WGU D251 Advanced Auditing Final Exam Questions
with 100% Correct Answers, Verified | Latest Updated
2026/2027 | Guaranteed A+
The auditor's judgment concerning the overall fairness of the presentation of financial position, results
of operations, and cash flows is applied within the framework of:
A: quality control.
B: generally accepted auditing standards, which include the concept of materiality.
C: the auditor's evaluation of the audited company's internal control.
D: the applicable financial reporting framework (i.e., GAAP in the United States). - ✔️✔️D:
the applicable financial reporting framework (i.e., GAAP in the United States).
Inquiries of warehouse personnel concerning possible obsolete or slow moving inventory items
provide assurance about the PCAOB assertion of:
A: completeness.
B: existence.
C: presentation.
D: valuation.
E: rights and obligations. - ✔️✔️D: valuation.
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,Assurance services involve all of the following, except:
A: relevance as well as the reliability of information.
B: non financial information as well as traditional financial statements.
C: providing absolute rather than reasonable assurance.
D: electronic databases as well as printed reports. - ✔️✔️C: providing absolute rather than
reasonable assurance.
According to PCAOB Auditing Standard No. 2201 (AS 2201), the auditor should identify significant
accounts and disclosures and their relevant assertions. Which of the following financial statement
assertions is not explicitly identified in AS 2201?
A: Completeness.
B: Valuation or allocation.
C: Accuracy.
D: Existence or occurrence.
E: All of these are assertions identified in AS 5. - ✔️✔️C: Accuracy.
Which of the following is a management assertion regarding account balances at the period end?
A: Transactions and events that have been recorded have occurred and pertain to the entity.
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, B: Transactions and events have been recorded in the proper accounts.
C: The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
D: Amounts and other data related to the transactions and events have been recorded appropriately. -
✔️✔️C: The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
The audit objective that footnotes in the financial statements should be clear and expressed such that
the information is easily conveyed to the readers of the financial statements is related most closely
with which of the ASB presentation and disclosure assertions?
A: Occurrence.
B: Rights and obligations.
C: Comprehensibility.
D: Understandability. - ✔️✔️C: Comprehensibility.
The audit objective that all the transactions and accounts presented in the financial statements
represent real assets, liabilities, revenues, and expenses is related most closely to which of the
PCAOB assertions?
A: Existence or occurrence.
B: Rights and obligations.
C: Completeness.
D: Presentation and disclosure. - ✔️✔️A: Existence or occurrence.
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with 100% Correct Answers, Verified | Latest Updated
2026/2027 | Guaranteed A+
The auditor's judgment concerning the overall fairness of the presentation of financial position, results
of operations, and cash flows is applied within the framework of:
A: quality control.
B: generally accepted auditing standards, which include the concept of materiality.
C: the auditor's evaluation of the audited company's internal control.
D: the applicable financial reporting framework (i.e., GAAP in the United States). - ✔️✔️D:
the applicable financial reporting framework (i.e., GAAP in the United States).
Inquiries of warehouse personnel concerning possible obsolete or slow moving inventory items
provide assurance about the PCAOB assertion of:
A: completeness.
B: existence.
C: presentation.
D: valuation.
E: rights and obligations. - ✔️✔️D: valuation.
1
,Assurance services involve all of the following, except:
A: relevance as well as the reliability of information.
B: non financial information as well as traditional financial statements.
C: providing absolute rather than reasonable assurance.
D: electronic databases as well as printed reports. - ✔️✔️C: providing absolute rather than
reasonable assurance.
According to PCAOB Auditing Standard No. 2201 (AS 2201), the auditor should identify significant
accounts and disclosures and their relevant assertions. Which of the following financial statement
assertions is not explicitly identified in AS 2201?
A: Completeness.
B: Valuation or allocation.
C: Accuracy.
D: Existence or occurrence.
E: All of these are assertions identified in AS 5. - ✔️✔️C: Accuracy.
Which of the following is a management assertion regarding account balances at the period end?
A: Transactions and events that have been recorded have occurred and pertain to the entity.
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, B: Transactions and events have been recorded in the proper accounts.
C: The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
D: Amounts and other data related to the transactions and events have been recorded appropriately. -
✔️✔️C: The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
The audit objective that footnotes in the financial statements should be clear and expressed such that
the information is easily conveyed to the readers of the financial statements is related most closely
with which of the ASB presentation and disclosure assertions?
A: Occurrence.
B: Rights and obligations.
C: Comprehensibility.
D: Understandability. - ✔️✔️C: Comprehensibility.
The audit objective that all the transactions and accounts presented in the financial statements
represent real assets, liabilities, revenues, and expenses is related most closely to which of the
PCAOB assertions?
A: Existence or occurrence.
B: Rights and obligations.
C: Completeness.
D: Presentation and disclosure. - ✔️✔️A: Existence or occurrence.
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