Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: \(\begin{array}{lcc} & \text { Errors } & \text { Misappropriation of Assets } \\ \text { A) } & \text { Yes } & \text { Yes } \\ \text { B) } & \text { Yes } & \text { No } \\ \text { C) } & \text { No } & \text { Yes } \\ \text { D) } & \text { No } & \text { No } \end{array}\)

A) Option A B) Option B C) Option C D) Option D A) Option A B) Option B C) Option C D) Option D

Exam 6: Audit Planning, understanding the Client, assessing Risks, and Responding

Explore all topics

Which of the following is least likely to be included in an auditor's inquiry of management while obtaining information to identify the risks of material misstatement due to fraud?

(Multiple Choice)

4.9/5

(33)

Question 61

Hawkins requested permission to communicate with the predecessor auditor and review certain portions of the predecessor auditor's working papers.The prospective client's refusal to permit this will bear directly on Hawkins' decision concerning the:

(Multiple Choice)

4.8/5

(30)

Question 62

Vouching the acquisition of assets is an audit procedure that is often performed to establish the valuation of the assets.

(True/False)

4.8/5

(27)

Question 63

At least a portion of the auditors' consideration of internal control usually is performed at an interim date rather than at the balance sheet date.

(True/False)

4.7/5

(36)

Question 64

Which of the following is most likely to be considered a risk factor relating to fraudulent financial reporting?

(Multiple Choice)

4.9/5

(43)

Question 65

Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: Errors Misappropriation of Assets A) Yes Yes B) Yes No C) No Yes D) No No

(Multiple Choice)

4.8/5

(42)

Question 66

A form filed with the SEC when a company changes auditors is a:

(Multiple Choice)

4.8/5

(32)

Question 67

Which of the following is not a required source of information for the auditors' assessment of fraud risk?

(Multiple Choice)

4.8/5

(42)

Question 68

Which of the following is not one of the assertions made by management about an account balance?

(Multiple Choice)

4.8/5

(41)

Question 69

Which of the following is least likely to render material a quantitatively small misstatement material?

(Multiple Choice)

4.9/5

(38)

Question 70

A successor auditor is required to attempt communication with the predecessor auditor prior to

(Multiple Choice)

4.8/5

(30)

Question 71

Auditors must assess fraud risk on every audit and respond to the risks that are identified.Which of the following is not a procedure required to further address the fraud risk of management override of internal control?

(Multiple Choice)

4.9/5

(40)

Question 72

The auditors' understanding established with a client should be established through a(an)

(Multiple Choice)

4.8/5

(31)

Question 73

Which of the following is least likely to be required on an audit?

(Multiple Choice)

4.8/5

(38)

Question 74

Before accepting an audit engagement,a successor auditor should make specific inquiries of the predecessor auditor regarding the predecessor's:

(Multiple Choice)

4.7/5

(37)

Question 75

While assessing the risks of material misstatement auditors identify risks,relate risk to what could go wrong,consider the magnitude of risks and

(Multiple Choice)

4.8/5

(29)

Question 76

An abnormal fluctuation in gross profit that might suggest the need for extended audit procedures for sales and inventories would most likely be identified in the risk assessment phase of the audit by the use of:

(Multiple Choice)

4.9/5

(42)

Question 77

The auditors must consider materiality in planning an audit engagement.Materiality for planning purposes is:

(Multiple Choice)

4.8/5

(36)

Question 78

Showing 61 - 78 of 78

Which of the following is least likely to be included in an auditor's inquiry of management while obtaining information to identify the risks of material misstatement due to fraud?

Hawkins requested permission to communicate with the predecessor auditor and review certain portions of the predecessor auditor's working papers.The prospective client's refusal to permit this will bear directly on Hawkins' decision concerning the:

Vouching the acquisition of assets is an audit procedure that is often performed to establish the valuation of the assets.

At least a portion of the auditors' consideration of internal control usually is performed at an interim date rather than at the balance sheet date.

Which of the following is most likely to be considered a risk factor relating to fraudulent financial reporting?

Audits of financial statements are designed to obtain reasonable assurance of detecting material misstatements due to: Errors Misappropriation of Assets A) Yes Yes B) Yes No C) No Yes D) No No

A form filed with the SEC when a company changes auditors is a:

Which of the following is not a required source of information for the auditors' assessment of fraud risk?

Which of the following is not one of the assertions made by management about an account balance?

Which of the following is least likely to render material a quantitatively small misstatement material?

A successor auditor is required to attempt communication with the predecessor auditor prior to

Auditors must assess fraud risk on every audit and respond to the risks that are identified.Which of the following is not a procedure required to further address the fraud risk of management override of internal control?

The auditors' understanding established with a client should be established through a(an)

Which of the following is least likely to be required on an audit?

Before accepting an audit engagement,a successor auditor should make specific inquiries of the predecessor auditor regarding the predecessor's:

While assessing the risks of material misstatement auditors identify risks,relate risk to what could go wrong,consider the magnitude of risks and

An abnormal fluctuation in gross profit that might suggest the need for extended audit procedures for sales and inventories would most likely be identified in the risk assessment phase of the audit by the use of:

The auditors must consider materiality in planning an audit engagement.Materiality for planning purposes is:

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of CPAS

Audit Evidence and Documentation

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property Plant and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Internal, Operational, and Compliance Auditing

Probability-Proportion-To-Size Sampling

Filters