(1) The document provides a link to download quizzes for DeVry University's ACCT 444 course for weeks 1 through 5.
(2) It includes sample multiple choice questions from the quizzes covering topics like auditing standards, auditor independence, and Sarbanes-Oxley requirements.
(3) Students who purchase access to the quizzes through the provided link can help prepare for their ACCT 444 exams.
Acct 444 ( all weeks 1 5 quizzes and homework assignments ) full coursebestwriter
This document provides the full course materials for DeVry University's ACCT 444 course, including quizzes and homework assignments for weeks 1 through 5. It includes 10 multiple choice questions for the week 1 quiz covering topics like GAAS, auditor responsibilities, auditor independence, and ethics. It also provides quizzes for weeks 2 and 3 covering auditor liability, fraud, audit objectives, audit evidence, audit planning, risk, and materiality. Each quiz contains 10 additional multiple choice questions.
The document discusses suggested answers for the CA Professional Stage Knowledge Level exam for November-December 2016. It includes suggested answers on topics like assurance, accounting, taxation, business and finance, management information, business and company law, and information technology. The document is published by the Institute of Chartered Accountants of Bangladesh and contains the copyright information.
The document provides information about an audit planning meeting for the audit of Holiday Resort Limited. It discusses several issues that have arisen, including:
1) The general manager of the resort offering the audit team a free stay at the resort as a token of appreciation.
2) A request from audit team members to participate in an internal bidding process for disposed assets of another audit client, Alpha Technologies Limited.
3) Situations that could impair an auditor's independence, such as providing taxation or accounting services to a client, and ways to minimize the effects.
The summary provides a high-level overview of the key topics and issues discussed in the document in 3 sentences or less.
This SEC in Focus includes remarks from SEC Chairman Jay Clayton on cybersecurity disclosures in SEC filings, recent guidance on pay ratio disclosure requirements, regulatory relief for companies and individuals affected by recent hurricanes, staff clarifications about its nonpublic review program and recent trends in SEC staff comments on non-GAAP measures and other topics.
1. The document outlines a corporate law exam with 8 multi-part questions assessing knowledge of procedures under the Companies Act 1994 regarding shares and dividends of deceased shareholders, liability of companies for incorrect share transfers, procedures for declaring dividends in AGMs, director resignation and appointment processes, validity of shareholder-convened company meetings, positions that can be held according to corporate governance guidelines, statutory timelines and responsibilities for company financial reporting and AGMs, auditor responsibilities and reports for banks, and restrictions on business activities of financial institutions.
2. It provides a table outlining the statutory timelines and deadlines for various tasks involved in company financial reporting and the holding of an AGM and EGM, including preparation of
The Finance Director of RACO Ltd wants to discuss non-compliance with IFRS standards to achieve a "true and fair view" of financial statements. You must prepare notes explaining:
1) The difference between "fair presentation" and "true and fair view"
2) How "substance over form" relates to fair presentation
3) When non-compliance with IFRS details is justified
You must also identify any ethical issues, such as pressure to misapply standards, that could arise from the discussion.
ProAktive's approach to Auto Enrolment (pensions).ProAktivePeople
Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
Acct 444 ( all weeks 1 5 quizzes and homework assignments ) full coursebestwriter
This document provides the full course materials for DeVry University's ACCT 444 course, including quizzes and homework assignments for weeks 1 through 5. It includes 10 multiple choice questions for the week 1 quiz covering topics like GAAS, auditor responsibilities, auditor independence, and ethics. It also provides quizzes for weeks 2 and 3 covering auditor liability, fraud, audit objectives, audit evidence, audit planning, risk, and materiality. Each quiz contains 10 additional multiple choice questions.
The document discusses suggested answers for the CA Professional Stage Knowledge Level exam for November-December 2016. It includes suggested answers on topics like assurance, accounting, taxation, business and finance, management information, business and company law, and information technology. The document is published by the Institute of Chartered Accountants of Bangladesh and contains the copyright information.
The document provides information about an audit planning meeting for the audit of Holiday Resort Limited. It discusses several issues that have arisen, including:
1) The general manager of the resort offering the audit team a free stay at the resort as a token of appreciation.
2) A request from audit team members to participate in an internal bidding process for disposed assets of another audit client, Alpha Technologies Limited.
3) Situations that could impair an auditor's independence, such as providing taxation or accounting services to a client, and ways to minimize the effects.
The summary provides a high-level overview of the key topics and issues discussed in the document in 3 sentences or less.
This SEC in Focus includes remarks from SEC Chairman Jay Clayton on cybersecurity disclosures in SEC filings, recent guidance on pay ratio disclosure requirements, regulatory relief for companies and individuals affected by recent hurricanes, staff clarifications about its nonpublic review program and recent trends in SEC staff comments on non-GAAP measures and other topics.
1. The document outlines a corporate law exam with 8 multi-part questions assessing knowledge of procedures under the Companies Act 1994 regarding shares and dividends of deceased shareholders, liability of companies for incorrect share transfers, procedures for declaring dividends in AGMs, director resignation and appointment processes, validity of shareholder-convened company meetings, positions that can be held according to corporate governance guidelines, statutory timelines and responsibilities for company financial reporting and AGMs, auditor responsibilities and reports for banks, and restrictions on business activities of financial institutions.
2. It provides a table outlining the statutory timelines and deadlines for various tasks involved in company financial reporting and the holding of an AGM and EGM, including preparation of
The Finance Director of RACO Ltd wants to discuss non-compliance with IFRS standards to achieve a "true and fair view" of financial statements. You must prepare notes explaining:
1) The difference between "fair presentation" and "true and fair view"
2) How "substance over form" relates to fair presentation
3) When non-compliance with IFRS details is justified
You must also identify any ethical issues, such as pressure to misapply standards, that could arise from the discussion.
ProAktive's approach to Auto Enrolment (pensions).ProAktivePeople
Here's a copy of our presentation from the free breakfast briefing we held in January 2014. Auto Enrolment is mandatory legislation to all companies in the UK, starting from October 2012. If you have questions that need answering or would like us to help you with this process, please get in touch. 01302 341 344.
The snippet covers judgements on inter corporate loans, issue of shares and indirect transfers.
The 3 topics have been most debated over past few years and it becomes imperative to keep a track of most recent rulings on the same.
The budget highlights the key economic indicators, new legislations, and major tax proposals. On direct taxes, exemption limits were increased and surcharge rates reduced. Service tax was unchanged at 10% and its scope expanded. Excise duty rates on some items were reduced. Customs duty rates largely remained the same, with exemptions for some agriculture items. The conclusions note concerns around the impact of certain tax changes.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
Material for PGPSE participants of AFTERSCHOOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP. PGPSE is an entrepreneurship oriented programme, open for all, free for all.
This document is the consolidated IFRS financial statements for Guaranty Trust Bank Plc for the year ended 31 December 2011. It includes information on corporate governance, the independent auditor's report, consolidated financial statements such as the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes to the financial statements providing details on accounting policies, financial risk management, operating segments, and related party transactions.
The document discusses compliance trends related to equal employment opportunity (EEO) legislation and affirmative action regulations. It provides an overview of the key regulating bodies, recent enforcement trends, common audit traps, and requirements for federal contractors to have written affirmative action plans and comply with nondiscrimination policies. Recent trends include increased audits by the Office of Federal Contract Compliance Programs (OFCCP) and a focus on applicant tracking and pay equity.
This document provides a 3-page summary of the corporate governance practices of Guaranty Trust Bank plc. It discusses the bank's governance structure including the board of directors and its committees. The board has 14 members, with 8 non-executive directors including the chairman. Key responsibilities of the board and its committees are outlined. Meeting attendance for the board and committees in 2010 is also summarized.
The document discusses the requirements for corporate compliance programs according to federal and state laws. It notes that health care entities that bill or pay out over $5 million annually in Medicaid must establish a compliance program. The focus of compliance programs is ethics, integrity, and compliance with fraud and abuse laws. Key components of compliance programs include a compliance officer, training, and anonymous reporting mechanisms. The document reviews several federal and state laws pertaining to fraud, kickbacks, and false claims. Employees' responsibilities to adhere to compliance policies and report any issues are emphasized.
The document is the notice and proxy statement for Illinois Tool Works Inc.'s 2004 Annual Meeting of Stockholders. It notifies that the meeting will be held on May 7, 2004 to elect ten directors for the upcoming year and ratify the appointment of Deloitte & Touche LLP as the company's independent public accountants. It provides details on voting procedures and recommendations.
