Stephany Fox
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Quiz questions for auditing

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Stephany Fox
Creado por Stephany Fox hace casi 9 años
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Audit Chapters 1 and 2

Audit Chapters 1 and 2

Pregunta 1 de 16

1

Which of the following are some of the elements of the auditing definition given in class?

Selecciona una o más de las siguientes respuestas posibles:

  • Systematic process

  • Objective

  • Exact

  • Evaluate claims

  • Intuitive

  • Communicate results

Explicación

Pregunta 2 de 16

1

Which of the following the correct definition for information risk?

Selecciona una de las siguientes respuestas posibles:

  • The risk that an entity will fail to meet its stated business objectives

  • The risk that the information disseminated by a company will be materially false or misleading.

  • All accounts are presented in the appropriate place and all information required has been disclosed in the statements and footnotes.

Explicación

Pregunta 3 de 16

1

A pubic company is a company that sells its stocks or bonds to the public, giving the public a valid interest in the proper use, or stewardship, over the company's resources.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 4 de 16

1

In a public company, which of the following would be considered an agent?

Selecciona una o más de las siguientes respuestas posibles:

  • Manager of company

  • Stockholders of company

Explicación

Pregunta 5 de 16

1

Which ordering of the sections of an audit report is correct?

Selecciona una o más de las siguientes respuestas posibles:

  • Explanatory paragraph, intro, opinion, scope

  • Scope, explanatory paragraph, intro, opinion

  • intro, opinion, scope, explanatory paragraph

  • Intro, scope, opinion, explanatory paragraph

Explicación

Pregunta 6 de 16

1

An opinion means financial statements are free of material misstatements.

Arrastra y suelta para completar el texto.

    unqualified
    qualified
    adverse
    accrual

Explicación

Pregunta 7 de 16

1

Selecciona la opción correcta del menú desplegable para completar el texto.

A ( qualified, unqualified, general, negative ) opinion means the client's financial statements contain a misstatement the auditor considers material. The auditor explains that the financial statements are fairly statement except for the identified misstatement.

Explicación

Pregunta 8 de 16

1

Rellena el espacio en blanco para completar el texto.

An opinion means there is a misstatement in the financial statements that the auditor considers so material that is pervasively affects the interpretation of the financial statements. As a result, the financial statements cannot be trusted.

Explicación

Pregunta 9 de 16

1

Reasonable assurance risk is the risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 10 de 16

1

Which of the following does the auditor's standard report claim to provide?

Selecciona una de las siguientes respuestas posibles:

  • 100% guarantee financial statements are correct

  • No confirmable evidence about the reliability of financial statements for large-scale investors

  • Reasonable assurance that financial statements don't contain material misstatements.

Explicación

Pregunta 11 de 16

1

Rellena el espacio en blanco para completar el texto.

is the magnitude of a misstatement that would change the judgment of a reasonable investor.

Explicación

Pregunta 12 de 16

1

Which of the following entities is responsible for setting standards for public company audits?

Selecciona una o más de las siguientes respuestas posibles:

  • PCAOB

  • ASB

Explicación

Pregunta 13 de 16

1

Select the GENERAL STANDARDS of GAAS from below:

Selecciona una o más de las siguientes respuestas posibles:

  • sufficient competent evidence

  • adequate disclosure

  • adequate training and proficiency as an auditor

  • independence in attitude

  • due professional care in planning and performing

Explicación

Pregunta 14 de 16

1

Select the FIELDWORK STANDARDS from GAAS from the list below:

Selecciona una o más de las siguientes respuestas posibles:

  • adequately planned and assistants supervised

  • understand internal controls to determine the nature, timing, and extent

  • sufficient competent evidence

  • express an opinion

  • adequate disclosure

Explicación

Pregunta 15 de 16

1

Select the REPORTING STANDARDS from GAAS from the list below:

Selecciona una o más de las siguientes respuestas posibles:

  • presented in accordance with GAAP

  • identify when principles have not been consistently applied

  • express an opinion

  • adequate disclosure

  • adequate training and proficiency as an auditor

  • sufficient competent evidence

Explicación

Pregunta 16 de 16

1

GAAS and SAS are considered to be minimum standards of performance for auditors.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

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