Test Bank – Auditing: A Risk-Based Approach, 11th Edition – Karla M. Zehms, Audrey A. Gramling, & Larry E. Rittenberg – ISBN 9781337619455 (Full Chapters 1–15 Covered)

Edrftgyihu jiuh




Auditing
ST

A Risk-Based Approach
UV

11th Edition
IA

TEST BANK
?_
AP

Karla M. Zehms, Audrey A. Gramling, Larry E.
Rittenberg
PR

Comprehensive Test Bank for Instructors
and Students
OV

||| ||| || ||| || | || ||| | || ||| |
ED

9781337619455

© Karla M. Zehms, Audrey A. Gramling & Larry E. Rittenberg. All
rights reserved. Reproduction or distribution without permission is
?

prohibited.




© MEDGEEK

, TABLE OF CONTENTS

Test Bank – Auditing: A Risk-Based Approach (11th Edition)
Authors: Karla M. Zehms, Audrey A. Gramling, and Larry E. Rittenberg
ST
ISBN: 9781337619455

PART I: THE AUDITING PROFESSION AND THE RISK OF FRAUD

Chapter 1: Quality Auditing: Why It Matters
UV
Chapter 2: The Auditor’s Responsibilities Regarding Fraud and Mechanisms to Address Fraud
Chapter 3: Internal Control Over Financial Reporting
Chapter 4: Professional Legal Liability

PART II: THE AUDIT PROCESS AND MATERIALITY
IA
Chapter 5: Professional Auditing Standards and the Audit Opinion Formulation Process
Chapter 6: Audit Evidence
Chapter 7: Planning the Audit: Identifying, Assessing, and Responding to the Risk of Material
Misstatement
?_
Chapter 8: Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, and Data Analytics
Tools

PART III: AUDITING BUSINESS CYCLES
AP
Chapter 9: Auditing the Revenue Cycle
Chapter 10: Auditing Cash, Marketable Securities, and Complex Financial Instruments
Chapter 11: Auditing Inventory, Goods and Services, and Accounts Payable
Chapter 12: Auditing Long-Lived Assets and Merger and Acquisition Activity
PR
Chapter 13: Auditing Debt, Equity, and Long-Term Liabilities

PART IV: COMPLETING THE AUDIT AND REPORTING

Chapter 14: Completing a Quality Audit
Chapter 15: Audit Reports for Financial Statement Audits
OV
ED
?

, Chapter 1 - Auditing: Integral to the Economy
1. The need for assurance services arises because the interests of the users of information may be different from
that of the interests of those responsible for providing information.
a. True
b. False
ANSWER: True
ST
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
UV
TOPICS: Demand for Assurances

2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
a. True
b. False
IA
ANSWER: True
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
?_
TOPICS: Auditing Defined

3. Auditors should conduct their work with an attitude of professional skepticism.
a. True
AP
b. False
ANSWER: True
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
PR
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Auditing Defined

4. A bank using Milton Company's financial statements to determine the creditworthiness of a potential loan to
Milton is a good example of the need for unbiased reporting.
OV
a. True
b. False
ANSWER: True
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
ED
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Auditing Defined

5. An integrated audit requires the auditor to assess the effectiveness of internal controls.
?
a. True
b. False
ANSWER: True
Cengage Learning Testing, Powered by Cognero Page 1

, Chapter 1 - Auditing: Integral to the Economy
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Auditing Defined
ST
6. In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license.
a. True
b. False
UV
ANSWER: False
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Professional and Regulatory Organizations
IA
7. The Center for Audit Quality was started by the International Federation of Accountants.
a. True
b. False
?_
ANSWER: False
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
AP
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Professional and Regulatory Organizations

8. The Center for Audit Quality has the primary authority to set auditing standards.
a. True
PR
b. False
ANSWER: False
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
OV
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
TOPICS: Professional and Regulatory Organizations

9. In an audit, management is considered the “client”.
a. True
ED
b. False
ANSWER: False
POINTS: 1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - AICPA BB-Critical thinking
?
TOPICS: Auditing Defined

10. Auditing is the process of attesting to assertions about economic actions and events.
Cengage Learning Testing, Powered by Cognero Page 2