Acct444 Study guides, Class notes & Summaries

Question Question 1 3 / 3 pts (TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the tolerable exception rate. estimated population exception rate. acceptable risk of overreliance. sample exception rate. Question 2 3 / 3 pts (TCO 9) A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a random sample. statistical sample. judgment sampl...

Question Question 1 3 / 3 pts (TCO 6) Physical examination is the inspection or count by the auditor of items such as cash or inventory only. cash, inventory, canceled checks, and sales documents. cash, inventory, canceled checks, and tangible fixed assets. cash, inventory, securities, notes receivable, and tangible fixed assets. Question 2 0 / 3 pts (TCO 6) Analytical procedures are diagnostic tests of financial information that may not be classified as evidential matter. calculations of financ...

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Integrated Case Application—Pinnacle Manufacturing Part 2—Problem 9-37 Part 3—Problem 10-43

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This document contains the answers to the following auditing chapters: Chapter 1: 1-18 Chapter 2: 2-19 Chapter 4: 4-22 Chapter 26: 26-25

Question Question 1 3 / 3 pts (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if statistical sampling techniques were not used on the audit engagement. the auditor planned the audit in a negligent manner. accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier. the fraud was perpetrated by one employee who circumvented the exist...