Govology Webinar: PPP Forgiveness, Indirect Rates and the Incurred Cost ProposalRobert E Jones
The accurate calculation of indirect rates is critical to budgets, proposals, provisional billing rates, and ultimately to company profitability. And the timely determination of final rates, final invoices and contract close-out is dependent on proper completion of the incurred cost proposal. By adding in PPP loans and Section 3610 funds you create another layer of complexity to an already confusing process for small business owners. This doesn't even consider the tax implications of PPP loans and other CARES Act or FFCRA COVID-19 relief options. Did you know according to FAR 31.201-5, contractors must accrue to the government the benefit of any refunds, rebates or credits received in the form of cost reductions or cash refunds? During this webinar we will discuss why contractors may or may not want to apply for forgiveness as well as provide technical guidance on the proper calculation on rates and completion of the incurred cost proposal.
For more course tutorials visit
www.newtonhelp.com
Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
This document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai for their M.Com program. The report includes an introduction to auditing, the history of auditing, principles of auditing, types of audits, features of company accounts, objectives of a company audit, and a conclusion. It covers topics like the definition of auditing, principles like integrity and independence, types of audits, requirements for company financial statements, and the purpose of a company audit.
Determinant of Audit Delay: Evidance from Public Companies in Indonesiainventionjournals
The purpose of this study is to prove the influence of audit committee, internal auditor, and independent auditor to audit delay and testing moderating effect from audit complexity on the relationship of audit commite, intern auditor, and independent auditor to audit delay. Sample of this study is consisted of 130 companies listed on the Stock Exchange in Indonesia listed in Indonesia Stock Exchange in the year 2013 to 2015 and meet certain criteria. The data of this study is Annual Report from the company. This study used Partial Least Square (PLS). The result show that audit delay of 130 public companies from 2013 until 2015 are between 6 days to 179 days. Hypothesis testing results indicate that the audit committee and the internal auditor have negative effect on audit delay, while the independent auditor does not affect the audit delay. The results of this study also show that the complexity of the audit can be a moderating variable on the relationship between internal auditors and audit delay, while the complexity of audit can’t be a moderating variabel on the relationship between audit commite.
Question 1 1. The American Institute of Certified Public Account.docxmakdul
Question 1
1. The American Institute of Certified Public Accountants (AICPA), the Public Company Accounting Oversight Board (PCAOB), and the International Auditing and Assurance Standards Board (IAASB) have a common goal to:
Verify that the financial statements are free from material errors.
Verify that the financial statements are free from all errors.
Provide financial information to disinterested third parties.
Provide assurance to the public that audits are conducted in a professional manner.
5 points
Question 2
1. How many countries rely on the standards issued by the International Auditing and Assurance Standards Board?
25
Over 100
Only the European countries.
The twelve countries in North America.
5 points
Question 3
1. Which phase of the audit formulation process contains management's assertions of rights and obligations for their manufacturing facilities?
Phase I
Phase II
Phase III
Phase V
5 points
Question 4
1. All of the following requirements became mandatory when Congress passed the Sarbanes-Oxley Act of 2002, except:
Companies are required to establish an independent audit committee.
Prohibition on consulting work that auditors can perform for their audit clients.
Mandatory rotation every five years of the partner in charge of the audit engagement.
Creation of the Committee of Sponsoring Organizations (COSO) to oversee companies who do business on the New York Stock exchange (NYSE).
5 points
Question 5
1. The following individual is responsible for overseeing the day-to-day activities on a specific audit:
Partner
Senior
Manager
Supervisor
5 points
Question 6
1. The second principle of performance developed by the AICPA requires the auditor to do all of the following during an audit except:
Obtain absolute assurance as to whether the financial statements are free from material misstatements.
Determine materiality levels.
Identify risks of material misstatement.
Implement appropriate audit responses to assessed risks.
5 points
Question 7
1. The board of directors' primary objective for the shareholders is to:
Compile financial statements for submission to the Securities and Exchange Commission (SEC)
Supervise the activities of the internal auditors.
Build long-term sustainable growth in shareholder value.
Evaluate potential external auditing companies to select for the annual audit.
5 points
Question 8
1. One of the most significant provisions of the Sarbanes/Oxley Act of 2002 was:
The mandatory requirement to compile financial statements in accordance with the standards provided by the Public Companies Accounting Oversight Board (PCAOB).
Establishment of the American Institute of Certified Public Accountants (AICPA) and their Code of Conduct.
Specifies the education and experience requirements for all members on the board of directors.
Requires the CEO and CFO to certify their company's financial statements.
5 points
Question 9
1. Which of the follow ...
DEPARTMENT OF ACCOUNTING, TAXATION, AND LEGAL STUDIES IN...Beth Hall
Here are the key points regarding the independence of an external auditor:
- Auditor independence refers to the independence of the auditor from parties that may have a financial interest in the business being audited. Independence requires integrity and an objective approach.
- Independence is important to ensure the auditor can carry out their work freely and objectively. It enhances the credibility of the financial statements by providing reasonable assurance from an independent source that they present a true and fair view.
- There are three main types of independence - financial independence, management independence, and programming independence. Financial and management independence prevent conflicts of interest. Programming independence allows auditors freedom in their audit approach.
- Threats to independence include things like a non-audit
For more course tutorials visit
www.newtonhelp.com
1.Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4)
The document is a knowledge level exam paper from the Institute of Chartered Accountants of Bangladesh. It contains questions on assurance, internal control, internal and external audit. The paper covers key concepts in these areas like the two types of assurance engagements, objectives of internal control, components of internal control like control environment and risk assessment process, roles of internal and external audit functions and key differences between them. It provides suggested answers to questions testing understanding of these fundamental assurance, internal control and audit concepts.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
help.mbaassignments@gmail.com
or
call us at : 08263069601
Case Study Of Rajendra K Goel &Amp; CompanyNicole Fields
- Kudler Fine Foods has implemented an industry-specific accounting information system which helps ensure accurate financial reporting.
- Using computer-assisted audit tools and techniques (CAATTs) would make auditing Kudler's systems and records more efficient and effective. CAATTs allow auditors to analyze large amounts of electronic data.
- CAATTs can help validate the integrity of Kudler's systems by testing for accuracy and completeness of data. This enhances the reliability of financial reporting and protects against security risks or errors.
- Implementing CAATTs would benefit both Kud
The snippet covers judgements on inter corporate loans, issue of shares and indirect transfers.
The 3 topics have been most debated over past few years and it becomes imperative to keep a track of most recent rulings on the same.
The budget highlights the key economic indicators, new legislations, and major tax proposals. On direct taxes, exemption limits were increased and surcharge rates reduced. Service tax was unchanged at 10% and its scope expanded. Excise duty rates on some items were reduced. Customs duty rates largely remained the same, with exemptions for some agriculture items. The conclusions note concerns around the impact of certain tax changes.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
Material for PGPSE participants of AFTERSCHOOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP. PGPSE is an entrepreneurship oriented programme, open for all, free for all.
This document is the consolidated IFRS financial statements for Guaranty Trust Bank Plc for the year ended 31 December 2011. It includes information on corporate governance, the independent auditor's report, consolidated financial statements such as the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes to the financial statements providing details on accounting policies, financial risk management, operating segments, and related party transactions.
The document discusses compliance trends related to equal employment opportunity (EEO) legislation and affirmative action regulations. It provides an overview of the key regulating bodies, recent enforcement trends, common audit traps, and requirements for federal contractors to have written affirmative action plans and comply with nondiscrimination policies. Recent trends include increased audits by the Office of Federal Contract Compliance Programs (OFCCP) and a focus on applicant tracking and pay equity.
This document provides a 3-page summary of the corporate governance practices of Guaranty Trust Bank plc. It discusses the bank's governance structure including the board of directors and its committees. The board has 14 members, with 8 non-executive directors including the chairman. Key responsibilities of the board and its committees are outlined. Meeting attendance for the board and committees in 2010 is also summarized.
The document discusses the requirements for corporate compliance programs according to federal and state laws. It notes that health care entities that bill or pay out over $5 million annually in Medicaid must establish a compliance program. The focus of compliance programs is ethics, integrity, and compliance with fraud and abuse laws. Key components of compliance programs include a compliance officer, training, and anonymous reporting mechanisms. The document reviews several federal and state laws pertaining to fraud, kickbacks, and false claims. Employees' responsibilities to adhere to compliance policies and report any issues are emphasized.
The document is the notice and proxy statement for Illinois Tool Works Inc.'s 2004 Annual Meeting of Stockholders. It notifies that the meeting will be held on May 7, 2004 to elect ten directors for the upcoming year and ratify the appointment of Deloitte & Touche LLP as the company's independent public accountants. It provides details on voting procedures and recommendations.
