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TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts)€20,13
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TEST BANK For Auditing and Assurance Services, 9th Edition by Timothy Louwers, Penelope Bagley, Chapters 1 - 13 (Verified by Experts)
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Auditing and Assurance Services, 9th Edition
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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)
Timothy Louwers, Penelope Bagley, Allen Blay, Jerry
Chapter's 1 - 12
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,Full Test Bank For Auditing & Assurance Services, 9th Edition
By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay
Thibodeau, David Sinason
Student name:_
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) The audit objective that all transactions and accounts that should be presented in the
financial statements are in fact included is related to which of the PCAOB assertions?
A) Existence.
B) Rights and obligations.
C) Completeness.
D) Valuation.
2) Cutoff tests designed to detect purchases made before the end of the year that have been
recorded in the subsequent year provide assurance about management's assertion of:
A) presentation and disclosure.
B) completeness.
C) rights and obligations.
D) existence.
3) During an audit of an entity's stockholders' equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans, agreements, or state law.
This audit procedure most likely is intended to verify management's assertion of:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
D) presentation and disclosure.
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,4) The confirmation of an account payable balance selected from the general ledger
provides primary evidence regarding which management assertion?
A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.
5) What type of evidence would provide the highest level of assurance in an attestation
engagement?
A) Evidence secured solely from within the entity.
B) Evidence obtained from independent sources.
C) Evidence obtained indirectly.
D) Evidence obtained from multiple internal inquiries.
6) Which of the following management assertions is an auditor most likely testing if the
audit objective states that all inventory on hand is reflected in the ending inventory balance?
A) The entity has rights to the inventory.
B) Inventory is properly valued.
C) Inventory is properly presented in the financial statements.
D) Inventory is complete.
7) An auditor traces the serial numbers on equipment to a nonissuer's sub-ledger. Which of
the following management assertions is supported by this test?
A) Valuation and allocation.
B) Completeness.
C) Rights and obligations.
D) Presentation and disclosure.
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,8) An auditor has substantial doubt about the entity's ability to continue as a going concern
for a reasonable period of time because of negative cash flows and working capital deficiencies.
Under these circumstances, the auditor would be most concerned about the:
A) control environment factors that affect the organizational structure.
B) correlation of detection risk and inherent risk.
C) effectiveness of the entity's internal control activities.
D) possible effects on the entity's financial statements.
9) Which of the following types of audit evidence provides the least assurance of
reliability?
A) Receivable confirmations received from the client's customers.
B) Prenumbered receiving reports completed by the client's employees.
C) Prior months' bank statements obtained from the client.
D) Municipal property tax bills prepared in the client's name.
10) Which of the following is a management assertion regarding account balances at the
period end?
A) Transactions and events that have been recorded have occurred and pertain to the
entity.
B) Transactions and events have been recorded in the proper accounts.
C) The entity holds or controls the rights to assets, and liabilities are obligations of the
entity.
D) Amounts and other data related to the transactions and events have been recorded
appropriately.
11) A practitioner is engaged to express an opinion on management's assertion that the square
footage of a warehouse offered for sale is 150,000 square feet. The practitioner should refer to
which of the following sources for professional guidance?
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, A) Statement of Auditing Standards.
B) Statements on Standards for Attestation Engagements.
C) Statements on Standards for Accounting and Review Services.
D) Statements on Standards for Consulting Services.
12) In auditing the long-term debt account, an auditor's procedures most likely would focus
primarily on management's assertion of:
A) existence.
B) completeness.
C) allocation.
D) rights and obligations.
13) An auditor selected items for test counts from the client's warehouse during the physical
inventory observation. The auditor then traced these test counts into the detailed inventory listing
that ultimately agreed to the financial statements. This procedure most likely provided evidence
concerning management's assertion of:
A) completeness.
B) valuation.
C) presentation and disclosure.
D) existence.
E) rights and obligations.
14) An auditor selected items from the client's detailed inventory listing (that agreed to the
financial statements). During the physical inventory observation, the auditor then found each
item selected and counted the number of units on hand. Assuming that the amount on hand was
the same as the amount in the client's detailed inventory listing, this procedure most likely would
provide evidence concerning management's assertion of:
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, A) completeness.
