 6

________ misstatements are those where the auditor can determine the amount of the misstatement in the account.

Question 7

If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:

Question 8

When management has an adequate level of integrity for the auditor to accept the engagement but cannot be regarded as completely honest in all dealings, auditors normally:

Question 9

The measurement of the auditor’s assessment of the likelihood that there are material misstatements due to error or fraud in a segment before considering the effectiveness of internal controls is defined as:

Question 10

If an auditor establishes a relatively high level for materiality, then the auditor will:

Question 11

An auditor who audits a business cycle that has low inherent risk should:

Question 12

When the auditor is attempting to determine the extent to which external users rely on a client’s financial statements, they may consider several factors except for:

Question 13

The risk that audit evidence for a segment will fail to detect misstatements exceeding performance materiality levels is:

Question 14

As the risk of material misstatement increases, detection risk should:

Question 15

To what extent do auditors typically rely on internal controls of their public company clients?

ACC 403 Strayer Quiz 5 Latest

Question 1

An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no “audit” trail is:

Question 2

Management must disclose material weaknesses in internal control in its audit report:

Question 3

A five-step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is:

Question 4

An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as:

Question 5

In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because:

Question 6

Narratives, flowcharts, and internal control questionnaires are three common methods of:

Question 7

Which of the following is responsible for establishing a private company’s internal control?

Question 8

When assessing whether the financial statements are auditable, the auditor must consider:

Question 9

Which of the following deficiency exists if a necessary control is missing or not properly formulated?

Question 10

Which of the following deal with ongoing or periodic assessment of the quality of internal control by management?

Question 11

The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on:

Question 12

When determining what type of report to issue on internal control under Section 404:

Question 13

When considering internal controls, an important point to consider is that:

Question 14

The auditors primary purpose in auditing the client’s system of internal control over financial reporting is:

Question 15

When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, the auditor is said to be:

Question 16

A company is concerned with the theft of cash after the sale has been recorded. One way in which fraudsters conceal the theft is by a process called “lapping.” Which of the following best describes lapping?

Question 17

Research indicates that the most effective way to prevent and deter fraud is to:

Question 18

Which of the following is a factor that relates to incentives to misappropriate assets?

Question 19

In the fraud triangle, fraudulent financial reporting and misappropriation of assets:

Question 20

Fraud awareness training should be:

Question 21

Correct Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain:

Question 22

Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud?

Question 23

Which of the following questions is the auditor not required to ask company management when assessing fraud risk?

Question 24

Fictitious revenues:

Question 25

Most cases of fraudulent reporting involve:

Question 26

Which of the following best defines fraud in a financial statement auditing context?

Question 27

When analyzing accounts for fraud risk:

Question 28

Two of the most useful warning signals that can indicate that revenue fraud is occurring are:

Question 29

Auditors need to exhibit professional skepticism when auditing a client. This auditing standard is best expressed by which of the following?

Question 30

Auditing standards specifically require auditors to identify ________ as a fraud risk in most audits.

ACC 403 Strayer Week 8 Quiz 6 Latest

Question 1

In an IT system, automated equipment controls or hardware controls are designed to:

Question 2

A database management system:

Question 3

Old and new systems operating simultaneously in all locations is a test approach known as:

Question 4

Security controls should require that users enter a(n) ________ before being allowed access to software and other related data files.

Question 5

________ is not a risk specific to the IT environments. Answer

Question 6

Controls that are designed for each software application and are intended to help a company satisfy the transaction-related audit objectives are:

Question 7

One of the unique risks of protecting hardware and data is:

Question 8

Which of the following computer-assisted auditing techniques inserts an audit module in the client’s application system to identify specific types of transactions?

Question 9

The most important output control is:

Question 10

An example of a physical control is:

Question 11

The auditor’s objective in determining whether the client’s automated controls can correctly handle valid and invalid transactions as they arise is accomplished through the:

Question 12

Programmers should be allowed access to:

Question 13

Which of the following controls prevent and detect errors while transaction data are processed?

