4215402
Descrição
Quiz por Stephany Fox, atualizado more than 1 year ago
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Criado por Stephany Fox
mais de 8 anos atrás
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Questão 1
Questão
Choose the quantitative factors that hep determine materiality from below.
Responda
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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
Questão 2
Questão
The sum of the misstatements in financial statements can be more than the materiality threshold.
Responda
- True
- False
Questão 3
Questão
Which of the following would be an acceptable solution is the misstatement is greater than materiality?
Responda
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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.
Questão 4
Questão
SAS 84 requires which of the following?
Responda
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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.
Questão 5
Questão
IT specialists are rarely needed for audit engagements.
Responda
- True
- False
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