Govology Webinar: PPP Forgiveness, Indirect Rates and the Incurred Cost ProposalRobert E Jones
The accurate calculation of indirect rates is critical to budgets, proposals, provisional billing rates, and ultimately to company profitability. And the timely determination of final rates, final invoices and contract close-out is dependent on proper completion of the incurred cost proposal. By adding in PPP loans and Section 3610 funds you create another layer of complexity to an already confusing process for small business owners. This doesn't even consider the tax implications of PPP loans and other CARES Act or FFCRA COVID-19 relief options. Did you know according to FAR 31.201-5, contractors must accrue to the government the benefit of any refunds, rebates or credits received in the form of cost reductions or cash refunds? During this webinar we will discuss why contractors may or may not want to apply for forgiveness as well as provide technical guidance on the proper calculation on rates and completion of the incurred cost proposal.
For more course tutorials visit
www.newtonhelp.com
Please check All Included Assignments Below
ACC 546 Individual Assignment Evaluating the Case Against Lehman Brothers
This document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai for their M.Com program. The report includes an introduction to auditing, the history of auditing, principles of auditing, types of audits, features of company accounts, objectives of a company audit, and a conclusion. It covers topics like the definition of auditing, principles like integrity and independence, types of audits, requirements for company financial statements, and the purpose of a company audit.
Determinant of Audit Delay: Evidance from Public Companies in Indonesiainventionjournals
The purpose of this study is to prove the influence of audit committee, internal auditor, and independent auditor to audit delay and testing moderating effect from audit complexity on the relationship of audit commite, intern auditor, and independent auditor to audit delay. Sample of this study is consisted of 130 companies listed on the Stock Exchange in Indonesia listed in Indonesia Stock Exchange in the year 2013 to 2015 and meet certain criteria. The data of this study is Annual Report from the company. This study used Partial Least Square (PLS). The result show that audit delay of 130 public companies from 2013 until 2015 are between 6 days to 179 days. Hypothesis testing results indicate that the audit committee and the internal auditor have negative effect on audit delay, while the independent auditor does not affect the audit delay. The results of this study also show that the complexity of the audit can be a moderating variable on the relationship between internal auditors and audit delay, while the complexity of audit can’t be a moderating variabel on the relationship between audit commite.
Question 1 1. The American Institute of Certified Public Account.docxmakdul
Question 1
1. The American Institute of Certified Public Accountants (AICPA), the Public Company Accounting Oversight Board (PCAOB), and the International Auditing and Assurance Standards Board (IAASB) have a common goal to:
Verify that the financial statements are free from material errors.
Verify that the financial statements are free from all errors.
Provide financial information to disinterested third parties.
Provide assurance to the public that audits are conducted in a professional manner.
5 points
Question 2
1. How many countries rely on the standards issued by the International Auditing and Assurance Standards Board?
25
Over 100
Only the European countries.
The twelve countries in North America.
5 points
Question 3
1. Which phase of the audit formulation process contains management's assertions of rights and obligations for their manufacturing facilities?
Phase I
Phase II
Phase III
Phase V
5 points
Question 4
1. All of the following requirements became mandatory when Congress passed the Sarbanes-Oxley Act of 2002, except:
Companies are required to establish an independent audit committee.
Prohibition on consulting work that auditors can perform for their audit clients.
Mandatory rotation every five years of the partner in charge of the audit engagement.
Creation of the Committee of Sponsoring Organizations (COSO) to oversee companies who do business on the New York Stock exchange (NYSE).
5 points
Question 5
1. The following individual is responsible for overseeing the day-to-day activities on a specific audit:
Partner
Senior
Manager
Supervisor
5 points
Question 6
1. The second principle of performance developed by the AICPA requires the auditor to do all of the following during an audit except:
Obtain absolute assurance as to whether the financial statements are free from material misstatements.
Determine materiality levels.
Identify risks of material misstatement.
Implement appropriate audit responses to assessed risks.
5 points
Question 7
1. The board of directors' primary objective for the shareholders is to:
Compile financial statements for submission to the Securities and Exchange Commission (SEC)
Supervise the activities of the internal auditors.
Build long-term sustainable growth in shareholder value.
Evaluate potential external auditing companies to select for the annual audit.
5 points
Question 8
1. One of the most significant provisions of the Sarbanes/Oxley Act of 2002 was:
The mandatory requirement to compile financial statements in accordance with the standards provided by the Public Companies Accounting Oversight Board (PCAOB).
Establishment of the American Institute of Certified Public Accountants (AICPA) and their Code of Conduct.
Specifies the education and experience requirements for all members on the board of directors.
Requires the CEO and CFO to certify their company's financial statements.
5 points
Question 9
1. Which of the follow ...
DEPARTMENT OF ACCOUNTING, TAXATION, AND LEGAL STUDIES IN...Beth Hall
Here are the key points regarding the independence of an external auditor:
- Auditor independence refers to the independence of the auditor from parties that may have a financial interest in the business being audited. Independence requires integrity and an objective approach.
- Independence is important to ensure the auditor can carry out their work freely and objectively. It enhances the credibility of the financial statements by providing reasonable assurance from an independent source that they present a true and fair view.
- There are three main types of independence - financial independence, management independence, and programming independence. Financial and management independence prevent conflicts of interest. Programming independence allows auditors freedom in their audit approach.
- Threats to independence include things like a non-audit
For more course tutorials visit
www.newtonhelp.com
1.Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4)
The document is a knowledge level exam paper from the Institute of Chartered Accountants of Bangladesh. It contains questions on assurance, internal control, internal and external audit. The paper covers key concepts in these areas like the two types of assurance engagements, objectives of internal control, components of internal control like control environment and risk assessment process, roles of internal and external audit functions and key differences between them. It provides suggested answers to questions testing understanding of these fundamental assurance, internal control and audit concepts.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id
help.mbaassignments@gmail.com
or
call us at : 08263069601
Case Study Of Rajendra K Goel &Amp; CompanyNicole Fields
- Kudler Fine Foods has implemented an industry-specific accounting information system which helps ensure accurate financial reporting.
- Using computer-assisted audit tools and techniques (CAATTs) would make auditing Kudler's systems and records more efficient and effective. CAATTs allow auditors to analyze large amounts of electronic data.
- CAATTs can help validate the integrity of Kudler's systems by testing for accuracy and completeness of data. This enhances the reliability of financial reporting and protects against security risks or errors.
- Implementing CAATTs would benefit both Kud
The document provides information about an audit planning meeting between the auditor and Hook Co/Murray Co. It describes some key details about the company, including its operations, customers, suppliers, products, and recent initiatives. It then lists 5 or 6 potential audit risks that could be identified from the information provided and asks the candidate to explain the auditor's response to each risk in the audit planning process. The questions assess the candidate's ability to identify relevant audit risks based on client facts and propose appropriate audit procedures to address those risks.
Question 1 The first general standard of the PCAOB requires th.docxIRESH3
Question 1
The first general standard of the PCAOB requires that an audit be performed by which type of person?
Answer
An auditor with seasoned judgment in varying degrees of supervision and review.
An auditor with appropriate technical training and proficiency.
An auditor with adequate knowledge of the standards of field work and reporting.
An auditor satisfying the independence standards
Question 2
Which assertion addresses whether all transactions and accounts that should be included in the financial statements are included?
Answer
Existence.
Valuation.
Completeness.
Rights and Obligations
Question 3
Which one of the following attributes is not required of an auditor?
Answer
Independence.
Bias.
Integrity.
Technical competence
Question 4
Which one of the following is a reporting standard requirement?
Answer
The auditor will state explicitly whether the financial statements are fairly presented in accordance with the applicable financial reporting framework.
The auditor will identify in the auditor’s report, those circumstances in which auditing principles have not been consistently observed in the current period in comparison to the preceding period.
The auditor will review adjusting journal entries for accuracy, and if the auditor concludes those entries are not reasonable accurate, the auditor must so state in the auditor’s report.
The auditor will express an unqualified opinion on the financial statements, or will conduct additional audit procedures until such an opinion can be expressed
Question 5
When obtaining an understanding of internal controls, what is the independent external auditor primary concerned with?
Answer
Detecting all errors.
Determining the effectiveness of operations.
Determining whether the internal controls can be relied upon.
Determining whether the controls promote efficiency
Question 6
Which of the following is an inherent limitation of internal controls?
Answer
Lack of auditor independence.
Collusion.
Separation of duties.
Employee peer review.
Question 7
Which of the following is clearly a test of controls?
Answer
Walk-through of the expense cycle from performance of the service to the reporting in the balance sheet.
