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WGU D251 - Advanced Auditing UPDATED Exam Questions and CORRECT Answers

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WGU D251 - Advanced Auditing
UPDATED Exam Questions and
CORRECT Answers

misstatement - Correct Answer- An error, either intentional or unintentional, that exists in a
transaction or financial statement account balance.

alternative procedures - Correct Answer- Procedures used to obtain evidence about the
existence and valuation of accounts receivable when a positive confirmation is not returned,
including examining cash collected after the confirmation date and vouching unpaid invoices
to customers' orders, sales orders, shipping documents, and sales invoices.

Altman Z-scores - Correct Answer- A series of ratios that have predictive power in indicating
the likelihood of bankruptcy. This score is named for the person who first introduced the
concept and associated measurement.

attribute - Correct Answer- A characteristic of the population of interest to the auditor.

Attributes sampling - Correct Answer- A statistical sampling method used to estimate the rate
of control procedure failures based on selecting one sample and performing the appropriate
audit procedure.

Audit Risk - Correct Answer- The risk that the auditor expresses an inappropriate audit
opinion when the financial statements are materially misstated.

Audit Risk Model - Correct Answer- Audit Risk = Inherent Risk X Control Risk X Detention
Risk

audit risk model - Correct Answer- A conceptual depiction of the relationship between
inherent risk, control risk, detection risk, and audit risk.

Audit sampling - Correct Answer- The application of an audit procedure to less than 100% of
the items within an account balance or class of transactions for the purpose of evaluating
some characteristic of the balance or class.

,audit scope - Correct Answer- The range of accounts and transactions that the auditor
evaluates, along with the amount of evidence that they gather, assessments of which accounts
and transactions are material, as well as the critical areas where the auditor employed
significant assumptions and made associated professional judgments.

auditor business risk - Correct Answer- This risk reflects the potential for loss to the auditor
that the client poses, including being a publicly traded client, not being a profitable
engagement, damaging the auditor's reputation, and/or potential litigation relating to the
engagement.

auditor-detected misstatements - Correct Answer- Such a misstatement occurs when, during
the audit, the auditor comes to find that there exists an error in the recording of a particular
transaction, regardless of whether it was intentional or unintentional.

automated purchasing system - Correct Answer- A networked software system that links a
company's website to other vendors whose offerings and prices have been preapproved by
appropriate management.

Basic precision - Correct Answer- The amount of uncertainty associated with testing only a
part of the population (sampling risk). Basic precision is calculated as the sampling interval
multiplied by a confidence factor.

big data - Correct Answer- High volume, high velocity, and/or high variety information assets
that require new forms of processing to enable enhanced decision making, insight discovery,
and process optimization.

Block sampling - Correct Answer- A sampling technique that involves selecting a sample that
consists of contiguous population items, such as selecting transactions by day or week.

brainstorming - Correct Answer- A group discussion designed to encourage auditors to
creatively assess client risks, particularly those relevant to the possible existence of fraud in
the organization.

business intelligence - Correct Answer- The process of transforming all of the raw data that
companies (providers) collect from their various operations into actionable information.

,busy season - Correct Answer- An error, either intentional or unintentional, that exists An
intensive time of the year during which the auditor faces the greatest deadline pressure and
work volume based upon the need to provide assurance over the client's financial reports.

Client business risks - Correct Answer- Risks affecting the business operations and potential
outcomes of an organization's activities.

Collectibility - Correct Answer- The risk that the seller will be unable to collect the entitled
contractual consideration from the customer.

component - Correct Answer- An entity or business activity for which group or component
management prepares financial information that is required by the applicable financial
reporting framework to be included in the group financial statements.

component auditor - Correct Answer- An auditor who performs work on the financial
information of a component that will be used as audit evidence for the group audit. A
component auditor may be part of the group engagement partner's firm, a network firm of the
group engagement partner's firm, or another firm.

concurring partner review - Correct Answer- A review at the end of each audit conducted by
an experienced auditor, usually a partner, who was not a part of the audit team, but who has
appropriate competence, independence, integrity, and objectivity. The purpose of this review
is to help make sure that the audit and audit documentation are complete and support the
audit opinion on the financial statements and, for public companies, on the client's internal
controls.

Control Risk - Correct Answer- The risk that a misstatement that could occur in an assertion
about a class of transaction, account balance, or disclosure and that could be material, either
individually or when aggregated with other misstatements, will not be prevented, or detected
and corrected, on a timely basis by the entity's internal control.

corruption perception index - Correct Answer- A ranking put forth by Transparency
International that ranks countries according to the extent to which people believe corruption
exists; the ranking includes about 200 countries and ranks them on a scale from 0 to 10 (0 5
high corruption; 10 5 low corruption).

critical audit matter - Correct Answer- Any matter that was communicated or required to be
communicated to the audit committee, relating to accounts or disclosures material to the

, financial statements, and involving especially challenging, subjective, or complex auditor
judgment.

Cycle counts - Correct Answer- Periodic testing of the accuracy of the perpetual inventory
record by counting all inventories on a cyclical basis.

Data analytics tools - Correct Answer- Qualitative and quantitative techniques and processes
that auditors use to enhance their productivity and effectiveness; auditors extract, categorize,
identify and analyze patterns or trends in the data; data analytics tools vary according to
organizational requirements.

Detection Risk - Correct Answer- The risk that the procedures performed by the auditor to
reduce audit risk to an acceptably low level will not detect a misstatement that exists and that
could be material, either individually or when aggregated with other misstatements.

emphasis-of-matter paragraph - Correct Answer- A paragraph included in the auditor's report
that is required by GAAS, or is included at the auditor's discretion, and that refers to a matter
appropriately presented or disclosed in the financial statements that, in the auditor's
professional judgment, is of such importance that it is fundamental to users' understanding of
the financial statements.

engagement quality review - Correct Answer- A review at the end of each audit conducted by
an experienced auditor, usually a partner, who was not a part of the audit team, but who has
appropriate competence, independence, integrity, and objectivity. The purpose of this review
is to help make sure that the audit and audit documentation are complete and support the
audit opinion on the financial statements and, for public companies, on the client's internal
controls.

engagement risk - Correct Answer- This risk reflects the potential for loss to the auditor that
the client poses, including being a publicly traded client, not being a profitable engagement,
damaging the auditor's reputation, and/or potential litigation relating to the engagement.

exceptions - Correct Answer- Differences between a customer's records and the client's
records reported on positive or negative confirmations.

expected failure rate - Correct Answer- An anticipation of the deviation rate in the entire
population. Also referred to as the expected failure rate.

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