Acct444 Study guides, Class notes & Summaries

Question Question 1 3 / 3 pts (TCO 3) The organization that is responsible for providing oversight for auditors of public companies is called the _____ Auditing Standards Board. American Institution of Public Accountants. Accounting Oversight Board. Public Company Accounting Oversight Board. Question 2 3 / 3 pts (TCO 1) Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit _____ both private and public companies. public companies only. private compa...

ACCT444 Week 6 Quiz Latest 2017 PLEASE SEE THE LAST PAGE FOR ANSWER 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 constituti...

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...

Question Question 1 3 / 3 pts (TCO 6) The auditor looks for an indication on duplicate sales invoices to see whether the invoices have been verified. This is an example of a test of details of balances. a test of control. a substantive test of transactions. both a test of control and a substantive test of transactions. Question 2 3 / 3 pts (TCO 6) Analytical procedures are defined in the auditing standards as compliance tests. substantive tests. tests of controls. helpful procedures not possessi...

Question Question 1 3 / 3 pts (TCO 5) Which of the following is responsible for establishing a private company's internal control? Management Auditors Management and auditors Committee of Sponsoring Organizations Question 2 3 / 3 pts (TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control report? 202 203 404 408 Question 3 3 / 3 pts (TCO 5) Which of management's concerns with respect to implementing internal controls is the auditor primarily concerned? Ef...