100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts)$17.99
Add to cart
TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts)
6 views 0 purchase
Course
Auditing And Assurance Services, 9th Edition
Institution
Auditing And Assurance Services, 9th Edition
TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts) TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts)
, Test ilBank ilfor ilAuditing il& ilAssurance ilServices
il9th ilEdition ilby ilTimothylL i ouwers, ilJerry
ilStrawser
Chap il01 Answers ilIncluded
il9e
✅
1) The ilaudit ilobjective ilthat ilall iltransactions iland ilaccounts ilthat ilshould ilbe ilpresented ilin ilthe
ilfinancialls
i tatements ilare ilin ilfact ilincluded ilis ilrelated ilto ilwhich ilof ilthe ilPCAOB
ilassertions?
A) Existence
B) Rights iland ilobligations
C) Completeness
D) Valuation
2) Cutoff iltests ildesigned ilto ildetect ilpurchases ilmade ilbefore ilthe ilend ilof ilthe ilyear ilthat
ilhave ilbeenlirecorded ilin ilthe ilsubsequent ilyear ilprovide ilassurance ilabout
ilmanagement's ilassertion ilof
A) presentation iland ildisclosure.
B) completeness.
C) rights iland ilobligations.
D) existence.
3) During ilan ilaudit ilof ilan ilentity's ilstockholders' ilequity ilaccounts, ilthe ilauditor ildetermines
ilwhether ilthere ilare ilrestrictions ilon ilretained ilearnings ilresulting ilfrom illoans, ilagreements,
ilor ilstate illaw. ilThisla
i udit ilprocedure ilmost illikely ilis ilintended ilto ilverify ilmanagement's
ilassertion ilof
A) existence ilor iloccurrence.
B) completeness.
C) valuation ilor ilallocation.
D) presentation iland ildisclosure.
4) The ilconfirmation ilof ilan ilaccount ilpayable ilbalance ilselected ilfrom ilthe ilgeneral illedger
ilprovideslp
i rimary ilevidence ilregarding ilwhich ilmanagement ilassertion?
A) Completeness
B) Valuation
C) Allocation
D) Existence
2
,5) What iltype ilof ilevidence ilwould ilprovide ilthe ilhighest illevel ilof ilassurance ilin ilan
ilattestationle
i ngagement?
A) Evidence ilsecured ilsolely ilfrom ilwithin ilthe ilentity.
B) Evidence ilobtained ilfrom ilindependent ilsources.
C) Evidence ilobtained ilindirectly.
D) Evidence ilobtained ilfrom ilmultiple ilinternal ilinquiries.
6) Which ilof ilthe ilfollowing ilmanagement ilassertions ilis ilan ilauditor ilmost illikely iltesting ilif
ilthe ilauditlo
i bjective ilstates ilthat ilall ilinventory ilon ilhand ilis ilreflected ilin ilthe ilending
ilinventory ilbalance?
A) The ilentity ilhas ilrights ilto ilthe ilinventory.
B) Inventory ilis ilproperly ilvalued.
C) Inventory ilis ilproperly ilpresented ilin ilthe ilfinancial ilstatements.
D) Inventory ilis ilcomplete.
7) An ilauditor iltraces ilthe ilserial ilnumbers ilon ilequipment ilto ila ilnonissuer's ilsubledger.
ilWhich ilof ilthelfi ollowing ilmanagement ilassertions ilis ilsupported ilby ilthis iltest?
A) Valuation iland ilallocation
B) Completeness
C) Rights iland ilobligations
D) Presentation iland ildisclosure
A) control ilenvironment ilfactors ilthat ilaffect ilthe ilorganizational ilstructure.
B) correlation ilof ildetection ilrisk iland ilinherent ilrisk.
C) effectiveness ilof ilthe ilentity's ilinternal ilcontrol ilactivities.
D) possible ileffects ilon ilthe ilentity's ilfinancial ilstatements.
9) Which ilof ilthe ilfollowing iltypes ilof ilaudit ilevidence ilprovides iltheleast ilassurance ilof ilreliability?
A) Receivable ilconfirmations ilreceived ilfrom ilthe ilclient's ilcustomers.
B) Prenumbered ilreceiving ilreports ilcompleted ilby ilthe ilclient's ilemployees.
C) Prior ilmonths' ilbank ilstatements ilobtained ilfrom ilthe ilclient.
D) Municipal ilproperty iltax ilbills ilprepared ilin ilthe ilclient's ilname.
3
, 10) Which ilof ilthe ilfollowing ilis ila ilmanagement ilassertion ilregarding ilaccount ilbalances ilat
ilthe ilperiodle
i nd?
A) Transactions iland ilevents ilthat ilhave ilbeen ilrecorded ilhave iloccurred iland
ilpertain ilto ilthele
i ntity.
B) Transactions iland ilevents ilhave ilbeen ilrecorded ilin ilthe ilproper ilaccounts.
C) The ilentity ilholds ilor ilcontrols ilthe ilrights ilto ilassets, iland illiabilities ilare
ilobligations ilof ilthele
i ntity.
D) Amounts iland ilother ildata ilrelated ilto ilthe iltransactions iland ilevents ilhave ilbeen
ilrecordedla
i ppropriately.
11) A ilpractitioner ilis ilengaged ilto ilexpress ilan ilopinion ilon ilmanagement's ilassertion ilthat ilthe
ilsquare ilfootage ilof ila ilwarehouse iloffered ilfor ilsale ilis il150,000 ilsquare ilfeet. ilThe
ilpractitioner ilshould ilreferlti o ilwhich ilof ilthe ilfollowing ilsources ilfor ilprofessional
ilguidance?
A) Statement ilof ilAuditing ilStandards.
B) Statements ilon ilStandards ilfor ilAttestation ilEngagements.
C) Statements ilon ilStandards ilfor ilAccounting iland ilReview ilServices.
D) Statements ilon ilStandards ilfor ilConsulting ilServices.
12) In ilauditing ilthe illong-term ildebt ilaccount, ilan ilauditor's ilprocedures ilmost illikely
ilwould ilfocuslp
i rimarily ilon ilmanagement's ilassertion ilof
A) existence.
B) completeness.
C) allocation.
D) rights iland ilobligations.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
