Exam 6: Assessing Risks in an Audit Engagement
Exam 1: Introduction to Auditing42 Questions
Exam 2: Auditors Professional Roles and Responsibilities45 Questions
Exam 3: Auditors Ethical and Legal Responsibilities57 Questions
Exam 4: Reports on Audited Financial Statements52 Questions
Exam 5: Preliminary Audit Planning: Understanding the Auditees Business45 Questions
Exam 6: Assessing Risks in an Audit Engagement52 Questions
Exam 7: Internal Control Over Financial Reporting73 Questions
Exam 8: Audit Evidence and Assurance47 Questions
Exam 9: Control Assessment and Testing51 Questions
Exam 10: Audit Sampling54 Questions
Exam 11: The Revenues, receivables, and Receipts Process and Cash Account Balance78 Questions
Exam 12: The Purchases, payables, and Payments Process61 Questions
Exam 13: Payroll and Production Processes48 Questions
Exam 14: The Finance and Investment Process44 Questions
Exam 15: Completing the Audit Work53 Questions
Exam 16: Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report48 Questions
Exam 17: Other Public Accounting Services and Reportsreviews and Compilations57 Questions
Exam 18: Professional Rules of Conduct Details and Auditor Responsibilities42 Questions
Exam 19: The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates50 Questions
Exam 20: Legal Liability Cases56 Questions
Exam 21: Other Professional Accounting Services and Reports, including Fraud Auditing50 Questions
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On the basis of audit evidence gathered and evaluated,an auditor decides to increase the assessed level of control risk from that originally planned.To achieve an overall audit risk level that is substantially the same as the planned audit risk level,the auditor would ________.
(Multiple Choice)
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The business process view also highlights the fact that business organizations ________.
(Multiple Choice)
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The existence of audit risk is recognized by the statement in the auditor's standard report that the auditor ________.
(Multiple Choice)
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After obtaining an understanding of the internal control system and assessing control risk,an auditor decided not to perform additional tests of controls.The auditor most likely concluded that ________.
(Multiple Choice)
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Explain the relationships among the business processes and accounting processes (or cycles)and how it affects the auditors planned audit procedures.
(Essay)
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Canadian auditing standards require an assessment of client's business for every audit,risk as part of a risk-based audit approach.
(True/False)
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The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the ________.
(Multiple Choice)
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An organization with a very hierarchical structure is typical of companies in complex business environments as this structure reduces the ability of a junior employee to make a wrong decision.
(True/False)
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Theoretically,when assessing the inherent risk related to an account balance,an auditor does not explicitly consider the ________.
(Multiple Choice)
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An auditor considers two factors in understanding business risks.What are they?
(Multiple Choice)
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The acceptable level of detection risk is inversely related to the ________.
(Multiple Choice)
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Auditors find it easier to audit related accounts instead of attacking each account individually.
(True/False)
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Control testing procedures provide no direct evidence of material misstatements in the auditee's statements
(True/False)
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Audit procedures designed to verify that overhead costs are properly included in cost of goods sold,most closely relate to which assertion(s)?
(Multiple Choice)
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Decisions involving the proper application of GAAP primarily involve which management assertion? Give some examples.
(Essay)
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An auditor begins the identification of business risks by doing what?
(Multiple Choice)
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What factors are considered as part of the auditor's assessment of client business risks?
(Essay)
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Give some examples of cut off errors and explain what management assertions are affected by such errors.
(Essay)
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