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ACCT 562 WEEK 2 QUIZ ANSWERS.
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ACCT 562 WEEK 2 QUIZ ANSWERS.
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ACCT 562 WEEK 2 QUIZ ANSWERS1. Question : (TCO B) One of the primary purposes of the planning phase is to:
Student Answer:
interview senior management on risk.
identify competitive pressures.
identify unaddressed action plans from previous audits.
gather information about the operational area.
Instructor Reider, Chapter 2, page 60
Explanation:
Points Received: 3 of 3
Comments:
Question 2. Question : (TCO B) Information obtained during the course of planning
includes:
Student Answer:
management stock trading activity.
previous auditor credentials.
information from Motley Fool message boards.
financial information.
Instructor Reider, Chapter 2, page 60
Explanation:
Points Received: 3 of 3
Comments:
Question 3. Question : (TCO B) Sources of planning information comes from all of the
following EXCEPT:
Student Answer:
interviews
, physical inspection
anonymous tips
financial data
Instructor Reider Chapter 2, page 61
Explanation:
Points Received: 3 of 3
Comments:
Question 4. Question : (TCO B) Problem areas should be identified. The auditor is
encouraged to chase the ___________, not the
_________________.
Student Answer:
elephant; mice
cat; rat
shark; tuna
dog; bone
Instructor Reider, Chapter 2, page 60
Explanation:
Points Received: 3 of 3
Comments:
Question 5. Question : (TCO F) According to a study by COSO, which of the following
groups is the most likely to commit financial statement fraud?
Student Answer:
Organized criminals
Mid-level employees
Senior management
Lower-level employees
Instructor Wells, Chapter 11, page 270
Explanation:
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