Question 14

The approach to auditing where the auditor does not test automated controls to reduce assessed control risk is called:

Question 15

Output controls need to be designed for which of the following data integrity objectives?

Question 16

Which of the following procedures would most likely be performed in response to the auditor’s assessment of the risk of monetary misstatements in the financial statements?

Question 17

An exception or deficiency found in a test of controls:

Question 18

The document that details the specific audit procedures for each type of test is the:

Question 19

In order to promote audit efficiency the auditor considers cost in selecting audit tests to perform. Which of the following audit tests would be the most costly?

Question 20

Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those controls to provide evidence supporting the ________ presentation.

Question 21

Many auditors perform extensive analytical procedures on audits because:

Question 22

An increased extent of tests of controls is most likely to occur when:

Question 23

The purpose of tests of controls is to provide reasonable assurance that the:

Question 24

A system walkthrough is primarily used to help the auditor:

Question 25

Which of the following tests commonly occur together?

Question 26

In the context of an audit of financial statements, substantive tests are audit procedures that:

Question 27

Risk assessment procedures are performed by auditors during an audit in order to:

Question 28

Collectively, procedures performed to obtain an understanding of the entity and its environment, including internal controls, represent the auditor’s:

Question 29

You are auditing Rodgers and Company. After performing substantive analytical procedures you conclude that, for the accounts tested, the client’s balance appears reasonable. This may indicate that:

Question 30

Which of the following audit tests is usually the least costly to perform?

ACC 403 Strayer Week 9 Quiz 7 Latest

Question 1

A document that initiates shipment of goods and indicates the description of the merchandise, the quantity shipped, and customer name and address is the:

Question 2

When an employee who is authorized to make customer entries in the accounts receivable subsidiary ledger, purposefully enters cash received into the wrong customer’s account that employee may be suspected of:

Question 3

Before goods are shipped on account, a properly authorized person must: Question 4 In the accounts receivable subsidiary ledger the length of time the account has been due can be useful to the client and the auditor in preparing the:

Question 5

The document that requires adjustments to the customers subsidiary ledger account is the:

Question 6

The total of the individual account balances in the accounts receivable subsidiary ledger should equal the: .

Question 7

An effective procedure to test for unbilled shipments is to trace from the:

Question 8

When assessing risk control, the auditor must do all of the following except:

Question 9

________ tests are for omitted transactions, while ________ tests are for nonexistent transactions.

Question 10

A document sent to each customer showing his or her beginning accounts receivable balance and the amount and date of each sale, cash payment received, any debit or credit memo issued, and the ending balance is the:

Question 11

Credit memos are normally issued to:

Question 12

Generally, when is the earliest point in the sales and collection cycle in which revenue can be recognized?

Question 13

Most companies recognize sales revenue when: Question 14 What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

Question 15

When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion?

Question 16

Which of the following is the exception rate that the auditor expects to find before testing?

Question 17

Which of the following is the risk that an auditor will reach an incorrect conclusion because a sample is not representative of the population?

Question 18

A sample in which the characteristics of the sample are the same as those of the population is a(n):

Question 19

Rodgers CPA believes that the rate of client billing errors is 4% and has established a tolerable deviation rate of 6%. In auditing client invoices Rodgers should use:

Question 20

When auditors wish to evaluate a sample statistically, an acceptable selection method is:

Question 21

Auditors often use the ________ to determine the estimated population exception rate.

Question 22

The most serious shortcoming of the haphazard sample selection method is:

Question 23

The advantage of systematic sample selection is that:

Question 24

Attributes sampling would be an appropriate method to use on which one of the following procedures in an audit program?

Question 25

When the computed upper exception rate is greater than the tolerable exception rate, it is necessary for the auditor to take specific action. Which of the following courses of action would be most difficult to justify?

Question 26

One of the causes of nonsampling risk is:

Question 27

The sample exception rate equals:

Question 28

In systematic sample selection, the population size is divided by the number of sample items desired in order to determine the: Answer

Question 29

Which of the following would have the least impact in determining sample size? Answer

Question 30

When using statistical sampling, the auditor would most likely require a smaller sample if the:

ACC 403 Strayer Quiz 8 Latest

Question 1

Which of the following is the principle “weakness” of using negative confirmations for your tests of details of balances for accounts receivable?

