TEST BANK For Auditing & Assurance Services: A Systematic Approach, 12th Edition Chapters 1 - 21 Complete

TEST BANK For Auditing & Assurance Services:
A Systematic Approach, 12th Edition

Chapters 1 - 21 Complete

,Chapterxc1:xcAnxcIntroductionxctoxcAssurancexcandxcFinancialxcStatementxcAuditing

Chapterxc2:xcThexcFinancialxcStatementxcAuditingxcEnvironment

Chapterxc3:xcAuditxcPlanning,xcTypesxcofxcAuditxcTests,xcandxcMateriality

Chapterxc4:xcRiskxcAssessment

Chapterxc5:xcEvidencexcandxcDocumentation

Chapterxc6:xcInternalxcControlxcinxcaxcFinancialxcStatementxcAudit

Chapterxc7:xcAuditingxcInternalxcControlxcoverxcFinancialxcReporting

Chapterxc8:xcAuditxcSampling:xcAnxcOverviewxcandxcApplicationxctoxcTestsxcofxcControls

Chapterxc9:xcAuditxcSampling:xcAnxcApplicationxctoxcSubstantivexcTestsxcofxcAccountxcBalances

Chapterxc10:xcAuditingxcthexcRevenuexcProcess

Chapterxc11:xcAuditingxcthexcPurchasingxcProcess

Chapterxc12:xcAuditingxcthexcHumanxcResourcexcManagementxcProcess

Chapterxc13:xcAuditingxcthexcInventoryxcManagementxcProcess

Chapterxc14:xcAuditingxcthexcFinancing/InvestingxcProcess:xcPrepaidxcExpenses,xcIntangiblexcAsse
ts,xcandxcProperty,xcPlant,xcandxcEquipment

Chapterxc15:xcAuditingxcthexcFinancing/InvestingxcProcess:xcLong-
TermxcLiabilities,xcStockholders’xcEquity,xcandxcIncomexcStatementxcAccounts

Chapterxc16:xcAuditingxcthexcFinancing/InvestingxcProcess:xcCashxcandxcInvestments

Chapterxc17:xcCompletingxcthexcAuditxcEngagement

Chapterxc18:xcReportsxconxcAuditedxcFinancialxcStatements

Chapterxc19:xcProfessionalxcConduct,xcIndependence,xcandxcQualityxcManagement

Chapterxc20:xcLegalxcLiability

Chapterxc21:xcAssurance,xcAttestation,xcandxcInternalxcAuditingxcServices

,Auditingxc&xcAssurancexcServices:xcAxcSystematicxcApproach,xc12exc(Messier)xcC
hapterxc1x c AnxcIntroductionxctoxcAssurancexcandxcFinancialxcStatementxcAudit
ing

1) Auditingxcfocusesxconxcrules,xctechniques,xcandxccomputationsxcrequiredxctoxcpreparexcandxcan
alyzexcfinancialxcinformation.

ANSWER:x c FALSExcDiff
iculty:xc1xcEasy
Topic:x c ThexcImportancexcforxcStudyingxcAuditing
LearningxcObjective:x c 01-
01xcUnderstandxcwhyxcstudyingxcauditingxccanxcbexcvaluablexctoxcyouxcwhetherxcorxcnotxcyouxcplanxctoxc
becomexcanxcauditor,xcandxcwhyxcitxcisxcdifferentxcfromxcstudyingxcaccounting.
Bloom's:x c RememberxcA
ACSB:x c Communication
AICPA:x c BBxcLegal;xcFNxcDecisionxcMaking

2) Decisionxcmakersxcdemandxcreliablexcinformationxcthatxcisxcprovidedxcbyxcaccountants.

ANSWER:x c TRUExcDiffi
culty:xc1xcEasy
Topic:x c ThexcDemandxcforxcAuditingxcandxcAssurance
LearningxcObjective:x c 01-
02xcUnderstandxcthexcdemandxcforxcauditingxcandxcbexcablexctoxcexplainxcthexcdesiredxccharacteristicsxc
ofxcauditorsxcandxcauditxcservicesxcthroughxcanxcanalogyxctoxcaxchousexcinspectorxcandxcaxchousexcinspec
tionxcservice.
Bloom's:x c UnderstandxcA
ACSB:x c Communication
AICPA:x c FNxcDecisionxcMaking;xcBBxcIndustry

3) Informationxcasymmetryxcseldomxcoccurs.

ANSWER:x c FALSExcDiff
iculty:xc2xcMedium
Topic:x c ThexcDemandxcforxcAuditingxcandxcAssurance
LearningxcObjective:x c 01-
02xcUnderstandxcthexcdemandxcforxcauditingxcandxcbexcablexctoxcexplainxcthexcdesiredxccharacteristicsxc
ofxcauditorsxcandxcauditxcservicesxcthroughxcanxcanalogyxctoxcaxchousexcinspectorxcandxcaxchousexcinspec
tionxcservice.
Bloom's:x c Apply
AACSB:x c Communication
AICPA:x c BBxcIndustry;xcFNxcReporting

, 4) Conflictsxcofxcinterestxcoftenxcoccurxcbetweenxcabsenteexcownersxcandxcmanagers.

ANSWER:x c TRUExcDiffi
culty:xc2xcMedium
Topic:x c ThexcDemandxcforxcAuditingxcandxcAssurance
LearningxcObjective:x c 01-
02xcUnderstandxcthexcdemandxcforxcauditingxcandxcbexcablexctoxcexplainxcthexcdesiredxccharacteristicsxc
ofxcauditorsxcandxcauditxcservicesxcthroughxcanxcanalogyxctoxcaxchousexcinspectorxcandxcaxchousexcinspec
tionxcservice.
Bloom's:x c Apply
AACSB:x c Communication
AICPA:x c BBxcIndustry;xcFNxcReporting

5) Auditingxcservicesxcandxcattestationxcservicesxcarexcthexcsame.

ANSWER:x c FALSExcDiff
iculty:xc1xcEasy
Topic:x c Auditing,xcAttest,xcandxcAssurancexcServicesxcDefined
LearningxcObjective:x c 01-
03xcUnderstandxcthexcrelationshipsxcamongxcauditing,xcattestation,xcandxcassurancexcservices.
Bloom's:x c UnderstandxcA
ACSB:x c Communication
AICPA:x c BBxcIndustry;xcFNxcReporting

6) Auditingxcisxcaxctypexcofxcattestxcservice.

ANSWER:x c TRUExcDiffi
culty:xc1xcEasy
Topic:x c Auditing,xcAttest,xcandxcAssurancexcServicesxcDefined
LearningxcObjective:x c 01-
03xcUnderstandxcthexcrelationshipsxcamongxcauditing,xcattestation,xcandxcassurancexcservices.;xc01-
04xcKnowxcthexcbasicxcdefinitionxcofxcaxcfinancialxcstatementxcaudit.
Bloom's:x c UnderstandxcA
ACSB:x c Communication
AICPA:x c BBxcIndustry;xcFNxcReporting

7) Testingxcallxctransactionsxcthatxcoccurredxcduringxcthexcperiodxcisxccostxcprohibitive.

ANSWER:x c TRUExcDiffi
culty:xc2xcMediumxcTopic:
x c ThexcAuditxcProcess

LearningxcObjective:x c 01-
06xcBexcablexctoxcexplainxcwhyxconxcmostxcauditxcengagementsxcanxcauditorxctestsxconlyxcaxcsamplexcofxc
transactionsxcthatxcoccurred.
Bloom's:x c Apply
AACSB:x c Communication