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Test Bank for Auditing Theory Question and Answers |2025|

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Test Bank for Auditing Theory Question and Answers |2025| Test Bank for Auditing Theory Question and Answers |2025| Select the best answer for each f the following questions. 1. Broadly defined, the subject matter of any audit consists of a) Financial statements b) Economic data c) Assertions d) Operating data c) Assertions 2. The third standard of field work states that sufficient competent evidential matter may in part be obtained through the following methods except a) Inspection b) Observation c) Confirmation d) Reconciliation d) Reconciliation 3. If an auditor believes that material error or fraud exist, the auditor should a) Consider the implications and discuss the matter with appropriate levels of management b) Make the investigation necessary to determine whether errors or fraud have in fact occurred c) Request that management investigate whether errors or fraud have in fact occurred d) Consider whether errors or fraud where the result of employee's failure to comply with specific controls a) Consider the implications and discuss the matter with appropriate levels of management 4. Which of the following is not normally performed in the pre-planning or pre- engagement phase? a) Deciding whether to accept or reject an audit engagement b) Inquiring from predecessor auditor c) Preparing an engagement letter d) Making a preliminary estimate of materiality d) Making a preliminary estimate of materiality 5. On the basis of the audit evidence gathered and evaluated, an auditor decides to increase the assessed level of control risk from that originally planned. To achieve an overall audit risk level that is substantially the same as the planned audit risk level, the auditor would a) Decrease substantive testing b) Increase inherent risk c) Decrease detection risk d) Increase materiality levels c) Decrease detection risk 6. An effective internal control a) Cannot be circumvented by management b) Can reduce the cost of an external audit c) Can prevent collusion among employees d) Eliminates risks and potential loss to the organization b) Can reduce the cost of an external audit 7. In auditing through a computer, the test data method is used by auditors to test the a) Accuracy of input data b) Validity of the output c) Procedures contained within the program d) Normalcy of distribution of test data c) Procedures contained within the program 8. An auditor's working papers will generally be least likely to include documentation showing how the a) Client's schedules were prepared b) Engagement had been planned c) Client's system of internal control had been reviewed and evaluated d) Unusual matters were resolved a) Client's schedules were prepared 9. Which of the following sampling methods would be most appropriate in performing tests of controls over authorization of cash disbursements a) Attributes b) Variables c) Ratio d) Stratified a) Attributes 10. Analytical procedures used in the overall review stage of an audit generally include a) Considering unusual or unexpected account balances that were not

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