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strayer ACC403 week 6 quiz




Question;WK 6 quiz chapt 9;Question 1;The;scope paragraph of the standard unqualified auditor's report states that;? the standards require that we plan and perform the audit to obtain;assurance about whether the financial statements are free of material;misstatement." What type of assurance is given?;Question 2;When;auditors allocate the preliminary judgment about materiality to account;balances, the materiality allocated to any given account balance is referred to;as;Question 3;To what;extent do auditors typically rely on internal controls of their public company;clients?;Question 4;As the risk of material;misstatement increases, detection risk should;Question 5;As the acceptable level of;detection risk increases, an auditor may change the;Question 6;Inherent risk is ________ related;to detection risk and ________ related to the amount of audit evidence.;Question 7;Inherent risk is often high for;an account such as:.;Question 8;When dealing with audit risk;Question 9;Auditors are ________ to document;the known and likely misstatements in the financial statements under audit.;Question 10 2 out of;2 points;Amounts involving fraud are;usually considered ________ important than unintentional errors of equal dollar;amounts.;Question 11;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;Answer;Question 12 2 out of;2 points;Auditors are responsible for;determining whether financial statements are materially misstated, so upon;discovering a material misstatement they must bring it to the attention of;Question 13 2 out of;2 points;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 14 2 out of;2 points;Inherent risk and control risk;Question 15 2 out of;2 points;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


Paper#40464 | Written in 18-Jul-2015

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