Final ACC 260 Auditing || with 100% Verified Solutions.
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Course
ACC 260 Auditing
Institution
ACC 260 Auditing
Asymmetry seldom occurs correct answers False
The basic definition of auditing states it is a process to: correct answers A. Objectivley obtain and evaluate evidence regarding assertions
Evidence is reliable if it: correct answers A. signals the true state of a management assertion
During ...
Final ACC 260 Auditing || with 100% Verified Solutions.
Asymmetry seldom occurs correct answers False
The basic definition of auditing states it is a process to: correct answers A. Objectivley obtain and evaluate evidence regarding assertions
Evidence is reliable if it: correct answers A. signals the true state of a management assertion
During the final phases of an audit, a CPA most likely would: correct answers C. Evaluate the integrity of management
Which of the following best describes why publicly- traded corporations follow the practice of having the external auditor appointed by the board of director or elected by stockholders? correct
answers C. To enhance auditor independence from the management of the corporation
Auditing is defined as a "systematic process of objectively obtaining and evaluating evidence regarding assertions..." what is meant by "systematic process"? correct answers See. There should be a well- planned approach for obtaining and evaluating evidence
Which of the following best be described as in assurance service? correct answers B. Offering an
opinion concerning the accuracy of statements made on an entity's website relating to its online privacy policies
Preliminary engagement activities include: correct answers B. Performing background checks on
top management
Which of the following is not a concept that is included in the scope paragraph of the auditors report? correct answers C. The conformance of the financial statements with generally excepted accounting principles (GAAP)
The audit committee generally include senior executives of the organization correct answers B. False
One of the five basic business processes is the warehousing cycle correct answers B. False
The ASB'S auditing standards contain a pre-face that includes principles underlining and audit conducted in accordance with GAAS. correct answers A. True
The audit committee consists of: correct answers C. Members of the Board of Directors
Which principle of the principles underlining an audit conducted in accordance with GAAS describes where others are required to plan the work and properly supervise any assistance? correct answers B. Responsibilities The responsibility section of the principles underlining an audit conducted in accordance with GAAS states that others are responsible for having appropriate competence and: correct answers B. Capabilities to perform the audit
Typically, and external auditorFirst get supervisory experience at what level of authority? correct
answers A. Senior
Which of the following best describes the concepts of risk assessment on which auditors can provide independent assurances ? correct answers B. Weather management has systems in place to evaluate and effectively manage the entities business risks
Forensic audit include all the following except: correct answers D. Manufacturers assertions about product quality
A typical objective of an operational audit is for the auditor to: correct answers D. Make recommendations for improving performance
Which of the following is not a requirement of the Sarbanes - Oxley act? correct answers B. A certain number of hours, which is based on the size of the company being audited, must be spent on each audit engagement
The main difference between SAS and AU is: correct answers B. They are the same except that SAS are organized chronologically and the AU are organized by topical area
Due professional care requires auditors to: correct answers D. Exercise professional skepticism during the audit
Which of the following is not included in the broad category of assurance services? correct answers B. Accounting or abuse services
Which of the following is not explicitly a part of the I R a's definition of internal auditing? correct answers C. Internal auditor should help external auditors complete the annual financial statement audit
Which of the following statements regarding the PCAOB is incorrect? correct answers B. It has delegated all of it standard - setting authority to the AICPA
The performance section of principles underlining an audit conducted in accordance with GAAS states that the auditor is an able to absolute assurance that the financials are free of material miss statement because of inherent limitations which arise from all of the following except: correct answers C. The presentation of the financial statements based on GAAS
Which of the following best describes what is meant by generally accepted auditing standards? correct answers B. Standards of quality for the auditors performance
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