Test Bank for Auditing: A Risk Based-Approach 12th Edition by Karla M. Zehms and Larry E. Rittenberg All Chapters 1-15 Covered

Test Bank
Auditing: A Risk Based-Approach
12th Edition by Karla M. Zehms and Larry E. Rittenberg
All Chapters 1-15 Covered




Pagen1

,TABLE OF CONTENT
n n




1.nQualitynAuditing:nWhynItnMatters.
2.nThenAuditor’snResponsibilitiesnRegardingnFraudnandnMechanismsntonAddressnFraud:nRegulationnandnCorporatenGovern
nce.
3.nInternalnControlnOvernFinancialnReporting:nResponsibilitiesnofnManagementnandnthenExternalnAuditor.
4.nProfessionalnLegalnLiability.
5.nProfessionalnAuditingnStandardsnandnthenAuditnOpinionnFormulationnProcess.
6.nAuditnEvidence.
7.nPlanningnthenAudit:nIdentifyingnandnRespondingntonthenRisksnofnMaterialnMisstatement.
8.nSpecializednAuditnTools:nSamplingnandnGeneralizednAuditnSoftware.
9.nAuditingnthenRevenuenCycle.
10.nAuditingnCashnandnMarketablenSecurities.
11.nAuditingnInventory,nGoodsnandnServices,nandnAccountsnPayable:nThenAcquisitionnandnPaymentnCycle.
12.nAuditingnLong-LivednAssets:nAcquisition,nUse,nImpairment,nandnDisposal.
13.nAuditingnLong-TermnLiabilitiesnandnStockholders'nEquitynTransactions.
14.nCompletingnanQualitynAudit.
15.nAuditnReports.




Pagen2

,Chaptern01

1. Thenneednfornindependentnassurancenarisesnbecausentheninterestsnofnthenusersnofninformationnmaynbendiffere
ntnfromntheninterestsnofnthosenresponsiblenfornprovidingninformation.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONnTYPE: Truen/nFalse
HASnVARIABLES: False
LEARNINGnOBJECTIVES:n AUD.ZEHMS.24.01.01n-
nDefinenfinancialnstatementnauditingninnrelationntondecisionnmakers’ndemandsnfornreliablenfina

ncialnandninternalncontrolninformation
NATIONALnSTANDARDS:n UnitednStatesn-
nBUSPROG:nComprehensionnSTATEnSTANDARDS: UnitednStatesn-nAKn-
nAICPAnBB-CriticalnthinkingnDATEnCREATED: 5/26/2023n4:48nAM
DATEnMODIFIED: 5/26/2023n4:49nAM

2. Anfinancialnstatementnauditnisnansystematicnprocessnofnobjectivelynobtainingnandnevaluatingnevidence.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONnTYPE: Truen/nFalse
HASnVARIABLES: False
LEARNINGnOBJECTIVES:n AUD.ZEHMS.24.01.01n-
nDefinenfinancialnstatementnauditingninnrelationntondecisionnmakers’ndemandsnfornreliablenfina

ncialnandninternalncontrolninformation
NATIONALnSTANDARDS:n UnitednStatesn-
nBUSPROG:nComprehensionnSTATEnSTANDARDS: UnitednStatesn-nAKn-
nAICPAnBB-CriticalnthinkingnDATEnCREATED: 5/26/2023n4:59nAM
DATEnMODIFIED: 5/26/2023n5:00nAM

3. AnbanknusingnMiltonnCompany'snfinancialnstatementsntonevaluatenMilton’snloannapplicationnisnannexamplenofnan
user’snneednfornunbiasednreporting.
a. True
b. False

Pagen3

, ANSWER: True
POINTS: 1
QUESTIONnTYPE: Truen/nFalse
HASnVARIABLES: False
LEARNINGnOBJECTIVES:n AUD.ZEHMS.24.01.01n-
nDefinenfinancialnstatementnauditingninnrelationntondecisionnmakers’ndemandsnfornreliablenfina

ncialnandninternalncontrolninformation
NATIONALnSTANDARDS:n UnitednStatesn-
nBUSPROG:nComprehensionnSTATEnSTANDARDS: UnitednStatesn-nAKn-
nAICPAnBB-CriticalnthinkingnDATEnCREATED: 5/26/2023n5:01nAM
DATEnMODIFIED: 5/26/2023n5:02nAM

4. Annintegratednauditnrequiresnthenauditorntonassessntheneffectivenessnofninternalncontrols.




Pagen4