Test Bank
For Auditing: A Risk-Based Approach 12th Edition – Zehms & Rittenberg –Fully
Complete
Wickyaplus stuvia
, TEST BANK Auditing A Risk-Based Approach to Conducting a Quality Audit 12e by Zehms
x x x x x x x x x x x x x
Chapter - 01 x x
1. The need for independent assurance arises because the interests of the users of information may be different
x x x x x x x x x x x x x x x x
from the interests of those responsible for providing information.
x x x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x x 5/26/2023 4:48 AM x x
DATE MODIFIED:
x 5/26/2023 4:49 AM x x
2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
x x x x x x x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 4:59 AM x x
DATE MODIFIED:
x 5/26/2023 5:00 AM x x
3. A bank using Milton Company's financial statements to evaluate Milton‘s loan application is an example of a
x x x x x x x x x x x x x x x x
user‘s need for unbiased reporting.
x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x x 5/26/2023 5:01 AM x x
DATE MODIFIED:
x 5/26/2023 5:02 AM x x
4. An integrated audit requires the auditor to assess the effectiveness of internal controls.
x x x x x x x x x x x x
Page x1
,Chapter 01 x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:02 AM x x
DATE MODIFIED:
x 5/26/2023 5:03 AM x x
5. Auditors obtain and evaluate evidence regarding assertions about economic actions and events to verify the
x x x x x x x x x x x x x x
accuracy of those assertions.
x x x x
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:03 AM x x
DATE MODIFIED:
x 5/26/2023 5:04 AM x x
6. Auditing is the process of verifying and assuring the complete accuracy of the financial statements.
x x x x x x x x x x x x x x
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:04 AM x x
DATE MODIFIED:
x 5/26/2023 5:05 AM x x
7. Management may have incentives to present biased financial information, but the various users of the
x x x x x x x x x x x x x x
statements are likely to have the same interest in the financial information.
x x x x x x x x x x x x
a. True
x
Page x2
, Chapter 01 x
b. False x
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:05 AM
x x x
DATE MODIFIED: x 5/26/2023 5:06 AM x x
8. Auditing exists because users need unbiased information on which to assess management performance and
x x x x x x x x x x x x x
make economic decisions.
x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:06 AM
x x x
DATE MODIFIED: x 5/26/2023 5:07 AM x x
9. Users rely on the auditors' independent assessment of financial statement presentation because few users
x x x x x x x x x x x x x
have direct knowledge of the company's operations.
x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:07 AM
x x x
DATE MODIFIED: x 5/26/2023 5:08 AM x x
10. If the auditor has no reservations about management‘s financial statements, then the auditor will issue a
x x x x x x x x x x x x x x x
qualified opinion.
x x
a. True x
Page x3
For Auditing: A Risk-Based Approach 12th Edition – Zehms & Rittenberg –Fully
Complete
Wickyaplus stuvia
, TEST BANK Auditing A Risk-Based Approach to Conducting a Quality Audit 12e by Zehms
x x x x x x x x x x x x x
Chapter - 01 x x
1. The need for independent assurance arises because the interests of the users of information may be different
x x x x x x x x x x x x x x x x
from the interests of those responsible for providing information.
x x x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x x 5/26/2023 4:48 AM x x
DATE MODIFIED:
x 5/26/2023 4:49 AM x x
2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
x x x x x x x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 4:59 AM x x
DATE MODIFIED:
x 5/26/2023 5:00 AM x x
3. A bank using Milton Company's financial statements to evaluate Milton‘s loan application is an example of a
x x x x x x x x x x x x x x x x
user‘s need for unbiased reporting.
x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x x 5/26/2023 5:01 AM x x
DATE MODIFIED:
x 5/26/2023 5:02 AM x x
4. An integrated audit requires the auditor to assess the effectiveness of internal controls.
x x x x x x x x x x x x
Page x1
,Chapter 01 x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:02 AM x x
DATE MODIFIED:
x 5/26/2023 5:03 AM x x
5. Auditors obtain and evaluate evidence regarding assertions about economic actions and events to verify the
x x x x x x x x x x x x x x
accuracy of those assertions.
x x x x
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:03 AM x x
DATE MODIFIED:
x 5/26/2023 5:04 AM x x
6. Auditing is the process of verifying and assuring the complete accuracy of the financial statements.
x x x x x x x x x x x x x x
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES: AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x x United States - AK - AICPA BB-Critical thinking x x x x x x x
DATE CREATED:
x x 5/26/2023 5:04 AM x x
DATE MODIFIED:
x 5/26/2023 5:05 AM x x
7. Management may have incentives to present biased financial information, but the various users of the
x x x x x x x x x x x x x x
statements are likely to have the same interest in the financial information.
x x x x x x x x x x x x
a. True
x
Page x2
, Chapter 01 x
b. False x
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:05 AM
x x x
DATE MODIFIED: x 5/26/2023 5:06 AM x x
8. Auditing exists because users need unbiased information on which to assess management performance and
x x x x x x x x x x x x x
make economic decisions.
x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:06 AM
x x x
DATE MODIFIED: x 5/26/2023 5:07 AM x x
9. Users rely on the auditors' independent assessment of financial statement presentation because few users
x x x x x x x x x x x x x
have direct knowledge of the company's operations.
x x x x x x x
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False x x x
HAS VARIABLES:
x False
LEARNING OBJECTIVES:AUD.ZEHMS.24.01.01 - Define financial statement auditing in relation to decision makers‘
x x x x x x x x x x x x
demands for reliable financial and internal control information
x x x x x x x x
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
x x x x x x
STATE STANDARDS:
x United States - AK - AICPA BB-Critical thinking
x x x x x x x x
DATE CREATED:
x 5/26/2023 5:07 AM
x x x
DATE MODIFIED: x 5/26/2023 5:08 AM x x
10. If the auditor has no reservations about management‘s financial statements, then the auditor will issue a
x x x x x x x x x x x x x x x
qualified opinion.
x x
a. True x
Page x3