Examination of a sample of purchase order records for electronic, authenticated, authorization.
Observing the controller's use of company owned equipment.
Sending a letter to the client's attorney to determine litigation that is pending between plaintiff and the defendant
Question 8
Which of the following is an example of a detective control in an information system?
Answer
Automated reports to management that specifically identify delinquent receivable.
A requirement that salaried employees submit written requests to work overtime.
Assurance from top management that computer centers are kept locked.
The employment of trustworthy people to enter data into the information system
Question 9
Which of foll ...
This document provides an overview of the homework assignments for the entire DeVry ACCT 555 course. It lists the weekly homework assignments, which include completing problems from the course textbook and answering multiple choice questions. The document directs students to external websites for more details on the course content and assignments.
This document discusses internal controls over financial reporting (ICFR) and the COSO 2013 framework. It notes that ICFR deficiencies continue to be a frequent audit finding for the PCAOB. The document then provides examples of how the 17 principles within the 5 COSO components could be applied through specific controls related to areas like governance, the control environment, management structure and hiring practices. The controls are meant to illustrate how the COSO framework addresses ICFR. It aims to help improve existing controls or implement a more robust control system.
CHAPTER 1 This list below indicated various audits, attestation,.docxzebadiahsummers
CHAPTER 1: This list below indicated various audits, attestation, and other engagements involving auditors.
1. A report on the effectiveness of internal control over financial reporting as required by Section 404 of the Sarbanes-Oxley Act.
2. An auditor’s report on whether the financial statements are fairly presented in accordance with International Financial Reporting Standards.
3. An engagement to help a company structure a merger transaction to minimize the taxes of the combined entities.
4. A report stating whether the company has complied with restrictive covenants related to officer compensation and payment of dividends contained in a bank loan agreement.
5. A report on the effectiveness of internal controls at a company that provides payroll processing for other companies.
6. An examination report stating whether a company’s statement of greenhouse gas emissions is presented in conformity with standards issued by the World Business Council for Sustainable Development and the World Resources Institute.
7. Evaluating the voting process and certifying the outcome for Rolling Stones Magazine’s “Greatest Singer of All Time” poll.
8. A report indicating whether a governmental entity has compiled with certain government regulations.
9. A review report that provides limited assurance about whether financial statements are fairly stated in accordance with U.S. GAAP.
10. A report about management’s assertion on the effectiveness of controls over the availability, reliability, integrity, and maintainability of its accounting information system.
11. An evaluation of the effectiveness of key measures used to assess an entity’s success in achieving specific targets linked to an entity’s strategic plan and vision.
Required
a. Explain the relationships among audit services, attestation services, and other assurance and no assurance services provided by CPA’s.
b. For each of the services listed above, indicate the type of service from the list that follows.
(1) An audit of historical financial statements.
(2) An attestation service other than an audit service.
(3) An assurance or no assurance service that is not an attestation service.
1-21. Dave Czarnecki is the managing partner of Czarnecki and Hogan, a medium-sized local CPA firm located outside of Chicago. Over lunch, he is surprised when his friend James Foley asks, him, “Doesn’t it bother you that your clients don’t look forward to seeing their auditors each year?” Dave responds, “Well auditing is only one of several services we provide. Most of our work for clients does not involve financial statement audits, and our audit clients seem to like interacting with us.”
a. Identify ways in which a financial statement audit adds value for clients.
b. List other services other than audits that Czarnecki and Hogan likely provides.
c. Assume Czarnecki and Hogan has hired you as a consultant to identify ways in which they can expand their practice. Identify at least one additional service that .
The document discusses several ethical issues and dilemmas faced by an accountant working for a garments manufacturing company. The main issues include:
1) Cash payments being made to major customers for bulk discounts, instead of issuing proper receipts. This could indicate impropriety.
2) Significant delays in paying worker wages and overtime payments, as well as mismatches between production and inventory records.
3) The company submitting tax returns based on fake sales figures and tampered vouchers, raising the risk of penalties.
As the professional accountant, the appropriate responses are to investigate the discrepancies independently, ensure workers are paid properly, and advise correcting any fraudulent tax submissions to avoid penalties. Maintaining integrity and
For more classes visit
www.snaptutorial.com
ACC 576 Final Exam Study
Question 1 (IFTC-0112)
Controls in the information technology area are classified into the preventive, detective, and corrective categories. Which of the following is a preventive control?
Question 2 (IFTC-0082)
An organization relied heavily on e-commerce for its transactions
The "Big 4" audit firms - PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte - dominate the global financial audit market. While they audit most large multinational companies, concerns have been raised about risks to audit quality from a lack of competition. Some proposals to address this include mandatory audit firm rotation or increased regulatory oversight of the audit process. However, others argue this could increase costs for companies without necessarily improving quality. Overall, there is debate around how to strengthen independence and effectiveness within the concentrated global audit industry.
The document contains questions from an ACC 555 midterm exam covering topics related to auditing standards, procedures, evidence, and reports. It provides a link to purchase answers to the exam questions and lists the exam topics, which include objectives of financial statement audits, errors and fraud, audit evidence, analytical procedures, audit reports, the AICPA code of conduct, and auditor liability.
Similar to Devry acct 444 week 1 5 complete quizzes (20)
Lily Ray - Optimize the Forest, Not the Trees: Move Beyond SEO Checklist - Mo...Amsive
Lily Ray, Vice President of SEO Strategy & Research at Amsive, explores optimizing strategies for sustainable growth and explores the impact of AI on the SEO landscape.
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxBoston SEO Services
From Hope to Despair: The Top 10 Reasons Businesses Ditch SEO Tactics
Are you tired of seeing your business's online visibility plummet from hope to despair? When it comes to SEO tactics, many businesses find themselves grappling with challenges that lead them to abandon their strategies altogether. In a digital landscape that's constantly evolving, staying on top of SEO best practices is crucial to maintaining a competitive edge.
In this blog, we delve deep into the top 10 reasons why businesses ditch SEO tactics, uncovering the pain points that may resonate with you:
1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
#SEO #DigitalMarketing #BusinessGrowth #OnlineVisibility #SEOChallenges #BostonSEO
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
Key Takeaways:
Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
Feel confident creating an SEO Plan
Confidently measure SEO performance
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
Mastering Local SEO for Service Businesses in the AI Era"" is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Build marketing products across the customer journey to grow your business and build a relationship with your customer. For example you can build graders, calculators, quizzes, recommendations, chatbots or AR apps. Things like Hubspot's free marketing grader, Moz's site analyzer, VenturePact's mobile app cost calculator, new york times's dialect quiz, Ikea's AR app, L'Oreal's AR app and Nike's fitness apps. All of these examples are free tools that help drive engagement with your brand, build an audience and generate leads for your core business by adding value to a customer during a micro-moment.
Key Takeaways:
Learn how to use specific GPTs to help you Learn how to build your own marketing tools
Generate marketing ideas for your business How to think through and use AI in marketing
How AI changes the marketing game
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
In the digital age, businesses are inundated with tools promising to streamline operations, enhance creativity, and boost productivity. Yet, the true key to digital transformation lies not in the accumulation of tools but in strategically integrating the right AI solutions to revolutionize workflows. Join Jordache, an experienced entrepreneur, tech strategist and AI consultant, as he explores essential AI tools across three critical categories—Ideation, Creation, and Operations—that can reshape the way your business creates, operates, and scales.This talk will guide you through the practicalities of selecting and effectively using AI tools that go beyond the basics of today’s popular tools like ChatGPT, Claude, Gemini, Midjourney, or Dall-E. For each category of tools, Jordache will address three crucial questions: What is each tool? Why is each one valuable to you as a business leader? How can you start using it in your workflow? This approach will not only clarify the role of these tools but also highlight their strategic value, making it perfect for business leaders ready to make informed decisions about integrating AI into their workflows.
Key Takeaways:
>> Strategic Selection and Integration: Understand how to select AI tools that align with your business goals and how to conceptually integrate them into your workflows to enhance efficiency and innovation.
>> Understanding AI Tool Categories: Gain a deeper understanding of how AI tools can be leveraged in the areas of ideation, creation, and operation—transforming each aspect of your business.
>> Practical Starting Points: Learn how you can start using these tools in your business with practical tips on initial steps and integration ideas.
>> Future-Proofing Your Business: Discover how staying informed about and utilizing the latest AI tools and strategies can keep your business competitive in a rapidly evolving digital landscape.
Capstone Project: Luxury Handloom Saree Brand
As part of my college project, I applied my learning in brand strategy to create a comprehensive project for a luxury handloom saree brand. Key aspects of this project included:
- *Competitor Analysis:* Conducted in-depth competitor analysis to identify market position and differentiation opportunities.
