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BMGT 422 Ch. 6 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+ $13.99
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BMGT 422 Ch. 6 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+
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BMGT 422 Ch. 6 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+BMGT 422 Ch. 6 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+BMGT 422 Ch. 6 Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+BM...

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  • April 15, 2025
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bmgt 422 ch 6 questions with detailed verified a

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BMGT 422 Ch. 6 Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded A+
Sufficiency of audit evidence concerns what? What affects sufficiency?
Ans: The quantity of audit evidence; quantity is affected by assessment of
risk of material misstatement (more risk=more evidence) and quality of
evidence (better quality=less evidence)


When performing substantive tests, what does an auditor consider to select
sample size?
Ans: client factors, like the risk of material misstatement and assurance
obtained from other substantive procedures performed by the auditor
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When performing tests of controls, what does an auditor consider to select
sample size?
Ans: whether client has tested controls as a basis for its assertion on the
effectiveness of internal control, and type of control being tested (shorter
term controls require larger sample)


What additional consideration is required when auditing controls over
adjusting entries?
Ans: the better the control environment, the smaller the sample size; want
to determine that a) other controls aren't being overridden by management
b) there is support for the adjusting entries c) the entries are properly
approved by the appropriate level of management

high number of transactions=sampling, low number of transactions=focus
on larger transactions

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Appropriateness of audit evidence concerns what? What affects
appropriateness?
Ans: measures evidence quality; includes relevance of evidence; relevance
determines if the evidence provides insight on the validity of the assertion
being tested and reliability of evidence (whether evidence is convincing)


What affects relevance of audit evidence?
Ans: the purpose of the procedure being performed, the direction of testing,
and the specific procedure/set of procedures being performed; evidence can
be either directly or indirectly relevant
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What does the purpose of an audit procedure determine?
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Ans: whether the procedure is a risk assessment procedure, test of controls,
or substantive procedure


What is the goal of directional testing?
Ans: to test balances primarily for either overstatement or understatement,
but not both


What does vouching test?
Ans: tests for existence/occurrence by comparing sample of ledger to
source document (overstatement); typically used to test assets and revenues


What does tracing test?
Ans: tests for completeness by comparing sample of source document to
the ledger (understatement); typically used to test liabilities and expenses


What affects the reliability of audit evidence?

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