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Audit 1 Test Questions with All Correct Answers

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Audit 1 Test Questions with All Correct Answers Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? - Answer-An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. ...

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  • September 12, 2024
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  • 2024/2025
  • Exam (elaborations)
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Audit 1 Test Questions with All
Correct Answers
Which of the following statements is correct concerning an auditor's responsibilities
regarding financial statements? - Answer-An auditor's responsibilities for audited
financial statements are confined to the expression of the auditor's opinion.

An auditor of a nonissuer exercising professional skepticism with respect to the risks of
material misstatement due to fraud will most appropriately: - Answer-Consider the
reliability of information to be used as audit evidence.

In order to express an opinion, the auditor obtains a level of assurance about whether
the financial statements are free from material misstatement, whether due to error or
fraud. Which of the following is required of the auditor in obtaining this level of
assurance? - Answer-Plan the work and properly supervise any assistants

To obtain reasonable assurance, an auditor should: - Answer-Plan the work and
properly supervise any assistants

In certain audit engagements, the auditor may be required to comply with auditing
requirements in addition to GAAS. The auditor may conduct the audit in accordance
with: - Answer-Both GAAS and government auditing standards (GAGAS)

Which of the following is not an example of the application of professional skepticism? -
Answer-Inquiring of prior year engagement personnel regarding their assertion of
management's honesty and integrity.

Which of the following terms identifies a requirement for audit evidence? - Answer-
Appropriate

Which of the following correctly defines the term reasonable assurance? - Answer-A
high, but not absolute, level of assurance to allow an auditor to detect a material
misstatement.

Because of the risk of material misstatement, an audit of financial statements in
accordance with generally accepted auditing standards should be planned and
performed with an attitude of: - Answer-Professional skepticism

An auditor is unable to obtain evidence for a significant consolidated investee. The
auditor determined that of the possible effects of undetected misstatements could be
material and could impact multiple items on the balance sheet and income statement. -
Answer-Disclaimer of Opinion

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