A) Simultaneously tests debits and credits. B) Is a procedure completed by both the internal and external auditors. C) Is useful to both the entity and the auditor. D) Is both a substantive test of transactions and a test of controls. A) Simultaneously tests debits and credits. B) Is a procedure completed by both the internal and external auditors. C) Is useful to both the entity and the auditor. D) Is both a substantive test of transactions and a test of controls.

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

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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?

(Multiple Choice)

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Question 21

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

(True/False)

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Question 22

Materiality significantly impacts the auditor's decisions about how much and what kind of evidence to gather.

(True/False)

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Question 23

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

(True/False)

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Question 24

Which of the following matters generally is included in an auditor's engagement letter?

(Multiple Choice)

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Question 25

Often in an audit,total combined tolerable misstatement is greater than overall materiality.Why is this the case?

(Essay)

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Question 26

In the context of an audit of financial statements,substantive procedures are audit procedures that

(Multiple Choice)

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Question 27

Which of the following statements is not correct about materiality?

(Multiple Choice)

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Question 28

As generally conceived,the audit committee of a publicly held company should be made up of

(Multiple Choice)

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Question 29

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

(Multiple Choice)

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Question 30

A dual-purpose test

(Multiple Choice)

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Question 31

The in-charge auditor most likely would have a supervisory responsibility to explain to the staff assistants

(Multiple Choice)

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Question 32

Which of the following is a general audit test?

(Multiple Choice)

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Question 33

Which of the following is not a qualitative factor that may affect an auditor's establishment of materiality?

(Multiple Choice)

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Question 34

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

(Multiple Choice)

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Question 35

When the prospective client has previously been audited,auditing standards require that the successor auditor make certain inquiries of the predecessor auditor before accepting the engagement.

(True/False)

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Question 36

If the internal audit function is competent and objective,the auditor may generally rely on the work of an internal audit function in certain areas to reduce the amount of external audit work in these areas.

(True/False)

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Question 37

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

(Multiple Choice)

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Question 38

All of the following refer to the competence of the internal audit function except:

(Multiple Choice)

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Question 39

Which of the following arranges the general types of audit tests in the order they are normally performed in an audit?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 74

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

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?

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

Materiality significantly impacts the auditor's decisions about how much and what kind of evidence to gather.

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

Which of the following matters generally is included in an auditor's engagement letter?

Often in an audit,total combined tolerable misstatement is greater than overall materiality.Why is this the case?

In the context of an audit of financial statements,substantive procedures are audit procedures that

Which of the following statements is not correct about materiality?

As generally conceived,the audit committee of a publicly held company should be made up of

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

A dual-purpose test

The in-charge auditor most likely would have a supervisory responsibility to explain to the staff assistants

Which of the following is a general audit test?

Which of the following is not a qualitative factor that may affect an auditor's establishment of materiality?

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

When the prospective client has previously been audited,auditing standards require that the successor auditor make certain inquiries of the predecessor auditor before accepting the engagement.

If the internal audit function is competent and objective,the auditor may generally rely on the work of an internal audit function in certain areas to reduce the amount of external audit work in these areas.

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

All of the following refer to the competence of the internal audit function except:

Which of the following arranges the general types of audit tests in the order they are normally performed in an audit?

An Introduction to Assurance and Financial Statement Auditing

The Financial Statement Auditing Environment

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financinginvesting Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment

Auditing the Financinginvesting Process: Long-Term Liabilities, Stockholders Equity, and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professsional Conduct,Independence,and Quality Control

Legal Liability

Assurance,Attestation,amd Internal Auditing Services-professional Judgement Module

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