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auditing homework 30 questions




Question;I need help with my auditing homework due today. Audit;1. An adverse opinion occurs in a situation;in which the auditors believe that departures;from;GAAP are _____.;A.;material;B. pervasive;C. both A and B;D.;either A or B, but not both;E.;neither A nor B;2. Change in accounting principles and;reporting entities result in _____.;A. a;disclaimer of opinion;B. an emphasis-of-matter paragraph;being added to the auditors? report;C.;an other-matter paragraph being added to the auditors? report;D.;shared responsibility opinion;E.;none of the above;3. A disclaimer of opinion is a form of;report in which auditors state that they _____.;A. do not express an opinion on;the financial statements;B.;express an opinion on the financial statements;C.;express an adverse opinion on the financial statements;D.;express a modified opinion on the financial statements;E.;none of the above;4. An emphasis-of-matter paragraph is;included when _____.;A.;the financial statements do not fairly present financial postion, results of;operations, and net cash flows in conformity;with GAAP;B.;there is a lack of consistent application of GAAP;C.;there is substantial doubt about an entity?s ability to continue as a going;concern;D. all of the above;E. B;or C, only;5. Determining what is material involves;criteria.;A.;qualitative;B.;quantitative;C. both A and B;D.;either A or B, but not both;E.;neither A nor B;6.;Modified opinions include _____ opinions.;A.;adverse;B.;disclaimer;C. qualified;D. all;of the above;E. B;and C, only;7. An other-matter paragraph is a paragraph;included in the auditors? report that is _____.;A.;included at the auditors? discretion;B.;required by GAAP;C.;required by GAAS;D. A;or B, only;E. A or C, only;8. Pervasive is a term used in context of;A.;anomalies;B.;misstatements;C.;qualifications;D. all of the above;E. B;or C, only;9. A qualified opinion indicates that;except for the effects of some_____, the financial;statements are fairly presented.;A.;departures from GAAP;B.;limitations on the scope of the audit;C.;pervasive misstatement;D. any of the above;E. A;or B, only;10. Scope limitations may be imposed by;A.;auditors;B.;client;C.;other circumstances;D.;any of the above;E. B or C, only;11.;The term standard report is _____.;A.;actively used in practice;B.;no longer used in practice;C.;no longer formally used in the AICPA?s standards;D. both A and C, only;E.;both B and C, only;12. An unmodified opinion is expressed by;the auditors when they conclude that the financial statements are prepared, _____, in accordance;with the applicable financial reporting;framework.;A.;in all respects;B. in all material respects;C.;in all pervasive respect;D.;in no respect;E.;none of the above;13. An accounting estimate is a transaction;involving management?s _____.;A.;assumptions;B.;estimates;C.;guarantees;D.;all of the above;E. A;or B, only;14. A control deficiency is a weakness in;the design or operation of a control that does not;allow management or employees, in the normal;course of performing their functions, to;misstatements on a timely basis.;A.;detect;B.;enhance;C.;prevent;D. A;or B, only;E. A;or C, only;15. An example of a routine transaction is;A. a;cash receipt or disbursements;B.;payroll;C.;sale or purchase;D.;all of the above;E. A;or C, only;16.;An integrated audit (under PCAOB Standard No. 5) is an audit that includes;audit;reports on both _____.;A. a;company?s internal control over financial reporting and the financial;statements;B.;compliance and operations;C.;assurance services and trust services;D.;all of the above;E. A;or C, only;17. A material weakness is considered is;severe to a significant deficiency.;A.;equally;B.;less;C.;more;D. A;or B, only;E. A;or C, only;18. The Sarbanes-Oxley Act of 2002 is an;act passed by the U.S. Congress to protect;investors from the possibility of fraudulent;accounting activities by improving the;of;corporate disclosures.;A.;accuracy;B.;reliability;C.;usability;D.;all of the above;E. A;and B, only;19. Assurance services are professional;services that improve the _____ of information for;decision makers.;A.;context;B.;quality;C.;quantity;D. A;and/or B, only;E. A;and/or C, only;20. An assertion is a _____ about whether;subject matter is presented in accordance with;certain criteria.;A.;affirmation;B.;declaration;C.;proclamation;D.;verification;E.;none of the above;21.;An examination of financial statements is referred to as a(n) _____.;A.;audit;B.;compilation;C.;review;D.;trust service;E.;all of the above;22. A review is an engagement designed to;provide a _____ degree of assurance about the;conformance of subject matter, or an assertion;about subject matter, with suitable criteria.;A.;high;B.;limited;C.;low;D.;moderate;E. B;or D, only;23. Limited/negative assurance provides;less assurance than the reasonable assurance;provided by an examination.;A.;minimally;B.;moderately;C.;no;D.;substantially;E.;none of the above;24. Prospective financial statements that;present expected results, given one or more;hypothetical assumptions are termed a;financial _____.;A.;budget;B.;forecast;C.;plan;D.;projection;E.;none of the above;25. CPAs may _____ management?s discussion;and analysis.;A.;compile;B.;examine;C.;review;D. A;or C, only;E. B;or C, only;26.;Trust services are engagements that provide assurances on _____.;A.;commercial banks;B.;fiduciary responsibilities;C.;internal control;D.;systems;E.;all of the above;27. XBRL is an international information;format designed specifically for;information.;A.;assurance;B.;audit;C.;business;D.;corporate;E.;none of the above;28. Internal auditing helps an organization;accomplish its objectives by bringing a;systematic, disciplined approach to evaluate;and improve the effectiveness of _____.;A.;control;B.;governance processes;C.;risk management;D.;all of the above;E. A;and B, only;29. Operational auditing is a process of;reviewing an organization to measure the _____ of;operations.;A.;economy;B.;effectiveness;C.;efficiency;D.;all of the above;E. B;and C, only;30. Compliance auditing is performing;procedures to test compliance with _____.;A.;economy of operations;B.;laws;C.;regulations;D.;all of the above;E. B;and/or C, only


Paper#43008 | Written in 18-Jul-2015

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