Auditing: A Practical Approach with Data Analytics 2nd Edition Test Bank | Laura Davis Wiley, Raymond N. Johnson & Robyn Moroney | Latest Exam Questions & Verified Answers

TEST BANK for Auditing: A Practical Approach with
Data Analytics 2nd Edition by Laura Davis Wiley,
Raymond N. Johnson and Robyn Moroney ISBN-.
All Chapters 1-16 (Complete Download).

, Table of Contents

Chapter 1: Introduction and Overview of Audit and Assurance

Chapter 2: Professionalism and Professional Responsibilities

Chapter 3: Risk Assessment Part I: Audit Risk and Audit Strategy

Chapter 4: Risk Assessment Part II: Understanding the Client

Chapter 5: Audit Evidence

Chapter 6: Gaining an Understanding of the Client's System of Internal

Control

Chapter 7: Audit Data Analytics


Chapter 8: Risk Response: Performing Tests of Controls

Chapter 9: Risk Response: Performing Substantive Procedures

Chapter 10: Risk Response: Evaluating Audit Data Analytics and Audit

Sampling

Chapter 11: Auditing the Revenue Process


Chapter 12: Auditing the Purchasing and Payroll Processes

, Chapter 1

Introduction and Overview of Audit

and Assurance

Question Type: True or False




1. GAAP and IFRS are examples of applicable financial reporting framework.

A. True

B. False

Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB:

Communication, Learning Objective: LO1.1, Solution: The applicable financial reporting

framework refers to the set of standards used in preparing the historical financial statements,

such as GAAP, IFRS or a Federal Income Tax Basis of Accounting.




2. Review of financial forecasts falls under attestation services.

A. True

B. False

Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Measurement Analysis and
4

, Interpretation, AACSB:
SY’ Ethics,
SY’ SY’ Learning Objective:
SY’ LO1.1,
SY’ Solution:
SY’ SY’ Attestation

services
SY’ (under
SY’ the
SY’ SY’ umbrella of
SY’ SY’ assurance SY’ services) SY’ include review
SY’ of
SY’



SY’ historical SY’financial SY’statements, SY’review SY’of SY’financial SY’forecasts, SY’and SY’examination SY’of

SY’ internal SY’control.




3. Within SY’a SY’U.S. SY’context, SY’the SY’applicable SY’financial SY’reporting SY’framework SY’is SY’typically

Generally SY’Accepted SY’Accounting SY’Principles SY’(GAAP).
SY’




A. True

B. False

Answer: SY’A, SY’Taxonomy: SY’Knowledge, SY’Difficulty: SY’Easy, SY’AICPA SY’FC: SY’Measurement

SY’ Analysis SY’and SY’Interpretation, SY’AACSB: SY’Ethics, SY’Learning SY’Objective: SY’LO1.2, SY’Solution:

Within SY’a SY’U.S. SY’context, SY’the SY’applicable SY’financial SY’reporting SY’framework SY’is SY’typically
SY’



SY’ generally SY’accepted SY’accounting SY’principles SY’(GAAP).



4. Private SY’companies, SY’or SY’non-issuers, SY’are SY’not SY’required SY’by SY’the SY’U.S. SY’government

to SY’have SY’an SY’annual SY’financial SY’statement SY’audit
SY’




A. True

B. False

Answer: SY’A, SY’Taxonomy: SY’Knowledge, SY’Difficulty: SY’Easy, SY’AICPA SY’FC: SY’Reporting, SY’AACSB:

SY’ Analytic, SY’Learning SY’Objective: SY’LO1.2, SY’Solution: SY’Private SY’companies, SY’or SY’non-issuers,

SY’ are SY’not SY’required SY’by SY’the

U.S. SY’government SY’to SY’have SY’an SY’annual SY’financial SY’statement SY’audit, SY’but SY’often SY’other

SY’ interested SY’users, SY’such SY’as SY’a SY’bank SY’or SY’lender, SY’may SY’request SY’that SY’a SY’private

SY’ company SY’provide SY’audited SY’financial SY’statements.


5