Auditing Chapter 6 homework

Question

Answer 1

Sufficiency of evidence

Answer 2

Quantity of evidence

Answer 3

Meaning of evidence

Answer 4

Quality of evidence

Answer 5

Appropriateness and sufficiency.

Answer 6

Competence and sufficiency.

Answer 7

Independence and effectiveness.

Answer 8

Relevance and reliability.

Answer 9

Neither overstatement nor understatement.

Answer 10

Overstatment

Answer 11

Understatement

Answer 12

Either overstatement or understatement

Answer 13

Customer accounts receivable files.

Answer 14

Confirmations from banks.

Answer 15

Purchase orders from vendors

Answer 16

Computerized general ledger.

Answer 17

Inquiry with the in-house attorney.

Answer 18

Indirectly obtained evidence.

Answer 19

Photocopies

Answer 20

Observation of assets

Answer 21

Confirmations returned by bank directly to the auditor.

Answer 22

Evidence from an easily overridden information system.

Answer 23

Letters of communication from the Securities Exchange Commission.

Answer 24

Physical examination of perpetual inventory

Answer 25

Vendor invoices

Answer 26

Customer orders

Answer 27

Confirmation replies from customers

Answer 28

All of the above

Answer 29

Transactions are presented properly.

Answer 30

Transactions have been recorded

Answer 31

Transactions are complete

Answer 32

Transactions are valid

Answer 33

Recalculation

Answer 34

Examination of documentation

Answer 35

Reprocessing

Answer 36

Reviewing the completeness and persuasiveness of procedures performed

Answer 37

Recording the audit work performed and those responsible for performing the work

Answer 38

Organizing and distributing the work

Answer 39

All of the above

Answer 40

I and III only

Answer 41

I, II, and III

Answer 42

Direct testing for rights

Answer 43

Directional testing for completeness

Answer 44

Directional testing for existence

Answer 45

Direct testing for valuation

Answer 46

Completeness

Answer 47

Completeness

Answer 48

Classification

Answer 49

Authorization

Answer 50

The availability of the client's staff at or near the balance sheet date

Answer 51

The auditors judgement that misstatements are probable in certain balances

Answer 52

The sheer volume of procedures to be applied by the auditor

Answer 53

The time of year in which the client takes a physical inventory in the warehouse

Answer 54

The type of audit opinion to be rendered based upon procedures performed

Answer 55

The audit procedures that will be performed every year for the client

Answer 56

How an auditor should think while performing audit procedures

Answer 57

Audit objectives and procedures to be followed during the audit process

Answer 58

To provide a stand-alone medium that gives audit conclusions and supports the opinion

Answer 59

To prevent litigation by other parties that question the audit performance

Answer 60

To give the client a full reporting of all work performed on their behalf

Answer 61

To supply a point of reference for all auditors performing the work subsequently

Answer 62

A client employee responsible for accounts receivable

Answer 63

A client's controller or CFO

Answer 64

A client's internal audit department

Answer 65

An external auditor

Answer 66

Audit program

Answer 67

Representation letter

Answer 68

Audit planning memo

Answer 69

Audit memoranda

Answer 70

Controls over the process

Answer 71

The reliability of underlying data in developing the estimate

Answer 72

Use of outside experts by management (for example, how they were used and their expertise)

Answer 73

All of the above

Answer 74

Management representation letters

Answer 75

Vendor confirmations

Answer 76

Disclosures in financial statements

Answer 77

Attorney confirmations

Answer 78

Become more difficult to ascertain

Answer 79

Remain the same

Answer 80

The client's risk of material misstatement

Answer 81

The risk of material weakness in internal controls

Answer 82

Either a or b

Answer 83

None of the above

Answer 84

A heading that includes the name of the audit client, an explanatory title, and the balance sheet date

Answer 85

The initials or electronic signature of the auditor performing the audit test and the date the test was completed

Answer 86

The initials or electronic signature of the manager or partner who reviewed the documentation and the date the review was completed

Answer 87

All of the above

Answer 88

Common stock and related additional paid-in capital

Answer 89

Valuation of goodwill

Answer 90

Allowance for bad debt

Answer 91

Obligations for pension plans

Answer 92

The outside party exists

Answer 93

The outside party is able to respond objectively and independently

Answer 94

The outside party is unbiased in responding

Answer 95

All of the above

Answer 96

A cross-reference

Answer 97

An assessment of whether the test indicates the possibility of material misstatement in an account

Answer 98

Initials of the person preparing and reviewing the document

Answer 99

All are included in quality audit documentation

Answer 100

Subsequent date

Answer 101

Cutoff period

Answer 102

Significant date

Answer 103

Interim date

Answer 104

Audit adjustment

Answer 105

Audit documentation

Answer 106

Accounting records

Answer 107

Planning the audit

Answer 108

Substantive testing

Answer 109

Completing the audit

Answer 110

All of the above

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Auditing Chapter 6 homework

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