- *Target Audience:* Defined and segmented the target audience to tailor brand messages effectively.
- *Brand Strategy:* Developed a detailed brand strategy to enhance market presence and appeal.
- *Brand Perception:* Analyzed and shaped the brand perception to align with luxury and heritage values.
- *Brand Ladder:* Created a brand ladder to outline the brand's core values, benefits, and attributes.
- *Brand Architecture:* Established a cohesive brand architecture to ensure consistency across all brand touchpoints.
This project helped me gain practical experience in brand strategy, from research and analysis to strategic planning and implementation.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
As 2023 proved, the next few years may be shaped by market volatility and artificial intelligence services such as OpenAI's ChatGPT and Perplexity.ai. Your brand will increasingly compete for attention with Google, Apple, OpenAI, and Amazon, and customers will expect a hyper-relevant and individualized experience from every business at any moment. New state-legislated data privacy laws and several FTC rules may challenge marketers to deliver contextually relevant customer experiences, much less reach unknown prospective buyers. Are you ready?Let's discuss the critical need for data governance and applied AI for your business rather than relying on public AI models. As AI permeates society and all industries, learn how to be future-ready, compliant, and confidentlyscaling growth.
Key Takeaways:
Primary Learning Objective
1: Grasp when artificial general intelligence (""AGI"") will arrive, and how your brand can navigate the consequences. Primary Learning Objective
2: Gain an accurate analysis of the continuously developing customer journey and business intelligence. Primary Learning Objective
3: Grow revenue at lower costs with more efficient marketing and business operations.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
In today's digital landscape, understanding the customer's journey and delivering personalized experiences are paramount. This masterclass delves into the art of consumer journey mapping, a powerful technique that visualizes the entire customer experience across touchpoints. Attendees will learn how to create detailed journey maps, identify pain points, and uncover opportunities for optimization. The presentation also explores personalization strategies that leverage data and technology to tailor content, products, and experiences to individual customers. From real-time personalization to predictive analytics, attendees will gain insights into cutting-edge approaches that drive engagement and loyalty.
Key Takeaways:
Current consumer landscape; Steps to mapping an effective consumer journey; Understanding the value of personalization; Integrating mapping and personalization for success; Brands that are getting It right!; Best Practices; Future Trends
How to Use AI to Write a High-Quality Article that Ranksminatamang0021
In the world of content creation, many AI bloggers have drifted away from their original vision, resulting in low-quality articles that search engines overlook. Don't let that happen to you! Join us to discover how to leverage AI tools effectively to craft high-quality content that not only captures your audience's attention but also ranks well on search engines.
Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
In the face of the news of Google beginning to remove cookies from Chrome (30m users at the time of writing), there’s no longer time for marketers to throw their hands up and say “I didn’t know” or “They won’t go through with it”. Reality check - it has already begun - the time to take action is now. The good news is that there are solutions available and ready for adoption… but for many the race to catch up to the modern internet risks being a messy, confusing scramble to get back to "normal"
No Cookies, No Problem - Steve Krull, Be Found Online
Devry acct 444 week 1 5 complete quizzes
1. DEVRY ACCT 444 WEEK 1-5 COMPLETE QUIZZES
To Download tutorial Copy and Paste belowLink into your Browser
https://www.essayblue.com/downloads/devry-acct-444-week-1-5-complete-quizzes/
for any inquiry email us at ( essayblue@gmail.com)
DeVry ACCT 444 Week 1-5 Complete Quizzes
ACCT 444 Week 1 Quiz
1. (TCO 3) Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for
establishing auditing standards? (Points: 3)
Public Company Accounting Oversight Board
Securities and Exchange Commission
National Association of Accounting
Auditing Standards Board
Chapter 2
2. (TCO 1) Which one of the following is not one of the three general standards? (Points: 3)
Proper planning and supervision
Due professional care
Adequate training and proficiency
Independence of mental attitude
Chapter 2
3. (TCO 1) An independent auditor must have which of the following? (Points: 3)
A pre-existing and well-informed point of view with respect to the audit
Technical training that is adequate to meet the requirements of a professional
Experience in taxation that is sufficient to comply with generally accepted auditing standards
A background in many different disciplines
2. 4. (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that
is made by another party is a(n) _____ (Points: 3)
assurance service.
attestation service.
tax service.
accounting and bookkeeping service.
Chapter 1
5. (TCO 1) Which of the following statements is incorrect regarding the SEC’s partner rotation rules?
(Points: 3)
The lead and concurring partners are subject to a 5-year time out period.
All audit partners must rotate off the audit engagement after 5 years.
Other audit partners are subject to a 2-year time out period.
Small firms may be exempted from the partner rotation requirement.
6. (TCO 3) Burrow & Co., CPAs, have provided annual audit and tax compliance services to Mare Corp.
for several years. Mare has been unable to pay Burrow in full for services Burrow rendered 19 months
ago. Burrow is ready to begin fieldwork for the current year’s audit. Under the ethical standards of the
profession, which of the following arrangements will permit Burrow to begin the fieldwork on Mare’s
audit? (Points: 3)
Mare engages another firm to perform the fieldwork, and Burrow is limited to reviewing the workpapers and
issuing the audit report.
Mare sets up a 2-year payment plan with Burrow to settle the unpaid fee balance.
Mare gives Burrow an 18-month note payable for the full amount of the past due fees before Burrow begins the
audit.
Mare commits to pay the past due fee in full before the audit report is issued.
Chapter 2
7. (TCO 3) Independence in auditing means (Points: 3)
remaining aloof from a client.
taking an unbaised and objective viewpoint.
not being financially dependent on a client.
being an advocate for a client.
Chapter 4
3. 8. (TCO 3) The financial interests of which of the following parties would not be included as a direct
financial interest of the CPA? (Points: 3)
Dependent child
Relative supported by the CPA
Spouse
Sibling living in the same city as the CPA
Chapter 4
9. (TCO 1) The phrase U.S. generally accepted accounting principles is an accounting term that (Points:
3)
encompasses the conventions, rules, and procedures necessary to define U.S. accepted accounting practice at
a particular time.
provides a measure of conventions, rules, and procedures governed by the AICPA.
is included in the audit report to indicate that the audit has been conducted in accordance with generally
accepted auditing standards (GAAS).
includes broad guidelines of general application but not detailed practices and procedures.
Chapter 1
10. (TCO 1) Which of the following statements best describes the ethical standard of the profession
pertaining to advertising and solicitation? (Points: 3)
A CPA may advertise in any manner that is not false, misleading, or deceptive.
There are no prohibitions regarding the manner in which CPAs may solicit new business.
All forms of advertising and solicitation are prohibited.
A CPA may only solicit new clients through mass mailings.
1. (TCO 3) The Sarbanes-Oxley Act applies to which of the following companies? (Points : 3)
Privately held companies
All companies
All public companies and privately held companies with assets greater than $500 million
Public companies
Chapter 1
Question 4. 4. (TCO 1) An operational audit has as one of its objectives to (Points : 3)
make recommendations for improving performance.
determine whether the financial statements fairly present the entity’s operations.
4. evaluate the feasibility of attaining the entity’s operational objectives.
report on the entity’s relative success in attaining profit maximization.
Chapter 1
Question 5. 5. (TCO 1) Which of the following services do not need to be preapproved by the audit committee
of an issuer? (Points : 3)
Nonaudit services related to internal control over financial reporting
Tax services
Nonaudit services that are less than 5 % of total revenues from the audit client
Services provided by the auditor on a recurring basis
Question 8. 8. (TCO 3) Several months after an unqualified audit report was issued, the auditor discovered the
financial statements were materially misstated. The client’s CEO agrees that there are misstatements, but
refuses to correct them. She claims that confidentiality prevents the CPA from informing anyone. (Points : 3)
The CEO is incorrect, but because the audit report has been issued, it is too late.
The CEO is correct and the auditor must maintain confidentiality.
The CEO is correct, but to be ethically correct the auditor should violate the confidentiality rule and disclose the
error.
The CEO is incorrect, and the auditor has an obligation to issue a revised audit report, even if the CEO will not
correct the financial statements.
