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strayer ACC403 final part 1 and 2




Question;Final Part 1 ACC 403 chapters 9-17;Question 1;If an auditor establishes a;relatively high level for materiality, then the auditor will;Question 2;To what extent do auditors;typically rely on internal controls of their public company clients?;Question 3;Auditing standards ________ that;the basis used to determine the preliminary judgment about materiality be;documented in the audit files.;Question 4;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 5;As the risk of material;misstatement increases, detection risk should;Question 6;Reasonable assurance allows for;Question 7;Audit evidence regarding the;separation of duties is normally best obtained by;Question 8;When one material weakness is;present at the end of the year, management of a public company must conclude;that internal control over financial reporting is:.;Question 9;The auditors primary purpose in;auditing the client's system of internal control over financial reporting is;Question 10;A five-step approach can be used;to identify deficiencies, significant deficiencies, and material weaknesses.;The first step in this approach is;Question 11;When assessing the risk for;fraud, the auditor must be cognizant of the fact that;Question 12;Which of the following is a;factor that relates to incentives to misappropriate assets?;Question 13;Companies may intentionally;understate earnings when income is high to create ________ that may be used in;future years to increase earnings.;Question 14;Research indicates that the most;effective way to prevent and deter fraud is to;Question 15;Which of the following is a;factor that relates to incentives or pressures to commit fraudulent financial;reporting?;Question 16;Auditors should evaluate which of;the following before evaluating application controls because of the potential;for pervasive effects?;Question 17;Auditors;Question 18;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 19;An internal control deficiency;occurs when computer personnel;Question 20;Which of the following is a;component of general controls?;Question 21;The auditor would design which of;the following audit tests to detect possible monetary errors in the financial;statements?;Question 22;Many auditors perform extensive;analytical procedures on audits because;Question 23;Analytical procedures;Question 24;Transaction related audit;objectives would most likely be performed in which phase of the audit process?;Question 25;The document that details the;specific audit procedures for each type of test is the:Final part 2Question 1 Before goods are shipped on;account, a properly authorized person must: Question 2 Generally, when is the earliest;point in the sales and collection cycle in which revenue can be recognized? Question 3 To test for recorded sales for;which there were no actual shipments, the auditor vouches from the: Question 4 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 5 Which of the following is not a;business function within the "Sales" class of transactions? Question 6 Which of the following is the;exception rate that the auditor expects to find before testing? Question 7 Which of the following is the;risk that audit tests will not uncover existing exceptions in a sample? Question 8 When the auditor goes through a;population and selects items using nonprobabilistic selection methods, without;regard to their size, source, or other distinguishing characteristics, it is;called: Question 9 A sample in which every possible;combination of items in the population has an equal chance of constituting the;sample is a: Question 10 One of the causes of nonsampling;risk is: Question 11 Which of the following is the;principle "weakness" of using negative confirmations for your tests;of details of balances for accounts receivable? Question 12 For most audits, a proper cash;receipts cutoff is less important than the sales cutoff because the improper;cutoff of cash: Question 13 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 14 The audit procedure that provides;the auditor with the most appropriate evidence when performing test of details;of balances for accounts receivable is: Question 15 Which of the following most;likely would be detected by a review of a client's sales cutoff? Question 16 In monetary unit sampling, a;sampling interval of 900 means that: Question 17 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 18 The auditor is concerned with the;audited value rather than the error amount of each item in the sample when;using: Question 19 Monetary unit sampling is not;particularly effective at detecting: Question 20 In estimating the population;misstatement, the first step in projecting from the sample to the population is;to: Question 21 A major difficulty in the verification;of inventory cost records for the purpose of inventory valuation is in;determining the reasonableness of the: Question 22 There must be a periodic physical;count by the client of the inventory items on hand: Question 23 You are auditing the inventory;account and are concerned about the possibility of an inventory overstatement.;What is the best audit procedure to detect damaged inventory? Question 24 If the auditor concludes that;physical controls over inventory are so inadequate that the inventory will be;difficult to count, the auditor should ordinarily: Question 25 Which of the following is not a;function within the inventory and warehousing cycle? Question 26 A commitment is best described;as: Question 27 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 28 One of the primary approaches in;dealing with uncertainties in loss contingencies uses a ________ threshold. Question 29 Which of the following subsequent;events is most likely to result in an adjustment to a company's financial;statements? Question 30 When should auditors generally;assess a client's ability to continue as a going concern?Answer;="msonormal">


Paper#48809 | Written in 18-Jul-2015

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