100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank for Auditing An International Approach 8th Edition Smieliauskas / All Chapters 1 - 21 / Full Complete CA$18.67   Add to cart
Quickly navigate to
Preview
  2.  
  3. Auditing An International Approach
  4.  
  5. Auditing An International Approach

Exam (elaborations)

Test Bank for Auditing An International Approach 8th Edition Smieliauskas / All Chapters 1 - 21 / Full Complete

2 reviews
 113 views  7 purchases
  • Course
  • Auditing An International Approach
  • Institution
  • Auditing An International Approach
  • Book
  • Auditing

Test Bank for Auditing An International Approach 8th Edition Smieliauskas / All Chapters 1 - 21 / Full Complete

Preview 4 out of 570  pages

Document information

  • May 30, 2023
  • 570
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • smieliauskas test bank
  • auditing test bank
  • auditing an international approach 8th edition smieliauskas test bank
  • test bank

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • Excel in Your Studies with [Auditing An International Approach, Smieliauskas,7e] Solutions Manual: The Ultimate Resource for Academic Excellence!
  • Test Bank For Auditing An International Approach 8Th Edition By Wally Smieliauskas Graded A+ 2023.
  • Complete Test Bank Auditing An International Approach 8th Edition Smieliauskas Questions & Answers with rationales (Chapter 1-21)
All for this textbook (5)

Written for

  • Auditing An International Approach
  • Auditing An International Approach

2  reviews

review-writer-avatar

By: etwop • 4 months ago

review-writer-avatar

By: ginolucente • 9 months ago

reply-writer-avatar

By: NurseGrades • 8 months ago

Thank you for taking the time to leave a review! We appreciate your feedback and are glad to hear that you had a positive experience with our product.

Seller

avatar-seller
NurseGrades

Reviews received

Content preview

Chapter 01 - Introduction to Auditing


Auditing An International Approach 8th Edition Smieliauska
Test Bank
Chapter 01
Introduction to Auditing

Multiple Choice Questions


1. Which of the following best describes the main reason that independent auditors report on a
company's financial statements?
A. Management fraud may exist within the company and it is likely that the independent
auditors will detect it.
B. Users of financial statements need confidence in the numbers they base their decisions on.
C. Misstated account balances may be corrected as the result of the independent audit work.
D. The accounting system from which the financial statements are derived may have a poorly
designed system of internal control.



Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Explain the importance of auditing.
Topic: 01-02 Introduction: The Concept of Auditing
Topic: 01-04 A Simple Illustration of the Importance of Auditing



2. Reducing information risk means the same as .
A. serving the public interest
B. monitoring economic activities
C. improving the credibility of information
D. ensuring generally accepted accounting principles are used to measure profit



Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Explain the importance of auditing.
Topic: 01-02 Introduction: The Concept of Auditing
Topic: 01-04 A Simple Illustration of the Importance of Auditing




1-1

,Chapter 01 - Introduction to Auditing




3. In an audit engagement, the three-party accountability relationship involves all but which of
entities?
A. society
B. the users
C. the auditor
D. the accountable party



Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Explain the importance of auditing.
Topic: 01-02 Introduction: The Concept of Auditing



4. The idea of recognizing auditing as playing a bigger part of social control is known as
.
A. Professional responsibility
B. An accountability relationship
C. The effective auditor concept
D. The audit society concept



Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-01 Explain the importance of auditing.
Topic: 01-02 Introduction: The Concept of Auditing



5. The agency problem can be mitigated by .
A. greater transparency
B. a higher degree of independence
C. design of contracts
D. internal auditing



Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Explain the importance of auditing.
Topic: 01-05 Agency Theory and Accountability




1-2

,Chapter 01 - Introduction to Auditing




6. The underlying conditions that create demand by users for reliable financial information
include the fact that .
A. more reliable information will allow investors to calculate the rate of return on their
investment
B. users are separated from accounting records by distance and time
C. governments rely on such information to create tax policies
D. there is a need for the expression of an opinion as to the fairness of financial statements



Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-02 Distinguish auditing from accounting.
Topic: 01-07 Accounting



7. The auditee is the person or company .
A. who will use the audited information
B. who performs an audit
C. who pays the audit fee
D. whose information is being audited



Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-02 Distinguish auditing from accounting.
Topic: 01-08 More on Auditing




1-3

, Chapter 01 - Introduction to Auditing




8. Professional judgment is a widely used concept in accounting and auditing. How is it
defined in the audit standards?
A. There is no definition of professional judgment in the auditing standards.
B. Professional judgment includes consideration of key principles and concepts of disciplines
underlying the professional standards, such as economics, psychology, law, finance, statistics
and philosophy.
C. Professional judgment means reaching a complex decision by incorporating auditing
standards, accounting standards, and rules of professional ethics in a coherent manner.
D. Professional judgment involves specialized concepts and language integrating several
disciplines in order to provide appropriate justification for audit decisions.



Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-02 Distinguish auditing from accounting.
Topic: 01-08 More on Auditing



9. What is the primary role and responsibility of independent external auditors?
A. to prepare a company's annual financial statements and notes.
B. to perform an audit and provide an opinion on the financial statements of a company.
C. to provide business consulting advice to audit clients.
D. to obtain an understanding of a client's internal control system and prepare a report for
management about control weaknesses.



Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-02 Distinguish auditing from accounting.
Topic: 01-12 Audit Objective and the Auditor's Report




1-4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

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

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

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 NurseGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$18.67. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$18.67  7x  sold
  • (2)
  Add to cart