TEST BANK FOR AUDITING: A PRACTICAL APPROACH WITH DATA ANALYTICS
2ND EDITION BY LAURA DAVIS WILEY, RAYMOND N. JOHNSON, ROBYN MORONEY,
FIONA CAMPBELL AND JANE HAMILTON ALL CHAPTERS 1-16 WITH QUESTIONS
AND ANSWERS 100% A+
TEST BANK
,Table of contents
1. INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE
2. PROFESSIONALISM AND PROFESSIONAL RESPONSIBILITIES
3. RISK ASSESSMENT PART 1: AUDIT RISK AND AUDIT STRATEGY
4. RISK ASSESSMENT PART 2: UNDERSTANDING THE CLIENT
5. AUDIT EVIDENCE
6. GAINING AN UNDERSTANDING OF THE CLIENT’S SYSTEM OF
INTERNAL CONTROL
7. RISK RESPONSE: PERFORMING TESTS OF CONTROLS
8. AUDIT DATA ANALYTICS
9. RISK RESPONSE: PERFORMING SUBSTANTIVE PROCEDURES
10. RISK RESPONSE: AUDIT SAMPLING FOR SUBSTANTIVE PROCEDURES
11. AUDITING THE REVENUE PROCESS
12. AUDITING THE PURCHASING AND PAYROLL PROCESSES
13. AUDITING CASH, INVENTORY, AND RELATED INCOME STATEMENT
ACCOUNTS
14. AUDITING INVESTING AND FINANCING ACTIVITIES
15. COMPLETING THE AUDIT
16. REPORTING ON THE AUDIT
, Chapter 1
Introduction And Overview Of Audit And Assurance
Question Type: True Or False
1. GAAP And IFRS Are Examples Of Applicable Financial Reporting Framework.
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Communication,
Learning Objective: LO1.1, Solution: The Applicable Financial Reporting Framework Refers To The Set
Of Standards Used In Preparing The Historical Financial Statements, Such As GAAP, IFRS Or A
Federal Income Tax Basis Of Accounting.
2. Review Of Financial Forecasts Falls Under Attestation Services.
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Measurement Analysis And
4
, Interpretation, AACSB: Eth ics, Learning Object ive: LO1.1, So lution: Attestation Serv ices (Under The
Umbrella Of Assurance Services) Include Review Of Historical Financi al Statements, Rev iew Of
Financial Forecasts, And Examination Of Internal Control.
3. Within A U.S. Context, The Applicable Financial Reporting Framework Is Typically
Generally Accepted Accounting Principles (GAAP).
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Measurement Analysis And
Interpretation, AACSB: Ethics, Learning Objective: LO1.2, Solution: Within A U.S. Context, The
Applicable Financial Reporting Framework Is Typically Generally Accepted Accounting Principles
(GAAP).
4. Private Companies, Or Non-Issuers, Are Not Required By The U.S. Government To Have An
Annual Financial Statement Audit
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Analytic, Learning
Objective: LO1.2, Solution: Private Companies, Or Non-Issuers, Are Not Required By The
U.S. Government To Have An Annual Financial Statement Audit, But Often Other Interested Users, Such
As A Bank Or Lender, May Request That A Private Company Provide Audited Financial Statements.
5
2ND EDITION BY LAURA DAVIS WILEY, RAYMOND N. JOHNSON, ROBYN MORONEY,
FIONA CAMPBELL AND JANE HAMILTON ALL CHAPTERS 1-16 WITH QUESTIONS
AND ANSWERS 100% A+
TEST BANK
,Table of contents
1. INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE
2. PROFESSIONALISM AND PROFESSIONAL RESPONSIBILITIES
3. RISK ASSESSMENT PART 1: AUDIT RISK AND AUDIT STRATEGY
4. RISK ASSESSMENT PART 2: UNDERSTANDING THE CLIENT
5. AUDIT EVIDENCE
6. GAINING AN UNDERSTANDING OF THE CLIENT’S SYSTEM OF
INTERNAL CONTROL
7. RISK RESPONSE: PERFORMING TESTS OF CONTROLS
8. AUDIT DATA ANALYTICS
9. RISK RESPONSE: PERFORMING SUBSTANTIVE PROCEDURES
10. RISK RESPONSE: AUDIT SAMPLING FOR SUBSTANTIVE PROCEDURES
11. AUDITING THE REVENUE PROCESS
12. AUDITING THE PURCHASING AND PAYROLL PROCESSES
13. AUDITING CASH, INVENTORY, AND RELATED INCOME STATEMENT
ACCOUNTS
14. AUDITING INVESTING AND FINANCING ACTIVITIES
15. COMPLETING THE AUDIT
16. REPORTING ON THE AUDIT
, Chapter 1
Introduction And Overview Of Audit And Assurance
Question Type: True Or False
1. GAAP And IFRS Are Examples Of Applicable Financial Reporting Framework.
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Communication,
Learning Objective: LO1.1, Solution: The Applicable Financial Reporting Framework Refers To The Set
Of Standards Used In Preparing The Historical Financial Statements, Such As GAAP, IFRS Or A
Federal Income Tax Basis Of Accounting.
2. Review Of Financial Forecasts Falls Under Attestation Services.
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Measurement Analysis And
4
, Interpretation, AACSB: Eth ics, Learning Object ive: LO1.1, So lution: Attestation Serv ices (Under The
Umbrella Of Assurance Services) Include Review Of Historical Financi al Statements, Rev iew Of
Financial Forecasts, And Examination Of Internal Control.
3. Within A U.S. Context, The Applicable Financial Reporting Framework Is Typically
Generally Accepted Accounting Principles (GAAP).
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Measurement Analysis And
Interpretation, AACSB: Ethics, Learning Objective: LO1.2, Solution: Within A U.S. Context, The
Applicable Financial Reporting Framework Is Typically Generally Accepted Accounting Principles
(GAAP).
4. Private Companies, Or Non-Issuers, Are Not Required By The U.S. Government To Have An
Annual Financial Statement Audit
A. True
B. False
Ans: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Analytic, Learning
Objective: LO1.2, Solution: Private Companies, Or Non-Issuers, Are Not Required By The
U.S. Government To Have An Annual Financial Statement Audit, But Often Other Interested Users, Such
As A Bank Or Lender, May Request That A Private Company Provide Audited Financial Statements.
5