B) valuation.
C) presentation and disclosure.
D) existence.
E) rights and obligations.
15) According to PCAOB Auditing Standard No. 2201 ( AS 2201), the auditor should
identify significant accounts and disclosures and their relevant assertions. Which of the
following financial statement assertions is not explicitly identified in AS 2201?
A) Completeness.
B) Valuation or allocation.
C) Accuracy.
D) Existence or occurrence.
E) All of these are assertions identified in AS 2201.
16) When testing the completeness assertion for a liability account, an auditor ordinarily
works from the:
A) financial statements to the potentially unrecorded items.
B) potentially unrecorded items to the financial statements.
C) accounting records to the supporting evidence.
D) trial balance to the subsidiary ledger.
17) If an auditor is performing procedures related to the information that is contained in the
client's pension footnote, he/she is most likely to obtain evidence concerning management's
assertion about:
A) rights and obligations.
B) existence.
C) valuation.
D) presentation and disclosure.
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,18) Which of the following questions would be inappropriate for an auditor to ask a client
when exhibiting an appropriate level of professional skepticism while completing an audit
procedure related to the internal control system?
A) What can go wrong in this process?
B) Which of your employees is a fraudster?
C) What else is important to know about this process?
D) What happens when a key employee goes on vacation?
19) To be proficient as an auditor, a person must first be able to accomplish which of these
tasks in a decision-making process?
A) Identify audit evidence relevant to the verification of assertions management makes
in its unaudited financial statements and notes.
B) Formulate evidence-gathering procedures (audit plan) designed to obtain sufficient,
competent evidence about assertions management makes in financial statements and notes.
C) Recognize the financial assertions made in management's financial statements and
footnotes.
D) Evaluate the evidence produced by the performance of procedures and decide
whether management's assertions conform to generally accepted accounting principles and
reality.
20) Which of the following is an underlying condition that in part creates the demand by
users for reliable information?
A) Economic transactions that are numerous and complex.
B) Decisions that are time-sensitive.
C) Users separated from accounting records by distance and time.
D) Financial decisions that are important to investors and users.
E) All of the these choices are correct.
21) Which of the following is not included in the American Accounting Association (AAA)
definition of auditing?
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, A) Potential conflict of interest.
B) Systematic process.
C) Assertions about economic actions.
D) Established criteria.
22) What is the term used to identify the risk that the client's financial statements may be
materially false and misleading?
A) Business risk.
B) Information risk.
C) Client risk.
D) Risk assessment.
23) Which of the following is not a recommendation usually made following the completion
of an operational audit?
A) Economic and efficient use of resources.
B) Effective achievement of business objectives.
C) Attesting to the fairness of the financial statements.
D) Compliance with company policies.
24) In order to be considered as external auditors with respect to government agencies, GAO
auditors must be:
A) organizationally independent.
B) empowered as the accounting and auditing agency by the U.S. Congress.
C) funded by the federal government.
D) guided by standards similar to GAAS.
25) Which of the following is the essential purpose of the audit function?
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, A) Detection of fraud.
B) Examination of individual transactions to certify as to their validity.
C) Determination of whether the client's financial statement assertions are fairly stated.
D) Assurance of the consistent application of correct accounting procedures.
26) The audit objective that all the transactions and accounts presented in the financial
statements represent real assets, liabilities, revenues, and expenses is related most closely to
which of the PCAOB assertions?
A) Existence or occurrence.
B) Rights and obligations.
C) Completeness.
D) Presentation and disclosure.
27) The audit objective that all transactions are recorded in the proper period is related most
closely to which of the Audit Standards Board (ASB) transaction assertions?
A) Occurrence.
B) Completeness.
C) Cutoff.
D) Accuracy.
28) The audit objective that all transactions are recorded in the proper account is related most
closely to which one of the ASB transaction assertions?
A) Occurrence.
B) Completeness.
C) Accuracy.
D) Classification.
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