A) the risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated B) the risk that an auditor expresses an objectionable audit opinion when the financial statements are materially misstated C) the risk that an auditor expresses an adverse opinion when the financial statements are materially misstated D) the risk that an auditor expresses an incompatible audit opinion when the financial statements are materially misstated A) the risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated B) the risk that an auditor expresses an objectionable audit opinion when the financial statements are materially misstated C) the risk that an auditor expresses an adverse opinion when the financial statements are materially misstated D) the risk that an auditor expresses an incompatible audit opinion when the financial statements are materially misstated

Exam 3: Risk Assessment Part Iaudit Risk and Audit Strategy

In a general timeline of when audit activities occur for the audit of a client that uses a calendar year-end, the period referred to as "interim" is typically during the latter part of the ________.

(Multiple Choice)

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Question 61

Lower inherent risk traits are found where _______.

(Multiple Choice)

4.8/5

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Question 62

When considering clients like Boeing, inventory will most likely be the largest current asset and prepaid expenses will be one of the smallest.As a result, the auditors should plan to _______.

(Multiple Choice)

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Question 63

Substantive procedures are designed to _______.

(Multiple Choice)

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Question 64

In auditing, which of the following attitudes are part of professional skepticism?

(Multiple Choice)

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(36)

Question 65

What is audit risk?

(Multiple Choice)

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Question 66

Which of the following are examples of human bias that could cause an impediment in the application of professional skepticism?

(Multiple Choice)

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Question 67

In general, what does detailed testing of account balances provide?

(Multiple Choice)

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Question 68

The assessed level of inherent and control risk for each assertion will _______.

(Multiple Choice)

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Question 69

Which of the following examples most likely is an attitude or rationalization used to justify a fraud?

(Multiple Choice)

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Question 70

The use of performance materiality should reduce the ________________ and/or undetected misstatements in the financial statements is greater than materiality for the financial statements as a whole.

(Multiple Choice)

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(38)

Question 71

Which of the following is a positive factor influencing client acceptance and retention decisions with respect to the integrity of management?

(Multiple Choice)

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(40)

Question 72

In accounting, "year-end" is typically the period _______.

(Multiple Choice)

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(41)

Question 73

In the Eilifsen and Messier (2015) study, the firms that used benchmarks of total assets and total revenues, used what percent of these figures to determine their planning materiality?

(Multiple Choice)

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(38)

Question 74

An engagement letter is prepared by the _ and acknowledged by the _ before the audit begins.

(Multiple Choice)

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(32)

Question 75

A(an)______________ is an amount set by the auditor that is less than planning materiality and is used to make decisions about the extent of audit procedures for a particular class of transaction, account balance, or disclosure.

(Multiple Choice)

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Question 76

Prevention of fraud refers to _______.

(Multiple Choice)

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Question 77

The factor that influences client acceptance and retention decisions with respect to whether the accounting firm has the expertise to perform the services requested by the client is known as:

(Multiple Choice)

4.8/5

(29)

Question 78

If a company refuses permission to contact its previous audit firm, what should the new auditor do?

(Multiple Choice)

4.7/5

(40)

Question 79

If RMM is low, which of the following would be true of the audit strategy?

(Multiple Choice)

4.9/5

(38)

Question 80

Showing 61 - 80 of 167

In a general timeline of when audit activities occur for the audit of a client that uses a calendar year-end, the period referred to as "interim" is typically during the latter part of the ________.

Lower inherent risk traits are found where _______.

When considering clients like Boeing, inventory will most likely be the largest current asset and prepaid expenses will be one of the smallest.As a result, the auditors should plan to _______.

Substantive procedures are designed to _______.

In auditing, which of the following attitudes are part of professional skepticism?

What is audit risk?

Which of the following are examples of human bias that could cause an impediment in the application of professional skepticism?

In general, what does detailed testing of account balances provide?

The assessed level of inherent and control risk for each assertion will _______.

Which of the following examples most likely is an attitude or rationalization used to justify a fraud?

