4215402
Descripción
Test por Stephany Fox, actualizado hace más de 1 año
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Creado por Stephany Fox
hace más de 8 años
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Pregunta 1
Pregunta
Choose the quantitative factors that hep determine materiality from below.
Respuesta
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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
Pregunta 2
Pregunta
The sum of the misstatements in financial statements can be more than the materiality threshold.
Respuesta
- True
- False
Pregunta 3
Pregunta
Which of the following would be an acceptable solution is the misstatement is greater than materiality?
Respuesta
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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.
Pregunta 4
Pregunta
SAS 84 requires which of the following?
Respuesta
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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.
Pregunta 5
Pregunta
IT specialists are rarely needed for audit engagements.
Respuesta
- True
- False
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