4215402
Beschreibung
Quiz von Stephany Fox, aktualisiert more than 1 year ago
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Erstellt von Stephany Fox
vor mehr als 8 Jahre
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Frage 1
Frage
Choose the quantitative factors that hep determine materiality from below.
Antworten
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Income before taxes
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Income from continuing operations
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3 year average income
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total assets
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total revenues
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gross profit
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potential for fraud or illegal acts
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higher than normal risk of bankruptcy
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potential loan covenant violations
Frage 2
Frage
The sum of the misstatements in financial statements can be more than the materiality threshold.
Antworten
- True
- False
Frage 3
Frage
Which of the following would be an acceptable solution is the misstatement is greater than materiality?
Antworten
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Leave opinion as is.
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Do not tell the client so they will not try to change anything in the financial statements
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Do additional testing
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Do take the financial risk of walking away from the audit.
Frage 4
Frage
SAS 84 requires which of the following?
Antworten
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Auditors on new engagements need to contact the preceding auditor, with permission from the potential client.
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Auditors on new engagements need to contact the preceding auditor, whether the potential content likes it or not.
Frage 5
Frage
IT specialists are rarely needed for audit engagements.
Antworten
- True
- False
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