The use of performance materiality should reduce the ________________ and/or undetected misstatements in the financial statements is greater than materiality for the financial statements as a whole.

Which of the following is a positive factor influencing client acceptance and retention decisions with respect to the integrity of management?

In accounting, "year-end" is typically the period _______.

In the Eilifsen and Messier (2015) study, the firms that used benchmarks of total assets and total revenues, used what percent of these figures to determine their planning materiality?

An engagement letter is prepared by the _ and acknowledged by the _ before the audit begins.

A(an)______________ is an amount set by the auditor that is less than planning materiality and is used to make decisions about the extent of audit procedures for a particular class of transaction, account balance, or disclosure.

Prevention of fraud refers to _______.

The factor that influences client acceptance and retention decisions with respect to whether the accounting firm has the expertise to perform the services requested by the client is known as:

If a company refuses permission to contact its previous audit firm, what should the new auditor do?

If RMM is low, which of the following would be true of the audit strategy?

Introduction and Overview of Audit and Assurance

Professionalism, Ethics and Legal Liability

Risk Assessment Part Iiunderstanding the Client

Audit Evidence

Understanding of the Clients System of Internal Controls

Data Analyticsoverview and Application

Risk Responseperforming Tests of Controls

Risk Responseperforming Substantive Procedures

Risk Responseaudit Sampling for Substantive Testing

Auditing the Revenue Cycle

Auditing the Purchases Cycle and Payroll Cycle

Auditing Cash, Inventory, Investing and Financing Activities

Completing the Audit

Reporting on the Audit

Filters

Exam 3: Risk Assessment Part Iaudit Risk and Audit Strategy

In a general timeline of when audit activities occur for the audit of a client that uses a calendar year-end, the period referred to as "interim" is typically during the latter part of the ________.

Lower inherent risk traits are found where _______.

When considering clients like Boeing, inventory will most likely be the largest current asset and prepaid expenses will be one of the smallest.As a result, the auditors should plan to _______.

Substantive procedures are designed to _______.

In auditing, which of the following attitudes are part of professional skepticism?

What is audit risk?

Which of the following are examples of human bias that could cause an impediment in the application of professional skepticism?

In general, what does detailed testing of account balances provide?

The assessed level of inherent and control risk for each assertion will _______.

Which of the following examples most likely is an attitude or rationalization used to justify a fraud?

The use of performance materiality should reduce the ________________ and/or undetected misstatements in the financial statements is greater than materiality for the financial statements as a whole.

Which of the following is a positive factor influencing client acceptance and retention decisions with respect to the integrity of management?

In accounting, "year-end" is typically the period _______.

In the Eilifsen and Messier (2015) study, the firms that used benchmarks of total assets and total revenues, used what percent of these figures to determine their planning materiality?

An engagement letter is prepared by the _______ and acknowledged by the _______ before the audit begins.

A(an)______________ is an amount set by the auditor that is less than planning materiality and is used to make decisions about the extent of audit procedures for a particular class of transaction, account balance, or disclosure.

Prevention of fraud refers to _______.

The factor that influences client acceptance and retention decisions with respect to whether the accounting firm has the expertise to perform the services requested by the client is known as:

If a company refuses permission to contact its previous audit firm, what should the new auditor do?

If RMM is low, which of the following would be true of the audit strategy?

Introduction and Overview of Audit and Assurance

Professionalism, Ethics and Legal Liability

Risk Assessment Part Iiunderstanding the Client

Audit Evidence

Understanding of the Clients System of Internal Controls

Data Analyticsoverview and Application

Risk Responseperforming Tests of Controls

Risk Responseperforming Substantive Procedures

Risk Responseaudit Sampling for Substantive Testing

Auditing the Revenue Cycle

Auditing the Purchases Cycle and Payroll Cycle

Auditing Cash, Inventory, Investing and Financing Activities

Completing the Audit

Reporting on the Audit

Filters

An engagement letter is prepared by the _ and acknowledged by the _ before the audit begins.