Chapter 4
Question 9. 9. (TCO 1) Which of the following terms identifies a requirement for audit evidence? (Points : 3)
Adequate
Disconfirming
Reasonable
Appropriate
Chapter 1
Question 10. 10. (TCO 1) The auditor of an issuer may provide which of the following tax services? (Points : 3)
Tax services for immediate family members of corporate officers
Tax planning services
Tax services for officers of the issuer
Services related to confidential tax transactions
5. (TCO 1) Jackson & Company, CPAs, plan to audit the financial statements of Perigee Technologies,
an issuer as defined under the Sarbanes-Oxley Act of 2002. Which of the following situations would
impair Jackson’s independence? (Points : 3)
5. Discovering that Lowe, the chief financial officer of Perigee, started his accounting career 10 years earlier as a
staff accountant for Jackson & Company and continues to maintain ties with current partners at the firm
Provision of personal tax services to Johnson, the accounts payable manager of Perigee
Audit of Perigee’s internal control is performed contemporaneously with the annual financial statement audit
Preparation of Perigee’s routine annual tax return, where Jackson’s fee will be calculated as a percentage of
the tax refund obtained
ACCT 444 Week 2 Quiz
Week 2 : Auditor Legal Liability, Fraud, & Audit Objectives – Quiz
Question 1. 1. (TCO 4) To succeed in an action against the auditor, the client must be able to show that (Points
: 3)
the auditor was fraudulent.
the auditor was grossly negligent.
there was a written contract.
there is a close causal connection between the auditor’s behavior and the damages suffered by the client.
Chapter 5, 6 & 7
1. (TCO 4) In connection with the audit of financial statements, an independent auditor could be
responsible for failure to detect a material fraud if (Points : 3)
statistical sampling techniques were not used on the audit engagement.
the auditor planned the audit in a negligent manner.
accountants performing important parts of the work failed to discover a close relationship between the treasurer
and the cashier.
the fraud was perpetrated by one employee who circumvented the existing internal controls.
Question 2. 2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually
(Points : 3)
the amount of the damages suffered by plaintiff.
whether to impose punitive damages on the defendant.
the level of care exercised by the CPA.
whether defendant was involved in fraud.
Chapter 5, 6 & 7
2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually (Points : 3)
the amount of the damages suffered by plaintiff.
6. whether to impose punitive damages on the defendant.
the level of care exercised by the CPA.
whether defendant was involved in fraud.
Question 3. 3. (TCO 4) While performing services for their clients, professionals have a duty to provide a level
of care that is (Points : 3)
free from judgment errors.
superior.
greater than average.
reasonable.
Chapter 5
3. (TCO 4) A third-party beneficiary is one that (Points : 3)
has failed to establish legal standing before the court.
does not have privity of contract and is unknown to the contracting parties.
does not have privity of contract, but is known to the contracting parties and intended to benefit under the
contract.
may establish legal standing before the court after a contract has been consummated.
Chapter 5
Question 4. 4. (TCO 4) Tort actions against CPAs are more common than breach of contract actions because
(Points : 3)
there are more torts than contracts.
the burden of proof is on the auditor rather than on the person suing.
the person suing need prove only negligence.
the amounts recoverable are normally larger.
Chapter 5
Question 5. 5. (TCO 4) The responsibility for adopting sound accounting policies and maintaining adequate
internal control rests with the (Points : 3)
board of directors.
company management.
financial statement auditor.
company’s internal audit department.
Chapter 6
7. Question 6. 6. (TCO 3) Which of the following is not one of the reasons that auditors provide only reasonable
assurance on the financial statements? (Points : 3)
The auditor commonly examines a sample, rather than the entire population of transactions.
Accounting presentations contain complex estimates, which involve uncertainty.
Fraudulently prepared financial statements are often difficult to detect.
Auditors believe that reasonable assurance is sufficient in the vast majority of cases.
Chapter 6
6. (TCO 3) Which of the following statements is most correct regarding errors and fraud? (Points : 3)
An error is unintentional, whereas fraud is intentional.
Frauds occur more often than errors in financial statements.
Errors are always fraud and frauds are always errors.
Auditors have more responsibility for finding fraud than errors.
Question 7. 7. (TCO 3) Which of the following is not one of the factors of the fraud triangle? (Points : 3)
Incentives/pressures
Attitudes/rationalization
Opportunities
Psychological make-up
Chapter 5 or 11
7. (TCO 3) In the fraud triangle, fraudulent financial reporting and misappropriation of assets (Points : 3)
share little in common.
share most of the same risk factors.
share the same three conditions.
share most of the same conditions.
Chapter 11
Question 8. 8. (TCO 3) Fraudulent financial reporting may be accomplished through the manipulation of (Points
: 3)
assets.
liabilities.
revenues.
all of the above.
Chapter 11
8. 8. (TCO 3) Because of the risk of material misstatements due to fraud, an audit of financial statements in
accordance with generally accepted auditing standards should be performed with an attitude of (Points
: 3)
objective judgment.
impartial conservatism.
independent integrity.
professional skepticism.
Chapter 11
Question 9. 9. (TCO 3) Which of the following is a factor that relates to attitudes or rationalization to commit
fraudulent financial reporting? (Points : 3)
Significant accounting estimates involving subjective judgments
Excessive pressure for management to meet debt repayment requirements
Management’s practice of making overly aggressive forecasts
High turnover of accounting, internal audit and information technology staff
Chapter 11
Question 10. 10. (TCO 3) Auditor responses to fraud risks include which of the following? (Points : 3)
Change the overall conduct of the audit to respond to identified fraud risks.
Design and perform audit procedures to address identified risks.
Perform procedures to address the risk of management override of controls.
All of the above.
Chapter 11
10. (TCO 3) Which of the following characteristics is most likely to heighten an auditor’s concern about the
risk of material misstatements, due to fraud in an entity’s financial statements? (Points : 3)
Employees who handle cash receipts are not bonded.
The entity’s industry is experiencing declining customer demand.
Internal auditors have direct access to the board of directors and the entity’s management.
The board of directors is active in overseeing the entity’s financial reporting policies.
Chapter 11
ACCT 444 Week 3 Quiz
Week 3 : Audit Evidence, Planning, Risk, & Materiality – Quiz
1. (TCO 6) Physical examination is the inspection or count by the auditor of items such as (Points : 3)
cash or inventory only.
cash, inventory, canceled checks, and sales documents.
9. cash, inventory, canceled checks, and tangible fixed assets.
cash, inventory, securities, notes receivable, and tangible fixed assets.
Chapter 7
1. (TCO 6) The distinction between physical examination of assets and examination of documents is
dependent on the item being examined. If the object being examined has no inherent value, the
evidence is called (Points : 3)
documentation.
physical examination.
confirmation.
none of the above.
Chapter 7
1. (TCO 6) Which of the following statements regarding documentation is not correct? (Points : 3)
Documentation includes examining client records, such as general ledgers and supporting journals.
Internal documents are documents that are generated within the company and used to communicate with
external parties.
External documents are documents that are generated outside of the company and are used to communicate
the results of a transaction.
All of the above are correct statements
Chapter 7
2. (TCO 6) Which of the following is not a purpose of analytical procedures? (Points : 3)
Understand the client’s industry
Assess the client’s ability to continue as a going concern
Identify misstatements
Reduce detailed audit tests
Chapter 7
2. (TCO 6) Analytical procedures are (Points : 3)
diagnostic tests of financial information that may not be classified as evidential matter.
calculations of financial information made by a computer.
substantive tests of financial information made by a study and comparison of relationships among data.
statistical tests of financial information designed to identify areas requiring intensive investigation.
Chapter 7
10. 2. (TCO 6) When analytical procedures reveal no unusual fluctuations, the implication is that (Points : 3)
there are no material errors or irregularities.
there are no material errors.
there are no material irregularities.
the possibility of a material error or irregularity is lessened.
Chapter 7
3. (TCO 6) The Auditing Standards Board has concluded that analytical procedures are so important that
they are required during (Points : 3)
planning and testing phases.
planning and completion phases.
testing and completion phases.
planning, testing, and completion phases.
Chapter 7
3. (TCO 6) The primary purpose of performing analytical procedures in the testing phase of an audit is to
(Points : 3)
help the auditor obtain an understanding of the client’s industry and business.
assess the going concern assumption.
indicate possible misstatements.
reduce detailed tests.
Chapter 7
3. (TCO 6) Which of the following statements regarding analytical procedures is not correct? (Points : 3)
The definition of analytical tests emphasizes a comparison of client’s data to GAAP.
Analytical procedures are required on all audits.
Analytical procedures can be used as substantive tests.
For certain accounts with small balances, analytical procedures alone may be sufficient evidence.
Chapter 7
11. 4. (TCO 6) Which of the following statements about confirmation is true? (Points : 3)
Confirmations are expensive and so are often not used.
Confirmations may inconvenience those asked to supply them, but they are widely used.
Confirmations are sometimes not reliable and so auditors use them only as necessary.
None of the above statements are true.
