Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process

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With a dual-purpose test,what is an auditor likely to do?

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The first phase in the audit opinion formulation process is performing a risk assessment.

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Which of the following terms describes procedures designed to detect material misstatements in accounts?

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Audit documentation is frequently referred to as working papers.

(True/False)
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Which statement is true concerning materiality?

(Multiple Choice)
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Evidence is required to be sufficient and appropriate in order to provide a reasonable basis for the auditor's opinion.

(True/False)
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Which of the following is a use of audit documentation?

(Multiple Choice)
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Which auditing standards apply to private companies?

(Multiple Choice)
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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)
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Which of the following factors has the greatest effect on the reliability of financial statements?

(Multiple Choice)
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Identify at least five specific procedures an auditor can apply to collect audit evidence and provide an example of each.

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If controls are effective,there is a higher likelihood that the financial statements are free of material misstatement.

(True/False)
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Which of the following is a procedure which analyzes plausible relationships among financial and nonfinancial data?

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Identify at least five purposes served by audit documentation.

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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)
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Which of the following is not a typical accounting cycle?

(Multiple Choice)
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The Public Company Accounting Oversight Board (PCAOB)does not set specific standards for audits of public companies.

(True/False)
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The cycle approach to auditing is a convenient way to break the audit into manageable time periods.

(True/False)
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There is an inverse relationship between the assessment of risk of material misstatement in an account and the amount of evidence required.

(True/False)
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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)
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