4652619
Beschreibung
Quiz von amanda.padilla, aktualisiert more than 1 year ago
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Erstellt von amanda.padilla
vor etwa 8 Jahre
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41. In a leading securities law and CPA liabilities case, the U.S. Supreme Court ruled in 1976 in Hochfelder v. Ernst and Ernst that before CPAs could be held liable for Rule 10b-5 of the Securities Exchange Act of 1934, what would be required to be shown to the court was the auditor's:
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ordinary negligence
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gross negligence
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knowledge and intent to deceive
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financial gain at the expense of the plaintiff
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42. In describing the cycle approach to segmenting an audit, which of the following statements is not true?
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all general ledger acounts and journals are included at least once.
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some journals and general ledger accounts are included in more than one cycle.
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the "capital acquisition and repayment" cycle is closely related to the "acquisition of goods and services and payment" cycle.
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the "inventory and warehousing" cycle may be audited at any time during the engagement since it is unrelated to the other cycles.
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48. Which of the following statements best describes the auditor's responsibility regarding the detection of fraud?
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the auditor is responsible for the failure to detect fraud only when such failure clearly results from nonperformance of audit procedures specifically describd in the engagement letter
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the auditor is required to provide reasonable assurance that the financial statements are free of both material errors and fraud
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the auditor is responsible for detecting material financial statement fraud, but not a material misappropriation of assets
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the auditor is responsible for the failure to detect fraud only when an unqualified opinion is issued
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46. The essence of the attest function is to:
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assure the consistent application of correct accounting procedures
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determine whether the client's financial statements are fairly stated in accordance with an applicable financial reporting framework
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examine individual transactions so that the auditor may certify as to their validity
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detect collusion and fraud
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49. Two overriding considerations affect the many ways an auditor can accumulate evidence:
1. Sufficient appropriate evidence must be accumulated to meet the auditor's professional responsibility.
2. Cost of accumulating evidence should be minimized.
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the first is more important than the second
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the second is more important than the first
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they are equally important
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it is impossible to prioritize them
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Professional skepticism requires auditors to possess a(n) ______ mind.
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introspective
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questioning
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intelligent
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unbelieving
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which of the following is not one of the four phases in the audit process?
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inform client of any adjustments or corrections made to the financial statements
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test controls and transactions
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complete the audit and issue the report
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plan and design an audit approach
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three common types of confirmations used by auditors are 1. negative confirmations. 2. positive confirmations with a request for information 3. positive confirmations with the information included. if they were placed in the order of importance from highest to lowest, the sequence would be
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3,2,1
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3,1,2
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2,3,1
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1,2,3
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when making decisions about evidence for a given audit, the auditors goal is to obtain a sufficient amount of timely, reliable evidence that is relevant to the information being verified, and to do so
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no matter what the cost involved in obtaining such evidence
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at any cost because the costs are billed to the client
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at the lowest possible total cost
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traditionally, confirmations are used to verify
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bank balances and accounts
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fixed asset additions
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individual transactions between organizations, such as sales transactions
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all of the above
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Which of the following statements is not true?
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A large sample of highly competent evidence is not persuasive unless it is relevant to the objective being tested.
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A large sample of evidence that is neither competent nor timely is not persuasive.
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A small sample of only one or two pieces of relevant, competent, and timely evidence lacks persuasiveness.
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The persuasiveness of evidence can be evaluated after considering its competence and its sufficiency.
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Evidence obtained directly by the auditor is more competent than information obtained indirectly. Which of the following is not an example of the auditor's direct knowledge
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inquiry
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computation
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An auditor would be least likely to use confirmations in connection with the examination of
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property, plant, and equipment
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Refundable income taxes.
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to adequately plan the appropriate audit evidence to gather, generally accepted auditing standards require the auditor to gain and understanding of
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the clients internal control
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the clients procedural manuals
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the clients organization charts
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all of the above
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If there is fraud involving the collusion of several employees that includes the falsification of documents, the chancedocuments, the chance a normal audit would uncover such acts is:
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very low
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very high
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an audit process is a well defined methodology for organizing an audit to ensure that
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all appropriate audit objectives
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the evidence gathered is sufficient and appropriate
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all of the above
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In testing for cutoff, the objective is to determine:
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whether transactions are recorded in the correct accounting period.
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that no transactions of the current period have been...
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