Chapter 7
4. (TCO 6) Three common types of confirmations used by auditors are (1) negative confirmations where
only a response is requested if the debtor disagrees with the amount, (2) positive confirmations with a
request for information where the debtor is requested to respond and to include their believed balance,
and (3) positive confirmations with the information included where the debtor is requested to respond
and to confirm the balance we give them. If they were placed in the order of their competence, from
highest to lowest, the sequence would be (Points : 3)
3, 1, 2.
1, 2, 3.
3, 2, 1.
2, 3, 1.
Chapter 7
4. (TCO 6) Traditionally, confirmations are used to verify (Points : 3)
individual transactions between organizations, such as sales transactions.
bank balances and accounts receivables.
fixed asset additions.
All of the above
Chapter 7
5. (TCO 7) The major concern when using nonfinancial data in analytical procedures is the (Points : 3)
accuracy of the nonfinancial data.
source of the nonfinancial data.
type of nonfinancial data.
presence of multiple sources of nonfinancial data.
Chapter 8
5. (TCO 7) Analytical procedures used in planning an audit should focus on identifying (Points : 3)
material weaknesses of internal control.
12. the predictability of financial data from individual transactions.
the various assertions that are embodied in the financial statements.
areas that may represent specific risks relevant to the audit.
Chapter 8
5. (TCO 7) Which of the following is correct with respect to the use of analytical procedures? (Points : 3)
Analytical procedures may be used in evaluating balances in the testing phase as long as the auditor also uses
them in assessing the going concern assumption.
Analytical procedures must be used throughout the audit.
Analytical procedures used in the testing phase of the audit are primarily used to direct an auditor’s attention so
that the auditor’s understanding of the business is improved.
None of the above
Chapter 8
6. (TCO 7) A measure of how willing the auditor is to accept that the financial statements may be
materially misstated after the audit is completed and an unqualified opinion has been issued is the
(Points : 3)
inherent risk.
acceptable audit risk.
statistical risk.
financial risk.
Chapter 8
6. (TCO 7) When inherent risk is high, there will need to be (Points : 3)
more evidence accumulated.
more experienced staff assigned to the work.
either a or b, but not both.
both a and b.
Chapter 8
6. (TCO 7) A measure of the auditor’s assessment of the likelihood that there are material misstatements
in an account before considering the effectiveness of the client’s internal control is (Points : 3)
acceptable audit risk.
control risk.
inherent risk.
statistical risk.
13. Chapter 8
7. (TCO 7) What is the responsibility of a successor auditor with respect to communicating with the
predecessor auditor in connection with a prospective new audit client? (Points : 3)
The successor auditor has no responsibility to contact the predecessor auditor.
The successor auditor should obtain permission from the prospective client to contact the predecessor auditor.
The successor auditor should contact the predecessor regardless of whether the prospective client authorizes
contact.
The successor auditor need not contact the predecessor if the successor is aware of all available relevant
facts.
Chapter 8
7. (TCO 7) A successor auditor may perform which of the following for a new audit client? (Points : 3)
Speak to local attorneys, banks, and other businesses regarding the company’s reputation
Speak to the predecessor auditor about disagreements they had with management
Interview client personnel to better understand the business and associated risks
All of the above
Chapter 8
7. (TCO 7) Which of the following is not correct regarding the communications between successor and
predecessor auditors? (Points : 3)
The burden of initiating the communication rests with the predecessor auditor.
The burden of initiating the communication rests with the successor auditor.
The predecessor auditor must receive their former client’s permission prior to divulging information to the
successor auditor.
The predecessor auditor may choose to provide a limited response to a successor auditor.
Chapter 8
8. (TCO 8) The FASB definition of materiality emphasizes what class of financial statement users?
(Points : 3)
Regulators
Informed investors
Reasonable persons
Potential investors
14. Chapter 9
8. (TCO 8) Auditors are responsible for determining whether financial statements are materially
misstated, so upon discovering a material misstatement, they must bring it to the attention of (Points :
3)
regulators.
the audit firm’s managing partner.
no one in particular.
the client’s management.
Chapter 9
8. (TCO 8) The preliminary judgment about materiality is the _____ amount by which the auditor believes
the statements could be misstated and still not affect the decisions of reasonable users. (Points : 3)
minimum
maximum
mean average
median average
Chapter 9
9. (TCO 8) In setting materiality guidelines for current assets, the two standard setters, FASB and the
AICPA, provide the following guidelines to practitioners (Points : 3)
Both agree that materiality should be set at an amount greater than 10% of current assets.
FASB’s guideline is greater than 10%, but the AICPA’s is greater than 5%.
Both agree that it should be greater than 5%.
No specific materiality guidelines are provided by either of them.
Chapter 9
9. (TCO 8) Auditors are _____ to decide on the combined amount of misstatements in the financial
statements that they would consider material early in the audit. (Points : 3)
permitted
required
not allowed
strongly encouraged
Chapter 9
15. 9. (TCO 8) When auditors allocate the preliminary judgment about materiality to account balances, the
materiality allocated to any given account balance is referred to as (Points : 3)
the materiality range.
the error range.
tolerable materiality.
tolerable misstatement.
Chapter 9
10. (TCO 8) Which of the following is not a correct statement regarding the allocation of the preliminary
judgment about materiality to balance sheet accounts? (Points : 3)
Auditors expect certain accounts to have more misstatements than others.
The allocation has virtually no effect on audit costs because the auditor must collect sufficient appropriate audit
evidence.
Auditors expect to identify overstatements as well as understatements in the accounts.
Relative audit costs affect the allocation.
Chapter 9
10. (TCO 8) Which of the following elements ultimately determines the specific auditing procedures that
are necessary in the circumstances to afford a reasonable basis for an opinion? (Points : 3)
Inherent risk
Materiality
Auditor judgment
Reasonable assurance
Chapter 9
10. (TCO 8) Why do auditors establish a preliminary judgment about materiality? (Points : 3)
To determine the appropriate level of audit experience required for the work
So that the client can know what records to make available to the auditor
To plan the appropriate audit evidence to accumulate and develop an overall audit strategy
None of the above
Chapter 9
ACCT 444 Week 4 Quiz
1. (TCO 5) Which of the following is responsible for establishing internal controls for a public company?
(Points : 3)
16. Management
Financial statement auditors
Management and auditors
Committee of Sponsoring Organizations
1. (TCO 5) Which of the following parties provides an assessment of the effectiveness of internal control
over financial reporting for public companies? (Points : 3)
Management
Financial statement auditors
Management and the financial statement auditors
Committee of Sponsoring Organizations
1. (TCO 5) Which of the following is responsible for establishing a private company’s internal control?
(Points : 3)
Management
Auditors
Management and auditors
Committee of Sponsoring Organizations
2. (TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control
report? (Points : 3)
202
203
404
408
2. (TCO 5) Sarbanes-Oxley requires management to issue an internal control report that includes two
specific items. Which of the following is one of these two requirements? (Points : 3)
A statement that management is responsible for establishing and maintaining an adequate internal control
structure and procedures for financial reporting
17. A statement that management and the board of directors are jointly responsible for establishing and
maintaining an adequate internal control structure and procedures for financial reporting
A statement that management, the board of directors, and the external auditors are jointly responsible for
establishing and maintaining an adequate internal control structure and procedures for financial reporting
None of the above
2. (TCO 5) Internal control reports issued by public companies must identify the framework used to
evaluate the effectiveness of internal control. Which of the following is the most common framework in
the U.S.? (Points : 3)
Effective Internal Control Framework-AICPA
Internal Control-Integrated Framework-COSO
Enterprise Internal Control-COSO
There is no common framework used in the U.S.
3. (TCO 5) Which of the following activities would be least likely to strengthen a company’s internal
control? (Points : 3)
Separating accounting from other financial operations
Maintaining insurance for fire and theft
Fixing responsibility for the performance of employee duties
Carefully selecting and training employees
3. (TCO 5) Management’s tests of operating effectiveness might include which of the following types of
procedures? (Points : 3)
Inspection of relevant documentation
Inquiries of personnel
Reperformance of the application of controls
All of the above
3. (TCO 5) Which of management’s concerns with respect to implementing internal controls is the auditor
primarily concerned? (Points : 3)
Efficiency of operations
Reliability of financial reporting
18. Effectiveness of operations
Compliance with applicable laws and regulations
4. (TCO 5) Internal controls can never be regarded as completely effective. Even if company personnel
could design an ideal system, its effectiveness depends on the (Points : 3)
adequacy of the computer system.
proper implementation by management.
ability of the internal audit staff to maintain it.
competency and dependability of the people using it.
