Question 1

Right before issuing the audit report, most financial statement auditors:

Accepted Answer

A)  Prepare financial statements. 
B)  Plan compliance testing. 
C)  Review internal controls. 
D)  Perform compliance testing. 
A)  Prepare financial statements. 
B)  Plan compliance testing. 
C)  Review internal controls. 
D)  Perform compliance testing.

Question 2

A company's accounting information system reports the book value of computer equipment as $25,000. During compliance testing, an auditor would need to see the computer equipment to verify which assertion?

Accepted Answer

A)  Existence. 
B)  Valuation. 
C)  Obligations. 
D)  Completeness. 
A)  Existence. 
B)  Valuation. 
C)  Obligations. 
D)  Completeness.

Question 3

Generic audit steps:
Fill in the blanks with appropriate words or phrases based on the generic steps of financial statement audits. Then, number the steps in the order of their occurrence. $$\begin{array} { | l | l | } 
\hline \text { Order } & { \text { Step } } \
\hline & { \text { \_\_\_management's credentials. } } \
\hline & \text { Assess\_\_\_ } \
\hline & \text { Issue the\_\_\_ } \
\hline & \text { Perform\_\_\_ } \
\hline & \text { Review the\_\_\_ }  \text { system. } \
\hline
\end{array}$$

Accepted Answer

The answer of Generic audit steps:
Fill in the blanks with...

Question 4

An auditor is dating an accounting manager in a firm he is auditing. His behavior is most likely in violation of a ___ standard.

Accepted Answer

A)  General. 
B)  Field work. 
C)  Reporting. 
D)  Forensic. 
A)  General. 
B)  Field work. 
C)  Reporting. 
D)  Forensic.

Question 5

Which of the following is most likely to trigger an investigative audit?

Accepted Answer

A)  An adverse opinion on financial statements. 
B)  Mathematical errors. 
C)  Discrepancies between purchase orders and receiving reports. 
D)  Journal entries that fail to balance. 
A)  An adverse opinion on financial statements. 
B)  Mathematical errors. 
C)  Discrepancies between purchase orders and receiving reports. 
D)  Journal entries that fail to balance.

Question 6

Which of the following is not a classification of the AICPA's auditing standards?

Accepted Answer

A)  Financial. 
B)  General. 
C)  Field work. 
D)  Reporting. 
A)  Financial. 
B)  General. 
C)  Field work. 
D)  Reporting.

Question 7

The final step in most financial statement audits is:

Accepted Answer

A)  Review the internal control system. 
B)  Issue an opinion. 
C)  Prepare financial statements. 
D)  Perform compliance testing. 
A)  Review the internal control system. 
B)  Issue an opinion. 
C)  Prepare financial statements. 
D)  Perform compliance testing.

Question 8

Which type of audit determines whether the assumptions underlying decisions are valid?

Accepted Answer

A)  Systems audit. 
B)  Compliance audit. 
C)  Management audit. 
D)  Investigative audit. 
A)  Systems audit. 
B)  Compliance audit. 
C)  Management audit. 
D)  Investigative audit.

Question 9

All of the following link accounting information systems with auditing except:

Accepted Answer

A)  Steps for Better Thinking. 
B)  SAS 70. 
C)  The human resources business process. 
D)  Professional certification. 
A)  Steps for Better Thinking. 
B)  SAS 70. 
C)  The human resources business process. 
D)  Professional certification.

Question 10

Which of the following is the most direct subject of an audit opinion?

Accepted Answer

A)  Financial statements. 
B)  Internal controls. 
C)  Management's integrity. 
D)  Independence. 
A)  Financial statements. 
B)  Internal controls. 
C)  Management's integrity. 
D)  Independence.

Question 11

Match between columns
                        Premises:  Business process efficiency.
 COSO.
 CPA license.
 Evaluation of internal controls.
 FASB conceptual framework.
 Financial statements and footnotes.
 Flowcharts and data flow diagrams.
 Information technology.
 Receiving reports.
 Recording transactions.

Accepted Answer

The Answer of Critical thinking skills and Assessing management's integrity. is...

Question 12

A U.S. auditor prepares a Mexican company's financial statements using international accounting rules, violating:

Accepted Answer

A)  A general standard. 
B)  A field work standard. 
C)  A reporting standard. 
D)  No standard. 
A)  A general standard. 
B)  A field work standard. 
C)  A reporting standard. 
D)  No standard.

Question 13

Which of the following is a general auditing standard?

Accepted Answer

A)  Supervision. 
B)  Disclosure. 
C)  Opinion. 
D)  Independence. 
A)  Supervision. 
B)  Disclosure. 
C)  Opinion. 
D)  Independence.

Question 14

Which of the following is a reporting auditing standard?

Accepted Answer

A)  Training. 
B)  Supervision. 
C)  GAAP. 
D)  Evidence. 
A)  Training. 
B)  Supervision. 
C)  GAAP. 
D)  Evidence.

Question 15

All of the following link accounting information systems with auditing except:

Accepted Answer

A)  Data normalization rules. 
B)  Communication skills. 
C)  Knowledge of internal controls. 
D)  Business documents. 
A)  Data normalization rules. 
B)  Communication skills. 
C)  Knowledge of internal controls. 
D)  Business documents.

Question 16

Generally accepted auditing standards
Draw an original diagram that illustrates the AICPA's ten generally accepted auditing standards. Your diagram should not resemble the one in the text in any way.

Accepted Answer

The generally accepted auditing standard

Question 17

An auditor might test the accuracy of biometric identification systems, such as fingerprint scanning, in which generic audit step?