Question 2

Audit procedures designed to uncover credit sales made after the client’s fiscal year end that relate to the current year being audited provide evidence for which of the following audit objective?

Question 3

Most tests of accounts receivable are based on what schedule, file, or listing?

Question 4

Analytical procedures:

Question 5

Because of its central role in auditing of accounts receivable, which of the following would normally be one of the first items tested?

Question 6

Communication addressed to the debtor requesting him or her to confirm whether the balance as stated on the communication is correct or incorrect is a:

Question 7

Tests of which balance-related audit objective are normally performed first in an audit of the sales and collection?

Question 8

The net realizable value of accounts receivable is equal to:

Question 9

The most important test of details of balances to determine the existence of recorded accounts receivable is:

Question 10

A type of positive confirmation known as a blank confirmation:

Question 11

For most audits, a proper cash receipts cutoff is less important than the sales cutoff because the improper cutoff of cash:

Question 12

When do most companies record sales returns and allowances?

Question 13

The most important aspect of evaluating the client’s method of obtaining a reliable cutoff is to:

Question 14

When designing tests of details of balances, an important point to remember is:

Question 15

The two primary classes of transactions in the sales and collection cycle are:

Question 16

The appropriate assumption to make regarding the overall percent of error in those population items containing an error is:

Question 17

Which of the following is not a type of statistical method that provides results in dollar terms?

Question 18

If acceptable audit risk is increased, acceptable risk of incorrect acceptance should be:

Question 19

The final step in the evaluation of the audit results is the decision to:

Question 20

Monetary unit sampling is not particularly effective at detecting:

Question 21

If the population is not considered acceptable, one step the auditor is likely to take is to:

Question 22

When selecting a sample size for substantive tests of balances which factor, other factors being equal, would result in a larger sample?

Question 23

When the sample selection is done using probability proportional to size sample selection (PPS):

Question 24

You are auditing Nelson and Company and determined that the sample results support a conclusion that the account is materially misstated, when in fact it was not misstated. This illustrates the risk of:

Question 25

The method used to measure the estimated total error amount in a population when there is both a recorded value and an audited value for each item in the sample is:

Question 26

The word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is:

Question 27

If an auditor concludes that internal controls are likely to be effective, the preliminary assessment of control risk can be reduced, leading to which of the following impacts on the acceptable risk of incorrect acceptance?

Question 28

When using monetary unit sampling, the recorded dollar population is a definition of all the items in the:

Question 29

In monetary unit sampling, a sampling interval of 900 means that:

Question 30

If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance:

ACC 403 Strayer Final Exam part 1 Latest

•Question 1

Auditors frequently refer to the terms audit assurance, overall assurance, and level of assurance to refer to ________.

• Question 2

If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:

• Question 3

If it is probable that the judgment of a reasonable person will be changed or influenced by the omission or misstatement of information, then that information is, by definition of FASB Statement No. 2:

• Question 4

When auditors allocate the preliminary judgment about materiality to account balances, the materiality allocated to any given account balance is referred to as:

• Question 5

When the auditor is attempting to determine the extent to which external users rely on a client’s financial statements, they may consider several factors except for:

• Question 6

Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the:

• Question 7

In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because:

• Question 8

When considering internal controls, an important point to consider is that:

• Question 9

Narratives, flowcharts, and internal control questionnaires are three common methods of:

• Question 10

The employee in charge of authorizing credit to the company’s customers does not fully understand the concept of credit risk. This lack of knowledge would constitute:

• Question 11

Analytical procedures can be very effective in detecting inventory fraud. Which of the following analytical procedures would not be useful in detecting fraud?

• Question 12

Financial statement manipulation risk is arguably present for all companies’ financial statements. However, the risk is elevated for companies that:

• Question 13

Which party has the primary responsibility to oversee an organization’s financial reporting and internal control process?