4. (TCO 5) Even with the most effectively designed internal control, the auditor must obtain audit
evidence, beyond testing the controls, for every (Points : 3)
transaction.
financial statement account.
material financial statement account.
financial statement account that will be relied upon by third parties.
4. (TCO 5) The essence of an effectively controlled organization lies in the (Points : 3)
effectiveness of its independent auditor.
effectiveness of its internal auditor.
attitude of its employers.
attitudes of its management.
5. (TCO 5) Which of the following is not one of the levels of an absence of internal controls? (Points : 3)
Major deficiency
Material weakness
Significant deficiency
Control deficiency
19. 5. (TCO 5) To determine if a significant internal control deficiency or deficiencies are a material
weakness, they must be evaluated on their (Points : 3)
likelihood.
materiality or significance.
both A and B are correct.
neither A nor B is correct.
6. (TCO 10) Which of the following is not a benefit of using IT-based controls? (Points : 3)
Ability to process large volumes of transactions
Ability to replace manual controls with computer-based controls
Reduction in misstatements due to consistent processing of transactions
Over-reliance on computer-generated reports
6. (TCO 10) Which of the following is not a risk to IT systems? (Points : 3)
Need for IT experience
Separation of IT duties
Improved audit trail
Hardware and data vulnerability
6. (TCO 10) Which of the following is not a risk specific to IT environments? (Points : 3)
Reliance on the functioning capabilities of hardware and software
Increased human involvement
Loss of data due to insufficient backup
Reduced segregation of duties
7. (TCO 10) Which of the following IT duties should be separated from the others? (Points:3)
Systems development
Operations
Data control
20. All of the above
7. (TCO 10) The extent to which IT duties are separated in an organization depends on (Points : 3)
the organization’s size.
the organization’s complexity.
both A and B.
neither A nor B.
7. (TCO 10) Programmers should do all but which of the following? (Points : 3)
Test programs for proper performance
Evaluate legitimacy of transaction data input
Develop flowcharts for new applications
Programmers should perform each of the above
8. (TCO 10) Which of the following is a category of general controls? (Points : 3)
Processing controls
Output controls
Physical and online security
Input controls
8. (TCO 10) General controls include all of the following except (Points : 3)
systems development.
online security.
processing controls.
hardware controls.
8. (TCO 10) Which of the following is least likely to be used in obtaining an understanding of client
general controls? (Points : 3)
21. Examination of system documentation
Inquiry of client personnel (e.g. key users)
Observation of transaction processing
Reviews of questionnaires completed by client IT personnel
9. (TCO 10) Controls that apply to a specific element of the system are called (Points : 3)
user controls.
general controls.
systems controls.
application controls.
9. (TCO 10) A control that relates to all parts of the IT system is called a(n) (Points : 3)
general control.
systems control.
universal control.
applications control.
9. (TCO 10) Auditors should evaluate the _____ before evaluating application controls because of the
potential for pervasive effects. (Points : 3)
input controls
control environment
processing controls
general controls
10. (TCO 10) Which of the following is not an example of an application control? (Points: 3)
An equipment failure causes system downtime.
There is a preprocessing authorization of the sales transactions.
There are reasonableness tests for the unit selling price of a sale.
After processing, all sales transactions are reviewed by the sales department.
22. 10. (TCO 10) Which of the following is not a category of an application control? (Points : 3)
Processing controls
Output controls
Hardware controls
Input controls
10. (TCO 10) Which of the following statements related to application controls is correct? (Points : 3)
Application controls relate to various aspects of the IT function, including software acquisition and the
processing of transactions.
Application controls relate to various aspects of the IT function, including physical security and the processing
of transactions in various cycles.
Application controls relate to all aspects of the IT function.
Application controls relate to the processing of individual transactions.
ACCT 444 Week 5 Quiz
1. (TCO 6) The auditor looks for an indication on duplicate sales invoices to see whether the invoices
have been verified. This is an example of (Points : 3)
a test of details of balances.
a test of control.
a substantive test of transactions.
both a test of control and a substantive test of transactions.
1. (TCO 6) Tests of controls may include which of the following types of evidence? (Points : 3)
Observation
Reperformance
Inquiries
All of the above
1. (TCO 6) For efficiency, tests of controls are frequently done at the same time as (Points : 3)
analytical procedures.
compliance tests.
23. tests of transactions.
tests of details of balances.
2. (TCO 6) Analytical procedures are defined in the auditing standards as (Points : 3)
compliance tests.
substantive tests.
tests of controls.
helpful procedures not possessing the validity of other tests available to the auditor.
2. (TCO 6) Which of the following is not a direct result of performing analytical procedures? (Points : 3)
Identify areas of potential misstatements.
Reduce detailed audit risk.
Understand the client’s business.
Identify specific errors in the accounts.
2. (TCO 6) Analytical procedures may be classified as being primarily (Points : 3)
tests of controls.
substantive tests.
tests of ratios.
tests of details of balances.
3. (TCO 6) Which of the following audit tests is usually the least costly to perform? (Points : 3)
Analytical procedures
Tests of controls
Tests of balances
Substantive tests of transactions
3. (TCO 6) Which of the following audit tests is usually the most costly to perform? (Points : 3)
Analytical procedures
Tests of controls
Tests of balances
Substantive tests of transactions
24. 4. (TCO 6) Which of the following tests commonly occur together? (Points : 3)
Substantive tests of transactions and tests of controls
Substantive tests of transactions and obtaining an understanding of internal controls
Analytical procedures and tests of controls
All of the above
4. (TCO 6) Which of the following relationships between types of tests and audit evidence is not correct?
(Points : 3)
Tests of details and documentation
Tests of controls and observation
Tests of details and observation
Substantive tests of transactions and reperformance
5. (TCO 6) The sequence of steps in gathering evidence as the basis of the auditor’s opinion are (Points :
3)
substantive tests, initial assessment of control risk, and tests of controls.
initial assessment of control risk, substantive tests, and tests of controls.
initial assessment of control risk, tests of controls, and substantive tests.
tests of controls, initial assessment of control risk, and substantive tests.
5. (TCO 6) The purpose of tests of controls is to provide reasonable assurance that the (Points : 3)
accounting treatment of transactions and balances is valid and proper.
internal control procedures are functioning as intended.
entity has complied with GAAP disclosure requirements.
entity has complied with requirements of quality control.
6. (TCO 9) It is important that sales be billed and recorded in the journal as soon as possible after (Points
: 3)
the order is received.
the order is received and credit is approved.
credit is approved and it is verified that there is enough inventory to fill the order.
the shipment takes place.
25. 6. (TCO 9) The use of prenumbered sales invoices is meant to prevent (Points : 3)
the failure to bill or record sales.
duplicate billings and recording of sales.
both A and B are correct.
neither A nor B is correct.
6. (TCO 9) Prenumbered documents will only be useful for control purposes if (Points : 3)
a different numerical sequence is used for each company.
the sequence is accounted for periodically.
employees do not have access to the complete sequence.
All of the above
7. (TCO 9) Which one of the following is not an auditor’s concern about a key authorization point in the
sales or collection cycle? (Points : 3)
The receiving room must have authorization before releasing items to inventory control.
Credit must be authorized before the sale.
Goods must be shipped after the authorization.
Prices must be authorized.
7. (TCO 9) At which point in an ordinary sales transaction would a lack of specific authorization be of
least concern to the auditor? (Points : 3)
Granting of credit
Shipment of goods
Determination of discounts
Selling of goods for cash
8. (TCO 9) The credit-granting functions should be separated from which of the following? (Points : 3)
Purchasing functions
Manufacturing function
Sales function
None of the above
9. (TCO 9) When designing substantive tests of transactions for sales, the auditor is concerned with the
possibility of several types of misstatements. Which of the following is not one of the types of these
misstatements? (Points : 3)
26. Sales being included in the journal for which no shipment was made
Sales to related parties, such as officers and subsidiaries
Sales recorded more than once
Shipments being made to nonexistent customers and recorded as sales
10. (TCO 9) A key internal control in the sales and collection cycle is the separation of duties between
cash handling and record keeping. The objective most directly associated with this control is to verify
that (Points : 3)
cash receipts recorded in the cash receipts journal are reasonable.
cash receipts are properly classified.
recorded cash receipts result from legitimate transactions.
existing cash receipts are recorded.
10. (TCO 9) Which one of the following would the auditor consider to be an incompatible operation if the
cashier receives remittances from the mailroom? (Points : 3)
The cashier prepares the daily deposit.
The cashier makes the deaily deposit at a local bank.
The cashier posts the receipts to the accounts receivable subsidiary ledger cards.
The cashier endorses the checks.