democratic societies, but it often conflicts with concerns about harmful or misleading content. Social media
platforms, in particular, have become hotbeds for disinformation, hate speech, and online harassment. From
an ethical perspective, there is a question about how far freedom of speech should extend, particularly when
it endangers public health or safety (e.g., spreading misinformation about vaccines or election fraud).The
legal landscape is also complex, with different countries taking varying approaches to regulating harmful
speech. In the United States, the First Amendment guarantees broad protections for free speech, but in
Europe, hate speech laws are much stricter. Social media companies have also been pressured to regulate
harmful content more effectively, but their ability to enforce legal and ethical standards across borders
remains limited.#### 9.2 **Privacy and Data Protection in Journalism**Journalists often rely on
confidential sources, and protecting the privacy of these sources is crucial to
Test Bank For
Auditing & Assurance Services, 9th Edition By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry
Strawser, Jay Thibodeau, David Sinason
Chapter 1
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) The audit objective that all transactions and accounts that should be presented in
the financial statements are in fact included is related to which of the PCAOB assertions?
A) Existence.
B) Rights and obligations.
C) Completeness.
D) Valuation.
2) Cutoff tests designed to detect purchases made before the end of the year that have
been recorded in the subsequent year provide assurance about management's assertion of:
A) presentation and disclosure.
B) completeness.
C) rights and obligations.
D) existence.
3) During an audit of an entity's stockholders' equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans, agreements, or state
law. This audit procedure most likely is intended to verify management's assertion of:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
D) presentation and disclosure.
, 4) The confirmation of an account payable balance selected from the general ledger
provides primary evidence regarding which management assertion?
A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.
5) What type of evidence would provide the highest level of assurance in an attestation
engagement?
A) Evidence secured solely from within the entity.
B) Evidence obtained from independent sources.
C) Evidence obtained indirectly.
D) Evidence obtained from multiple internal inquiries.
democratic societies, but it often conflicts with concerns about harmful or misleading content. Social media platforms, in
particular, have become hotbeds for disinformation, hate speech, and online harassment. From an ethical perspective, there
is a question about how far freedom of speech should extend, particularly when it endangers public health or safety (e.g.,
spreading misinformation about vaccines or election fraud).The legal landscape is also complex, with different countries
taking varying approaches to regulating harmful speech. In the United States, the First Amendment guarantees broad
protections for free speech, but in Europe, hate speech laws are much stricter. Social media companies have also been
pressured to regulate harmful content more effectively, but their ability to enforce legal and ethical standards across borders
remains limited.#### 9.2 **Privacy and Data Protection in Journalism**Journalists often rely on confidential sources, and
protecting the privacy of these sources is crucial to
6) Which of the following management assertions is an auditor most likely testing if the
audit objective states that all inventory on hand is reflected in the ending inventory balance?
A) The entity has rights to the inventory.
B) Inventory is properly valued.
C) Inventory is properly presented in the financial statements.
D) Inventory is complete.
7) An auditor traces the serial numbers on equipment to a nonissuer's sub-ledger. Which of
the following management assertions is supported by this test?
A) Valuation and allocation.
B) Completeness.
C) Rights and obligations.
D) Presentation and disclosure.
platforms, in particular, have become hotbeds for disinformation, hate speech, and online harassment. From
an ethical perspective, there is a question about how far freedom of speech should extend, particularly when
it endangers public health or safety (e.g., spreading misinformation about vaccines or election fraud).The
legal landscape is also complex, with different countries taking varying approaches to regulating harmful
speech. In the United States, the First Amendment guarantees broad protections for free speech, but in
Europe, hate speech laws are much stricter. Social media companies have also been pressured to regulate
harmful content more effectively, but their ability to enforce legal and ethical standards across borders
remains limited.#### 9.2 **Privacy and Data Protection in Journalism**Journalists often rely on
confidential sources, and protecting the privacy of these sources is crucial to
Test Bank For
Auditing & Assurance Services, 9th Edition By Timothy Louwers, Penelope Bagley, Allen Blay, Jerry
Strawser, Jay Thibodeau, David Sinason
Chapter 1
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) The audit objective that all transactions and accounts that should be presented in
the financial statements are in fact included is related to which of the PCAOB assertions?
A) Existence.
B) Rights and obligations.
C) Completeness.
D) Valuation.
2) Cutoff tests designed to detect purchases made before the end of the year that have
been recorded in the subsequent year provide assurance about management's assertion of:
A) presentation and disclosure.
B) completeness.
C) rights and obligations.
D) existence.
3) During an audit of an entity's stockholders' equity accounts, the auditor determines
whether there are restrictions on retained earnings resulting from loans, agreements, or state
law. This audit procedure most likely is intended to verify management's assertion of:
A) existence or occurrence.
B) completeness.
C) valuation or allocation.
D) presentation and disclosure.
, 4) The confirmation of an account payable balance selected from the general ledger
provides primary evidence regarding which management assertion?
A) Completeness.
B) Valuation.
C) Allocation.
D) Existence.
5) What type of evidence would provide the highest level of assurance in an attestation
engagement?
A) Evidence secured solely from within the entity.
B) Evidence obtained from independent sources.
C) Evidence obtained indirectly.
D) Evidence obtained from multiple internal inquiries.
democratic societies, but it often conflicts with concerns about harmful or misleading content. Social media platforms, in
particular, have become hotbeds for disinformation, hate speech, and online harassment. From an ethical perspective, there
is a question about how far freedom of speech should extend, particularly when it endangers public health or safety (e.g.,
spreading misinformation about vaccines or election fraud).The legal landscape is also complex, with different countries
taking varying approaches to regulating harmful speech. In the United States, the First Amendment guarantees broad
protections for free speech, but in Europe, hate speech laws are much stricter. Social media companies have also been
pressured to regulate harmful content more effectively, but their ability to enforce legal and ethical standards across borders
remains limited.#### 9.2 **Privacy and Data Protection in Journalism**Journalists often rely on confidential sources, and
protecting the privacy of these sources is crucial to
6) Which of the following management assertions is an auditor most likely testing if the
audit objective states that all inventory on hand is reflected in the ending inventory balance?
A) The entity has rights to the inventory.
B) Inventory is properly valued.
C) Inventory is properly presented in the financial statements.
D) Inventory is complete.
7) An auditor traces the serial numbers on equipment to a nonissuer's sub-ledger. Which of
the following management assertions is supported by this test?
A) Valuation and allocation.
B) Completeness.
C) Rights and obligations.
D) Presentation and disclosure.