• Question 14

Who is most likely to perpetrate fraudulent financial reporting?

• Question 15

Which of the following would the auditor be most concerned about regarding a heightened risk of intentional misstatement?

• Question 16

An example of a physical control is:

• Question 17

The audit approach in which the auditor runs his or her own program on a controlled basis to verify the client’s data recorded in a machine language is:

• Question 18

Which of the following describes the process of implementing a new system in one part of the organization, while other locations continue to use the current system?

• Question 19

A ________ total represents the summary total of codes from all records in a batch that do not represent a meaningful total.

• Question 20

The continued integration of IT in accounting systems can impact a company by:

• Question 21

Which of the following audit tests is usually the least costly to perform?

• Question 22

The purpose of tests of controls is to provide reasonable assurance that the:

• Question 23

Many auditors perform extensive analytical procedures on audits because:

• Question 24

A system walkthrough is primarily used to help the auditor:

• Question 25

Analytical procedures:

ACC 403 Strayer Final Exam part 2 Latest

Instructions

This final exam consists of 25 multiple choice questions and covers the material in Chapters 14 through 17, 21, and 24. There are five questions from each chapter.

• Question 1

Before goods are shipped on account, a properly authorized person must:

• Question 2

What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

• Question 3

The document that requires adjustments to the customers subsidiary ledger account is the:

• Question 4

A document prepared to initiate shipment of the goods sold by an independent shipper is the:

• Question 5

What event initiates a transaction in the sales and collection cycle?

• Question 6

Auditors often use the ________ to determine the estimated population exception rate.

• Question 7

When the auditor decides to select less than 100 percent of the population for testing, the auditor is said to use:

• Question 8

Rodgers CPA believes that the rate of client billing errors is 4% and has established a tolerable deviation rate of 6%. In auditing client invoices Rodgers should use:

• Question 9

Which of the following would have the least impact in determining sample size?

• Question 10

Which of the following occurrences would be least likely to warrant further audit attention for the auditor?

• Question 11

The most effective audit evidence gathered for accounts receivable is the:

• Question 12

Which of the following most likely would be detected by a review of a client’s sales cutoff?

• Question 13

Analytical procedures:

• Question 14

When do most companies record sales returns and allowances?

• Question 15

Tests of which balance-related audit objective are normally performed first in an audit of the sales and collection?

• Question 16

The risk the auditor is willing to take of accepting a balance as correct when the true misstatement in the balance under audit is greater than the tolerable misstatement is:

• Question 17

The client’s trial balance has a balance of $410,000 for merchandise inventory. As the auditor you are willing to accept a balance that is within $20,000 of either side of the recorded balance. You compute a 95% confidence interval of $395,000 to $425,000. You could therefore:

• Question 18

One of the steps involved in planning the sample for the tests of details of balances is to:

• Question 19

When the sample selection is done using probability proportional to size sample selection (PPS):

• Question 20

When defining the population and the sampling unit for tests of details of balances: .

• Question 21

From which of the following evidence-gathering audit procedures would an auditor obtain most assurance concerning the existence of inventories?

• Question 22

Comparing the physical counts with the perpetual inventory master files satisfies the balance-related audit objective of:

• Question 23

Auditor tests of the physical controls over raw materials, work in process, and finished goods are generally limited to:

• Question 24

Boxes or other containers holding inventory should also be opened during test counts to determine the ________ of the inventory.

• Question 25

The audit tests to verify that the client is using an inventory method which is generally accepted and to verify that physical counts were correctly summarized are performed during the audit of the:

• Question 26

The auditor’s primary concern relative to presentation and disclosure-related objectives is:

• Question 27

Which of the following subsequent events is most likely to result in an adjustment to a company’s financial statements?

• Question 28

When communicating with the audit committee and management:

• Question 29

At the completion of the audit, management is asked to make a written statement that it is not aware of any undisclosed contingent liabilities. This statement would appear in the:

• Question 30

While there is no professional requirement to do so on audit engagements, CPAs frequently issue a formal “management” letter to clients. The primary purpose of this letter is to provide:

 

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