Accepted Answer

A)  Step one. 
B)  Step two. 
C)  Step three. 
D)  Step four. 
A)  Step one. 
B)  Step two. 
C)  Step three. 
D)  Step four.

Question 18

Auditors exercise judgment when they issue: (i) unqualified opinions, (ii) adverse opinions, (iii) error opinions.

Accepted Answer

A)  i and ii only. 
B)  ii and iii only. 
C)  i and iii only. 
D)  i, ii and iii. 
A)  i and ii only. 
B)  ii and iii only. 
C)  i and iii only. 
D)  i, ii and iii.

Question 19

All of the following link accounting information systems with auditing except:

Accepted Answer

A)  The acquisition/payment process. 
B)  Independence. 
C)  Bank reconciliations. 
D)  Data flow diagramming. 
A)  The acquisition/payment process. 
B)  Independence. 
C)  Bank reconciliations. 
D)  Data flow diagramming.

Question 20

NASA (National Aeronautics and Space Administration) would be most likely to need which type of audit?

Accepted Answer

A)  Financial statement audit. 
B)  Compliance audit. 
C)  Systems audit. 
D)  International audit. 
A)  Financial statement audit. 
B)  Compliance audit. 
C)  Systems audit. 
D)  International audit.

Right before issuing the audit report, most financial statement auditors:

A company's accounting information system reports the book value of computer equipment as $25,000. During compliance testing, an auditor would need to see the computer equipment to verify which assertion?

Generic audit steps: Fill in the blanks with appropriate words or phrases based on the generic steps of financial statement audits. Then, number the steps in the order of their occurrence. Order Step \_\_\_management's credentials. Assess\_\_\_ Issue the\_\_\_ Perform\_\_\_ Review the\_\_\_ system.

An auditor is dating an accounting manager in a firm he is auditing. His behavior is most likely in violation of a ___ standard.

Which of the following is most likely to trigger an investigative audit?

Which of the following is not a classification of the AICPA's auditing standards?

The final step in most financial statement audits is:

Which type of audit determines whether the assumptions underlying decisions are valid?

All of the following link accounting information systems with auditing except:

Which of the following is the most direct subject of an audit opinion?

A U.S. auditor prepares a Mexican company's financial statements using international accounting rules, violating:

Which of the following is a general auditing standard?

Which of the following is a reporting auditing standard?

All of the following link accounting information systems with auditing except:

Generally accepted auditing standards Draw an original diagram that illustrates the AICPA's ten generally accepted auditing standards. Your diagram should not resemble the one in the text in any way.

An auditor might test the accuracy of biometric identification systems, such as fingerprint scanning, in which generic audit step?

Auditors exercise judgment when they issue: (i) unqualified opinions, (ii) adverse opinions, (iii) error opinions.

All of the following link accounting information systems with auditing except:

NASA (National Aeronautics and Space Administration) would be most likely to need which type of audit?

Rolse and Purpose of Accountig Information Systems

Transaction Processing in the AIS

Professionalisam and Ethics

Internal Controls

Flow Charting

Data Flow Diagramming

Real Modeling

XBRL

Business and Enterprise Resource Planning Systems

Salles - Collection Process

Acquestion Payment Process

Other Business Process

Bussiness Process Mamagement

Computer Crime and Information Technology Security

Dicision Making Models and Knowledge Management

Professional Certifications and Career Planning

Filters

Exam 17: Auditing and Evaluating the AIS

Right before issuing the audit report, most financial statement auditors:

A company's accounting information system reports the book value of computer equipment as $25,000. During compliance testing, an auditor would need to see the computer equipment to verify which assertion?

Generic audit steps: Fill in the blanks with appropriate words or phrases based on the generic steps of financial statement audits. Then, number the steps in the order of their occurrence. Order Step \_\_\_management's credentials. Assess\_\_\_ Issue the\_\_\_ Perform\_\_\_ Review the\_\_\_ system.

An auditor is dating an accounting manager in a firm he is auditing. His behavior is most likely in violation of a ___ standard.

Which of the following is most likely to trigger an investigative audit?

Which of the following is not a classification of the AICPA's auditing standards?

The final step in most financial statement audits is:

Which type of audit determines whether the assumptions underlying decisions are valid?

All of the following link accounting information systems with auditing except:

Which of the following is the most direct subject of an audit opinion?

A U.S. auditor prepares a Mexican company's financial statements using international accounting rules, violating:

Which of the following is a general auditing standard?

Which of the following is a reporting auditing standard?

All of the following link accounting information systems with auditing except:

Generally accepted auditing standards Draw an original diagram that illustrates the AICPA's ten generally accepted auditing standards. Your diagram should not resemble the one in the text in any way.

An auditor might test the accuracy of biometric identification systems, such as fingerprint scanning, in which generic audit step?

Auditors exercise judgment when they issue: (i) unqualified opinions, (ii) adverse opinions, (iii) error opinions.

All of the following link accounting information systems with auditing except:

NASA (National Aeronautics and Space Administration) would be most likely to need which type of audit?

Rolse and Purpose of Accountig Information Systems

Transaction Processing in the AIS

Professionalisam and Ethics

Internal Controls

Flow Charting

Data Flow Diagramming

Real Modeling

XBRL

Business and Enterprise Resource Planning Systems

Salles - Collection Process

Acquestion Payment Process

Other Business Process

Bussiness Process Mamagement

Computer Crime and Information Technology Security

Dicision Making Models and Knowledge Management

Professional Certifications and Career Planning

Filters