Exam 5: Fraud in Financial Statements and Auditor Responsibilities

Explain the circumstances under which an auditor should give each of the following opinions: (a) Unmodified opinion (b) Unmodified opinion with an emphasis-of-matter paragraph (c) Qualified opinion (d) Adverse opinion

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The Private Securities Litigation Reform Act imposes additional requirements on public companies reporting to the SEC and their auditors when:

(Multiple Choice)

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Question 22

In the Imperial Valley Thrift & Loan case, each of the following were reasons for the going concern issue except for:

(Multiple Choice)

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Question 23

Which of the following is true about PCAOB audit standards?

(Multiple Choice)

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Question 24

All of the following are in a position to commit fraud except for:

(Multiple Choice)

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Question 25

The Committee of Sponsoring Organizations of the Treadway Committee (COSO) analyzed the financial reporting of public companies during the 1998-2007 periods when business failures due to accounting fraud were high. Describe the major findings of COSO with respect to financial statement fraud.

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Question 26

What is the motive behind the PCAOB Integrated Audit Concept?

(Multiple Choice)

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Question 27

Fannie Mae's financial statements were investigated because of allegations that the company:

(Multiple Choice)

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Question 28

Which of the following is an element of the introductory paragraph of an auditor's report?

(Multiple Choice)

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Question 29

When would it be appropriate for an auditor to withdraw from an engagement?

(Multiple Choice)

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Question 30

XYZ Company requires that its internal auditor must bring all accounting and financial reporting matters of concern to the CFO and CEO before going to the audit committee. The weakness in internal controls is most likely to lead to which element of the fraud triangle when instances of fraud occur

(Multiple Choice)

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Question 31

Which of the following is an example of opinion shopping by a company?

(Multiple Choice)

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Question 32

Which of the following is not a component of internal control?

(Multiple Choice)

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Question 33

Which of the following is not an essential area of fraud considerations assessed by the auditors?

(Multiple Choice)

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Question 34

Which is not part of the required links of the chain of command that the controller should follow to inform of a material misstatement in the financial statements?

(Multiple Choice)

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Question 35

Which of the following is not an element of COSO Enterprise Risk Management?

(Multiple Choice)

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Question 36

Which of the following summarizes the essence of general standards of GAAS?

(Multiple Choice)

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Question 37

The expectations gap refers to:

(Multiple Choice)

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Question 38

Under which of the following set of circumstances might the auditors disclaim an opinion?

(Multiple Choice)

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Question 39

The purpose of the fraud triangle is to identify:

(Multiple Choice)

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Question 40

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Explain the circumstances under which an auditor should give each of the following opinions: (a) Unmodified opinion (b) Unmodified opinion with an emphasis-of-matter paragraph (c) Qualified opinion (d) Adverse opinion

The Private Securities Litigation Reform Act imposes additional requirements on public companies reporting to the SEC and their auditors when:

In the Imperial Valley Thrift & Loan case, each of the following were reasons for the going concern issue except for:

Which of the following is true about PCAOB audit standards?

All of the following are in a position to commit fraud except for:

The Committee of Sponsoring Organizations of the Treadway Committee (COSO) analyzed the financial reporting of public companies during the 1998-2007 periods when business failures due to accounting fraud were high. Describe the major findings of COSO with respect to financial statement fraud.

What is the motive behind the PCAOB Integrated Audit Concept?

Fannie Mae's financial statements were investigated because of allegations that the company:

Which of the following is an element of the introductory paragraph of an auditor's report?

When would it be appropriate for an auditor to withdraw from an engagement?

XYZ Company requires that its internal auditor must bring all accounting and financial reporting matters of concern to the CFO and CEO before going to the audit committee. The weakness in internal controls is most likely to lead to which element of the fraud triangle when instances of fraud occur

Which of the following is an example of opinion shopping by a company?

Which of the following is not a component of internal control?

Which of the following is not an essential area of fraud considerations assessed by the auditors?

Which is not part of the required links of the chain of command that the controller should follow to inform of a material misstatement in the financial statements?

Which of the following is not an element of COSO Enterprise Risk Management?

Which of the following summarizes the essence of general standards of GAAS?

The expectations gap refers to:

Under which of the following set of circumstances might the auditors disclaim an opinion?

The purpose of the fraud triangle is to identify:

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