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Business Assurance Test 2
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Preguntas del test (21)
1A square in a flow chart indicates
- Aterminator
- Bdecision
- Cmanual loop
- Dprocess
2Which of the following is not a Generally Accepted Privacy Principle (GAPP)?
- ARetention and disposal
- BQuality
- CProcessing integrity
- DCollection
3The objective of AU-C 500 is to obtain written representations from management that they believe they have fulfilled their responsibilities in regards to the financial statements.
- AVerdadero
- BFalso
4Which type of opinion means that there is sufficient appropriate evidence, but there is a material misstatement and it is pervasive through the financial statements?
- Aunqualified
- Badverse
- Cdisclaimer of opinion
- Dqualified
5Which of the following are components of the control environment? (more than 1)
- Arisk assessments
- Bcommitment to integrity and ethical values
- Cnotice
- Dmonitoring activities
- Efinancial reporting competencies
- Fmanagement's philosophy
6What does a parallelogram represent in a flow chart?
- Adecision
- Bdocument
- Cinternal process
- Ddata
7Susceptibility to loss, nature of the account, accounting complexities, and planning materiality are all qualitative factors in determining if an account is significant.
- AVerdadero
- BFalso
8If the company being audited is a publicly listed corporation, the auditor must put an opinion as to the effectiveness of internal controls.
- AVerdadero
- BFalso
9The objective of the audit of GAAP-based financial statements is to
- AExpress an opinion on the accuracy with which the statements present financial position,
results of operations, and cash flows in accordance with generally accepted accounting principles. - BExpress an opinion on the fairness with which the statements present financial position,
results of operations, and cash flows in accordance with generally accepted accounting principles. - CMake suggestions as to the form or content of the financial statements or to draft them in
whole or in part - DEnsure adoption of sound accounting policies and the establishment and maintenance of
internal control
- AExpress an opinion on the accuracy with which the statements present financial position,
10Which of the following statements about audit evidence is true?
- AA client’s accounting records can be sufficient audit evidence to support the financial
statements - BThe sufficiency and appropriateness of audit evidence is a matter of professional
judgment. - CTo be appropriate, audit evidence should be either persuasive or relevant but need not be
both. - DThe difficulty and expense of obtaining audit evidence about an account balance is a
valid basis for omitting the test.
- AA client’s accounting records can be sufficient audit evidence to support the financial
11How many Generally Accepted Privacy Principles are there?
- A5
- B7
- C10
- D4
12A company has made a material change in its method of inventory measurement from an
unacceptable one to one in accordance with the applicable financial reporting framework.
The auditor’s report on the financial statements of the year of the change should include- AJustification for the change and the effect of the change on reported net income.
- BA reference to the entity’s disclosure of the correction.
- CA note explaining the change.
- DNo reference to consistency.
13It is the duty of management to maintain internal controls, prepare the financial statements, and to provide all the information the auditor needs.
- AVerdadero
- BFalso
14The auditor should issue written communication stating that no significant deficiencies were identified.
- AVerdadero
- BFalso
15Who developed the Systrust service
- ACanadian Institute of Chartered Accountants
- BPCAOB and AICPA
- CAICPA
- DPCAOB
- EAICPA and Canadian Institute of Chartered Accountants
16When considering the use of management’s written representations as audit evidence
about the completeness assertion, an auditor should understand that such representations- AConstitute sufficient appropriate evidence to support the assertion when considered in
combination with sufficiently low assessed risks of material misstatement. - BComplement, but do not replace, substantive procedures designed to support the
assertion. - CReplace low assessed risks of material misstatement as evidence to support the
assertion. - DAre not part of the evidence considered to support the assertion.
- AConstitute sufficient appropriate evidence to support the assertion when considered in
17A limitation on the scope of an audit sufficient to preclude an unmodified opinion will
usually result when management- ADoes not make the minutes of the board of directors’ meetings available to the auditor.
- BAsks the auditor to report on the balance sheet and not on the other basic financial statements.
- CPresents financial statements that are prepared in accordance with the cash receipts and disbursements basis of accounting
- DStates that the financial statements are not intended to be presented in accordance with generally accepted accounting principles
18A continuing auditor should update the report on prior financial statements by issuing a
report modified for the- AResolution of an uncertainty related to and discovered in the current period.
- BDetermination in the current period that a substantial doubt exists about the entity’s ability to continue as a going concern for a reasonable time.
- CRemoval in the current period of doubt about the entity’s ability to continue as a going concern.
- DPurchase and consolidation of a new company by the client.
19Which of the following statements about internal control is true?
- AThe establishment and maintenance of internal control are important responsibilities of the internal auditor
- BA limitation of internal control is that management makes judgments about the extent of controls it implements
- CExceptionally effective internal control is enough for the auditor to eliminate substantive procedures on a significant account balance
- DProperly maintained internal control reasonably ensures that collusion among employees cannot occur
20A CPA has previously communicated a significant control deficiency in connection with an audit of prior financial statements of a non-issuer. As of the current audit date, the deficiency has not been corrected. What communication should be made by the CPA?
- AA new communication is required only if the auditor has relied on the controls
- BA new communication is required only if it involves an area in which the auditor has not relied on the controls
- CThe condition should be reported
- DNone, because management has been previously put on notice and now has sole responsibility
21An auditor should communicate misstatements to those charged with governance
- Aeven if they are clearly trivial
- Bif they were not recorded before the end of the auditor's field work
- Cif they are uncorrected
- Dif they are immaterial and corrected but frequently recurring
Información
- Descripción
- Study questions for Business Assurance Services test 2 at Bowling Green State University.
- Autor
- Vicki Myers
- Idioma
- English
- Visitas
- 74
- Etiquetas
- Valoración
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