Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process
Exam 1: Quality Auditing: Why It Matters149 Questions
Exam 2: The Auditors Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance119 Questions
Exam 3: Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditor107 Questions
Exam 4: Professional Legal Liability40 Questions
Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process104 Questions
Exam 6: Audit Evidence109 Questions
Exam 7: Planning the Audit: Identifying and Responding to the Risks of Material Misstatement91 Questions
Exam 8: Specialized Audit Tools: Sampling and Generalized Audit Software117 Questions
Exam 9: Auditing the Revenue Cycle116 Questions
Exam 10: Auditing Cash and Marketable Securities97 Questions
Exam 11: Auditing Inventory, Goods and Services, and Accounts Payable: the Acquisition and Payment Cycle100 Questions
Exam 12: Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal116 Questions
Exam 13: Auditing Long-Term Liabilities and Stockholders Equity Transactions125 Questions
Exam 14: Completing a Quality Audit160 Questions
Exam 15: Audit Reports107 Questions
Select questions type
The first phase in the audit opinion formulation process is performing a risk assessment.
(True/False)
4.8/5
(36)
Which of the following terms describes procedures designed to detect material misstatements in accounts?
(Multiple Choice)
4.9/5
(43)
Audit documentation is frequently referred to as working papers.
(True/False)
4.9/5
(38)
Evidence is required to be sufficient and appropriate in order to provide a reasonable basis for the auditor's opinion.
(True/False)
4.9/5
(38)
For an integrated audit,the auditor's opinion about internal control effectiveness is based on control effectiveness at year-end as opposed to throughout the year.
(True/False)
4.8/5
(31)
Which of the following factors has the greatest effect on the reliability of financial statements?
(Multiple Choice)
4.8/5
(32)
Identify at least five specific procedures an auditor can apply to collect audit evidence and provide an example of each.
(Essay)
4.8/5
(33)
If controls are effective,there is a higher likelihood that the financial statements are free of material misstatement.
(True/False)
4.7/5
(37)
Which of the following is a procedure which analyzes plausible relationships among financial and nonfinancial data?
(Multiple Choice)
4.9/5
(42)
Control risk refers to the risk that a misstatement could occur in an assertion about a class of transaction,account balance,or disclosure,and which could be material,either individually or when aggregated with other misstatements,will not be prevented,or detected and corrected,on a timely basis by the entity's internal control.
(True/False)
4.9/5
(38)
The Public Company Accounting Oversight Board (PCAOB)does not set specific standards for audits of public companies.
(True/False)
4.8/5
(39)
The cycle approach to auditing is a convenient way to break the audit into manageable time periods.
(True/False)
5.0/5
(39)
There is an inverse relationship between the assessment of risk of material misstatement in an account and the amount of evidence required.
(True/False)
4.9/5
(45)
In some circumstances,the auditor will not express an opinion on the financial statements but will instead state that an opinion cannot be expressed.
(True/False)
4.8/5
(38)
Showing 41 - 60 of 104
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)