Question 1

What is a feature of ACL, a commercial audit software program?

Accepted Answer

A)  prepare a trial balance 
B)  perform ratio analysis 
C)  prepare lead schedules 
D)  all of the above 
A)  prepare a trial balance 
B)  perform ratio analysis 
C)  prepare lead schedules 
D)  all of the above

Question 2

Which factor would NOT be considered by an audit firm in deciding whether to accept a new client?

Accepted Answer

A)  the client's probability of achieving an unqualified opinion 
B)  the client's standing in the business community 
C)  the client's relation with its previous audit firm 
D)  the client's financial stability 
A)  the client's probability of achieving an unqualified opinion 
B)  the client's standing in the business community 
C)  the client's relation with its previous audit firm 
D)  the client's financial stability

Question 3

The official record of the meetings of the board of directors and shareholders is contained in the:

Accepted Answer

A)  constitution. 
B)  charter. 
C)  minutes. 
D)  bylaws. 
A)  constitution. 
B)  charter. 
C)  minutes. 
D)  bylaws.

Question 4

A working trial balance is:

Accepted Answer

A)  a listing of the general ledger accounts and their year-end balances. 
B)  the set of lead schedules. 
C)  a summary of the effect of the auditor's reclassification entries. 
D)  a list of the opening subsidiary ledger account balances. 
A)  a listing of the general ledger accounts and their year-end balances. 
B)  the set of lead schedules. 
C)  a summary of the effect of the auditor's reclassification entries. 
D)  a list of the opening subsidiary ledger account balances.

Question 5

The working papers are:

Accepted Answer

A)  used primarily as a basis for the partners to review and reward the work of the managers, seniors, and staff. 
B)  the primary means of documenting that an adequate audit was conducted in accordance with auditing standards. 
C)  the property of the auditor although prepared by the client. 
D)  the property of the client. 
A)  used primarily as a basis for the partners to review and reward the work of the managers, seniors, and staff. 
B)  the primary means of documenting that an adequate audit was conducted in accordance with auditing standards. 
C)  the property of the auditor although prepared by the client. 
D)  the property of the client.

What is a feature of ACL, a commercial audit software program?

Which factor would NOT be considered by an audit firm in deciding whether to accept a new client?

The official record of the meetings of the board of directors and shareholders is contained in the:

A working trial balance is:

The working papers are:

Demand for audit and assurance services

Auditors’ legal environment

Audit quality and ethics

Audit responsibilities and objectives

Audit evidence

Materiality and risk

Internal control and control risk

Fraud auditing

The impact of information technology on the audit process

Overall audit plan and audit program

Audit of the sales and collection cycle: Tests of controls and substantive tests of transactions

Completing tests in the sales and collection cycle: Accounts receivable

Audit sampling

Audit of transaction cycles and financial statement balances I

Audit of transaction cycles and financial statement balances II

Completing the audit

Audit reporting

Other auditing and assurance engagements

Filters

Exam 6: Audit planning and documentation

What is a feature of ACL, a commercial audit software program?

Which factor would NOT be considered by an audit firm in deciding whether to accept a new client?

The official record of the meetings of the board of directors and shareholders is contained in the:

A working trial balance is:

The working papers are:

Demand for audit and assurance services

Auditors’ legal environment

Audit quality and ethics

Audit responsibilities and objectives

Audit evidence

Materiality and risk

Internal control and control risk

Fraud auditing

The impact of information technology on the audit process

Overall audit plan and audit program

Audit of the sales and collection cycle: Tests of controls and substantive tests of transactions

Completing tests in the sales and collection cycle: Accounts receivable

Audit sampling

Audit of transaction cycles and financial statement balances I

Audit of transaction cycles and financial statement balances II

Completing the audit

Audit reporting

Other auditing and assurance engagements

Filters