Exam 3: Audit Planning, Types of Audit Tests, and Materiality

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In assessing the competence of the internal audit function, an independent CPA most likely would obtain information about the

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The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the

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Name and describe three supervisory activities that should be performed by the engagement partner and other engagement team members performing supervisory activities.

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Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement?

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Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?

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Before accepting an engagement to audit a new client, a CPA is required to obtain

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Which of the following audit procedures would be least likely to disclose the existence of related party transactions of a client during the period under audit?

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If the prospective client refuses to allow the predecessor auditor to communicate with the successor auditor, the successor auditor should have reservations about accepting the client.

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Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?

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The Code of Professional Conduct does not allow an auditor to disclose confidential client information without the client's consent.

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Which of the following factors most likely would cause a CPA not to accept a new audit engagement?

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Which of the following statements is not correct about materiality?

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To provide for the greatest degree of independence in performing internal audit activities, the internal audit function most likely should report to the

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The audit committee is directly responsible for the appointment, compensation, and oversight of the work of any accounting firm employed by a public company.

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