Question 1

Many risks are common to all clients in certain industries.

Accepted Answer

A) True 
 B)False

Question 2

Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

Accepted Answer

A) permitted 
B) required 
C) not allowed 
D) strongly encouraged 
A) permitted 
B) required 
C) not allowed 
D) strongly encouraged

Question 3

________ materiality is materiality for segments of the audit.

Accepted Answer

A) Segment 
B) Individual 
C) Financial statement 
D) Performance 
A) Segment 
B) Individual 
C) Financial statement 
D) Performance

Question 4

Determining materiality requires professional judgment.

Accepted Answer

A) True 
 B)False

Question 5

Discuss the factors an auditor should consider before accepting a company as an audit client.

Accepted Answer

The auditor should investigate and consi

Question 6

When developing the overall strategy for the audit,the auditor will

Accepted Answer

A) decide whether to accept a new client. 
B) determine if any audit specialists will be required. 
C) identify why the auditor needs an audit. 
D) obtain an engagement letter. 
A) decide whether to accept a new client. 
B) determine if any audit specialists will be required. 
C) identify why the auditor needs an audit. 
D) obtain an engagement letter.

Question 7

Related party

Accepted Answer

A) transactions must be disclosed in the footnotes even if the amounts are immaterial. 
B) disclosures include the nature of the related party relationship and a description of the transaction. 
C) transactions are considered arm's-length transactions. 
D) disclosures are required only for public companies. 
A) transactions must be disclosed in the footnotes even if the amounts are immaterial. 
B) disclosures include the nature of the related party relationship and a description of the transaction. 
C) transactions are considered arm's-length transactions. 
D) disclosures are required only for public companies.

Many risks are common to all clients in certain industries.

Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

________ materiality is materiality for segments of the audit.

Determining materiality requires professional judgment.

Discuss the factors an auditor should consider before accepting a company as an audit client.

When developing the overall strategy for the audit,the auditor will

Related party

The Demand for Audit and Other Assurance Services

The Cpa Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Materiality and Risk

Fraud Auditing

Internal Control and Coso Framework

Assessing Control Risk and Reporting on Internal Controls

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls,

Completing the Tests in the Acquisition and Payment Cycle:

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters

Exam 8: Audit Planning and Analytical Procedures

Many risks are common to all clients in certain industries.

Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

________ materiality is materiality for segments of the audit.

Determining materiality requires professional judgment.

Discuss the factors an auditor should consider before accepting a company as an audit client.

When developing the overall strategy for the audit,the auditor will

Related party

The Demand for Audit and Other Assurance Services

The Cpa Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Materiality and Risk

Fraud Auditing

Internal Control and Coso Framework

Assessing Control Risk and Reporting on Internal Controls

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls,

Completing the Tests in the Acquisition and Payment Cycle:

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters