ACC 403 Strayer Quiz 4 Latest

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ACC 403 Strayer Quiz 4 Latest

ACC 403 Strayer Quiz 4 Latest

ACC403

 

ACC 403 Strayer Quiz 4 Latest

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?

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