Question 1

One strategy used by auditors in testing assertions is to perform directional testing to find overstatements or understatements.

Accepted Answer

A) True 
 B)False

Question 2

Emails and faxes are documents that represent important evidence to the auditor,however,they are sometimes difficult to substantiate as authentic.

Accepted Answer

A) True 
 B)False

Question 3

The auditor's opinion on the financial statements taken as a whole is the single most important piece of information documenting the financial statements.

Accepted Answer

A) True 
 B)False

Question 4

Which one of the following assertions regarding an inventory of ski equipment for Matterhorn,Inc.would be considered an incorrect statement?

Accepted Answer

A) The inventory exists at the balance sheet date. 
B) The inventory is owned by Matterhorn. 
C) Footnote disclosures concerning inventory are not required given the objective nature of this account. 
D) The inventories are properly valued. 
A) The inventory exists at the balance sheet date. 
B) The inventory is owned by Matterhorn. 
C) Footnote disclosures concerning inventory are not required given the objective nature of this account. 
D) The inventories are properly valued.

One strategy used by auditors in testing assertions is to perform directional testing to find overstatements or understatements.

Emails and faxes are documents that represent important evidence to the auditor,however,they are sometimes difficult to substantiate as authentic.

The auditor's opinion on the financial statements taken as a whole is the single most important piece of information documenting the financial statements.

Which one of the following assertions regarding an inventory of ski equipment for Matterhorn,Inc.would be considered an incorrect statement?

Auditing: Integral to the Economy

Corporate Governance and Audits

Judgmental and Ethical Decision-Making Frameworks and Associated Professional Standards

Audit Risk,business Risk,and Audit Planning

Internal Control Over Financial Reporting

Performing an Integrated Audit

Tools Used in Gathering Audit Evidence

Auditing for Fraud

Auditing Revenue and Related Accounts

Audit of Acquisition and Payment Cycle and Inventory

Audit of Cash and Other Liquid Assets

Audit of Long-Lived Assets and Related Expense Accounts

Audit of Longer-Term Liabilities, equity, acquisitions, and Related-Entity Transactions, long-Term Liabilities, and Equity

Ensuring Audit Quality in Completing the Audit

Auditors Reports

Professional Liability

Advanced Topics Concerning Complex Audit Judgments

Filters

Exam 7: A Framework for Audit Evidence

One strategy used by auditors in testing assertions is to perform directional testing to find overstatements or understatements.

Emails and faxes are documents that represent important evidence to the auditor,however,they are sometimes difficult to substantiate as authentic.

The auditor's opinion on the financial statements taken as a whole is the single most important piece of information documenting the financial statements.

Which one of the following assertions regarding an inventory of ski equipment for Matterhorn,Inc.would be considered an incorrect statement?

Auditing: Integral to the Economy

Corporate Governance and Audits

Judgmental and Ethical Decision-Making Frameworks and Associated Professional Standards

Audit Risk,business Risk,and Audit Planning

Internal Control Over Financial Reporting

Performing an Integrated Audit

Tools Used in Gathering Audit Evidence

Auditing for Fraud

Auditing Revenue and Related Accounts

Audit of Acquisition and Payment Cycle and Inventory

Audit of Cash and Other Liquid Assets

Audit of Long-Lived Assets and Related Expense Accounts

Audit of Longer-Term Liabilities, equity, acquisitions, and Related-Entity Transactions, long-Term Liabilities, and Equity

Ensuring Audit Quality in Completing the Audit

Auditors Reports

Professional Liability

Advanced Topics Concerning Complex Audit Judgments

Filters