Course Auditing I;Test Final Exam Part 1;Instructions This final exam consists of 25 multiple choice questions and covers the material in Chapters 9 through 13. There are five questions from each chapter.;Question 1 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 Question 2 The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.;Question 3 Auditors generally allocate the preliminary judgment about materiality to the;Question 4 Auditors are ________ to document the known and likely misstatements in the financial statements under audit.;Question 5 An auditor who audits a business cycle that has low inherent risk should;Question 6 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 7 An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is;Question 8 Which of the following is responsible for establishing a private company's internal control?;Question 9 Internal controls normally include procedures designed to provide reasonable assurance that;Question 10 Internal controls;Question 11 Financial statement manipulation risk is arguably present for all companies' financial statements. However, the risk is elevated for companies that;Question 12 Which of the following is not a factor that relates to opportunities to misappropriate assets?;Question 13 Two of the most useful warning signals that can indicate that revenue fraud is occurring are;Question 14 In the fraud triangle, fraudulent financial reporting and misappropriation of assets;Question 15 Which of the following is a factor that relates to incentives to misappropriate assets?;Question 16 The audit approach in which the auditor runs his or her own program on a controlled basis to verify the client's data recorded in a machine language is;Question 17 Auditors should evaluate which of the following before evaluating application controls because of the potential for pervasive effects?;Question 18 Which of the following is a component of general controls?;Question 19 General controls may include firewalls which are used to protect from;Question 20 An internal control deficiency occurs when computer personnel;Question 21 Analytical procedures;Question 22 In the context of an audit of financial statements, substantive tests are audit procedures that;Question 23 A system walkthrough is primarily used to help the auditor;Question 24 Which of the following audit tests is usually the least costly to perform?;Question 25 Presentation and disclosure related audit objectives would be performed in which phase of the audit process?
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