Advanced Auditing Final Exam 2023 Questions and Answers with complete solution
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Advanced Auditing
Advanced Auditing Final Exam 2023 Questions and Answers with complete solution
The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of:
A: quality control.
B: generally accept...
advanced auditing final exam 2023 questions and answers with complete solution the auditors judgment concerning the overall fairness of the presentation of financial position
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Advanced Auditing Final Exam 2023 Questions and
Answers with complete solution
The auditor's judgment concerning the overall fairness of the presentation of
financial position, results of operations, and cash flows is applied within the
framework of:
A: quality control.
B: generally accepted auditing standards, which include the concept of
materiality.
C: the auditor's evaluation of the audited company's internal control.
D: the applicable financial reporting framework (i.e., GAAP in the United States).
D: the applicable financial reporting framework (i.e., GAAP in the United States).
Inquiries of warehouse personnel concerning possible obsolete or slow moving
inventory items provide assurance about the PCAOB assertion of:
A: completeness.
B: existence.
C: presentation.
D: valuation.
E: rights and obligations.
D: valuation.
Assurance services involve all of the following, except:
A: relevance as well as the reliability of information.
B: non financial information as well as traditional financial statements.
C: providing absolute rather than reasonable assurance.
D: electronic databases as well as printed reports.
C: providing absolute rather than reasonable assurance.
According to PCAOB Auditing Standard No. 2201 (AS 2201), the auditor should
identify significant accounts and disclosures and their relevant assertions. Which
of the following financial statement assertions is not explicitly identified in AS
2201?
A: Completeness.
, B: Valuation or allocation.
C: Accuracy.
D: Existence or occurrence.
E: All of these are assertions identified in AS 5.
C: Accuracy.
Which of the following is a management assertion regarding account balances at
the period end?
A: Transactions and events that have been recorded have occurred and pertain to
the entity.
B: Transactions and events have been recorded in the proper accounts.
C: The entity holds or controls the rights to assets, and liabilities are obligations
of the entity.
D: Amounts and other data related to the transactions and events have been
recorded appropriately.
C: The entity holds or controls the rights to assets, and liabilities are obligations of the
entity.
Which of the following is not included in the American Accounting Association
(AAA) definition of auditing?
A: Potential conflict of interest.
B: Systematic process.
C: Assertions about economic actions.
D: Established criteria.
A: Potential conflict of interest.
The audit objective that footnotes in the financial statements should be clear and
expressed such that the information is easily conveyed to the readers of the
financial statements is related most closely with which of the ASB presentation
and disclosure assertions?
A: Occurrence.
B: Rights and obligations.
C: Comprehensibility.
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