Test Bank for Auditing: A Practical Approach with Data Analytics,
3rd Edition — Raymond N. Johnson, Laura D. Wiley, Roḃyn Moroney,
Fiona Campḃell, Jane Hamilton
, Taḃle of Contents
Chapter 1: Introduction and Overview of Audit and Assurance
Chapter 2: Professionalism and Professional Responsiḃilities
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 Suḃstantive 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 13: Auditing Various Balance Sheet Accounts (and Related
Income Statement Accounts)
Chapter 14: Completing the Audit
Chapter 15: Reporting on the Audit
, Chapter 1
Introduction and Overview of Audit
and Assurance
Question Type: True or False
1. GAAP and IFRS are examples of applicaḃle financial reporting framework.
A. True
B. False
Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB:
Communication, Learning Oḃjective: LO1.1, Solution: The applicaḃle 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
3rd Edition — Raymond N. Johnson, Laura D. Wiley, Roḃyn Moroney,
Fiona Campḃell, Jane Hamilton
, Taḃle of Contents
Chapter 1: Introduction and Overview of Audit and Assurance
Chapter 2: Professionalism and Professional Responsiḃilities
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 Suḃstantive 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 13: Auditing Various Balance Sheet Accounts (and Related
Income Statement Accounts)
Chapter 14: Completing the Audit
Chapter 15: Reporting on the Audit
, Chapter 1
Introduction and Overview of Audit
and Assurance
Question Type: True or False
1. GAAP and IFRS are examples of applicaḃle financial reporting framework.
A. True
B. False
Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB:
Communication, Learning Oḃjective: LO1.1, Solution: The applicaḃle 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
