Exam (elaborations)
WGU D215 AUDITING QUESTIONS AND ANSWERS
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WGU D215 AUDITING QUESTIONS AND ANSWERS
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Total revenues before any deductions, such as deductions for sales returns and
allowances.
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Gross sales
,The people, systems, and processes within companies used to ensure that companies
are well-managed and that risks are identified and controlled by management and
entity personnel.
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Corporate governance
Partners and staff who establish the overall group audit strategy, communicate with
component auditors, perform work on the consolidation process, and evaluate audit
evidence to form an opinion on the group financial statements.
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Group engagement team
A population that is overstated if the population of interest is understated (or vice
versa).
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Reciprocal population
The process of discovering groups (termed clusters in data science) of similar items in
a set of data; items in the same group are similar, while items in different groups are
not as similar.
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, Cluster analysis
A description of the impact or possible impact of a material misstatement or material
scope limitation on the financial statements as a whole.
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Pervasive
A deficiency, or combination of deficiencies, in ICFR, such that there is a reasonable
possibility that a material misstatement of the financial statements will not be
prevented or detected on a timely basis.
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Material weakness
An audit of group financial statements.
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Group audit
A sampling method that involves determining an audit value for each item in the
sample; an average (or mean) of these audit values is then calculated and multiplied
, by the number of units in the population to obtain an estimate of the total population
value.
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MPU estimation
Correspondence sent directly by the auditors to their client's customers requesting
information about amounts owed to the client by the customer.
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Receivable confirmation
An assessment of the economy, efficiency and effectiveness of an organization's
operations.
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Operational (performance) audit
A binding agreement is not honored by one or more parties to a contract.
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Breach of contract
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