Audit: Final Exam: Ch. 7..1-6 Ch. 8..7-14 Ch. 9..15-18 Ch 10..18-28 Ch. 13..29-36 Ch. 14..37-57 Ch. 24..58Which of the following is not one of the four decisions about what evidence to gather and how much of it to accumulate?-7
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a high but not absolute level of assurance is called answer: - reasonable assurance an audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a answer: - compliance audit an examination of part of an organizatio...
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Add to carta high but not absolute level of assurance is called answer: - reasonable assurance an audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a answer: - compliance audit an examination of part of an organizatio...
The auditor's responsibilities related to the audit opinion are - -The auditor has an obligation to ensure that users of the financial statements are informed about the misstatement and that the audit opinion should no longer be relied upon. -Ensure the client informs the SEC and other regulat...
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Add to cartThe auditor's responsibilities related to the audit opinion are - -The auditor has an obligation to ensure that users of the financial statements are informed about the misstatement and that the audit opinion should no longer be relied upon. -Ensure the client informs the SEC and other regulat...
Auditors use procedures for ... ⁋⁋ - risk assessment test of controls evidence about management's assertions Example Assertion: I'm 58 years old ⁋⁋ - Two Assertions 1. Charlie is 58 years old => birth certificate 2. I am Charlie => ID & passport Internal Control Audi...
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Add to cartAuditors use procedures for ... ⁋⁋ - risk assessment test of controls evidence about management's assertions Example Assertion: I'm 58 years old ⁋⁋ - Two Assertions 1. Charlie is 58 years old => birth certificate 2. I am Charlie => ID & passport Internal Control Audi...
Contingent Liability - ----Uncertainty which exists for a company that will be resolved by the occurrence of future events. (An existing condition, situation, or set of circumstances, involving an uncertainty as to possible loss to an entity that will ultimately be resolved when some future e...
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Add to cartContingent Liability - ----Uncertainty which exists for a company that will be resolved by the occurrence of future events. (An existing condition, situation, or set of circumstances, involving an uncertainty as to possible loss to an entity that will ultimately be resolved when some future e...
When are analytical procedures required on an audit? What is the primary purpose of analytical procedures during each phase of the audit? A. Analytical procedures are required during the completion phase, as a final review for material misstatements or financial problems. B. Analytical ...
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Add to cartWhen are analytical procedures required on an audit? What is the primary purpose of analytical procedures during each phase of the audit? A. Analytical procedures are required during the completion phase, as a final review for material misstatements or financial problems. B. Analytical ...
Analytical procedures are required as a part of the: -- Procedures performed near the end of an audit In Auditing the balance sheet, most revenue and expense accounts are also audited. Which accounts are most likely to be audited when auditing Accounts Receivable? -- Sales and Bad deb...
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Add to cartAnalytical procedures are required as a part of the: -- Procedures performed near the end of an audit In Auditing the balance sheet, most revenue and expense accounts are also audited. Which accounts are most likely to be audited when auditing Accounts Receivable? -- Sales and Bad deb...
Which Objective? Confirm a sample of receivables by direct communication with the debtors ↝↝- Existence Which Objective? Review confirmations of liabilities to determine if receivables have been sold ↝↝- Right to Assets (Rights and Obligations) Which Objective? Select a sampl...
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Add to cartWhich Objective? Confirm a sample of receivables by direct communication with the debtors ↝↝- Existence Which Objective? Review confirmations of liabilities to determine if receivables have been sold ↝↝- Right to Assets (Rights and Obligations) Which Objective? Select a sampl...
It is important for the CPA to consider the competence of the clients' personnel because their competence has a direct impact upon the: A) cost/benefit relationship of the system of internal control. B) achievement of the objectives of internal control. C) comparison of recorded accountability w...
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Add to cartIt is important for the CPA to consider the competence of the clients' personnel because their competence has a direct impact upon the: A) cost/benefit relationship of the system of internal control. B) achievement of the objectives of internal control. C) comparison of recorded accountability w...
Which cycle is not directly linked to the production cycle? a) Acquisition and expenditure cycle. b) Payroll cycle. c) Revenue and collection cycle. d) Finance and investment cycle. - ----Finance and Investment Cycle Which of the following is an internal control weakness for a company who...
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Add to cartWhich cycle is not directly linked to the production cycle? a) Acquisition and expenditure cycle. b) Payroll cycle. c) Revenue and collection cycle. d) Finance and investment cycle. - ----Finance and Investment Cycle Which of the following is an internal control weakness for a company who...
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