SOLUTION MANUAL FOR AUDITING: A RISK-BASED APPROACH 12TH EDITION BY ZEHMS, GRAMLING, RITTENBERG A+
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Test Bank for Auditing: A Risk Based-Approach
12th Edition by Larry E. Rittenberg, Karla M.
Zehms A+
1. The need for independent assurance arises because the interests of the users of
information may be different from the interests of those responsible for providing information.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 4:48 AM
DATE MODIFIED: 5/26/2023 4:49 AM
2. A financial statement audit is a systematic process of objectively obtaining and
evaluating evidence.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
A+ Page 1
,Created By: A Solution
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 4:59 AM
DATE MODIFIED: 5/26/2023 5:00 AM
3. A bank using Milton Company's financial statements to evaluate Milton’s loan
application is an example of a user’s need for unbiased reporting.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 5:01 AM
DATE MODIFIED: 5/26/2023 5:02 AM
4. An integrated audit requires the auditor to assess the effectiveness of internal controls.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
A+ Page 2
,Created By: A Solution
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 5:02 AM
DATE MODIFIED: 5/26/2023 5:03 AM
5. Auditors obtain and evaluate evidence regarding assertions about economic actions and
events to verify the accuracy of those assertions.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 5:03 AM
DATE MODIFIED: 5/26/2023 5:04 AM
6. Auditing is the process of verifying and assuring the complete accuracy of the financial
statements.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
A+ Page 3
, Created By: A Solution
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 5:04 AM
DATE MODIFIED: 5/26/2023 5:05 AM
7. Management may have incentives to present biased financial information, but the various
users of the statements are likely to have the same interest in the financial information.
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
NATIONAL STANDARDS: United States - BUSPROG: Comprehension STATE
STANDARDS: United States - AK - AICPA BB-Critical thinking DATE CREATED:
5/26/2023 5:05 AM
DATE MODIFIED: 5/26/2023 5:06 AM
8. Auditing exists because users need unbiased information on which to assess management
performance and make economic decisions.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in
relation to decision makers’ demands for reliable financial and internal control information
A+ Page 4
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