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Strayer ACC 410 Midterm Exam - Govt. not for profit




Question;Course Auditing I Test Midterm Exam Instructions This midterm exam consist of 32 multiple choice questions and covers the material in Chapters 1 through 8. There are four questions from each Chapter. Question 1 Three common types of attestation services are: Question 2 One objective of an operational audit is to: Question 3 The three requirements for becoming a CPA include all but which of the following? Question 4 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 5 Statements on Standards for Accounting and Review Services are issued by the: Question 6 Which of the following are audit standards used in professional practice by audit firms? Question 7 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 8 Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide its personnel with: Question 9 A CPA may wish to emphasize specific matters regarding the financial statements even though an unqualified opinion will be issued. Normally, such explanatory information is: Question 10 A company has changed its method of inventory valuation from an unacceptable one to one in conformity with generally accepted accounting principles. The auditor's report on the financial statements of the year of the change should include: Question 11 To emphasize the fact that the auditor is independent, a typical addressee of the audit report could be: Question 12 As a result of management's refusal to permit the auditor to physically examine inventory. The auditor must depart from the unqualified audit report because: Question 13 Which of the following is(are) true concerning the Ethical Principles of the Code of Professional Conduct?I. They identify ideal conduct.II. They are general ideals and difficult to enforce. Question 14 In determining independence with respect to any audit engagement, the ultimate decision as to whether or not the auditor is independent must be made by the: Question 15 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 16 Financial interests family members of a CPA can affect the CPA's independence. Which of the following parties would not be included as a "direct financial interest" of the CPA? Question 17 In the performance of an audit, a CPA: Question 18 Laws that have been passed by the U.S. Congress and other governmental units are: Question 19 Audit fraud occurs when: Question 20 The preferred defense in third-party suits is: Question 21 If a short-term note payable is included in the accounts payable balance on the financial statement, there is a violation of the: Question 22 Tests of details of balances are specific audit procedures that are intended to: Question 23 Which of the following is the auditor least likely to do when aware of an illegal act? Question 24 Which of the following is not one of the three categories of assertions? Question 25 Audit evidence has two primary qualities for the auditor, relevance and reliability. Given the choices below which provides the auditor with the most reliable audit evidence? Question 26 Audit procedures are concerned with the nature, extent, and timing in gathering audit evidence. Which, of the following, is true as to the timing of audit procedures? Question 27 An example of an external document that provides reliable information for the auditor is: Question 28 Two determinants of the persuasiveness of evidence are: Question 29 An auditor should examine minutes of the board of directors' meetings: Question 30 Initial audit planning involves four matters. Which of the following is not one of these? Question 31 Which is usually included in an engagement letter? Question 32 Most auditors assess inherent risk as high for related parties and related-party transactions because


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