Stuvia.com - The Marketplace to Buy and Sell your Study Material
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TEST BANK For Auditing & Assurance Services: A
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Systematic Approach, 12th Edition
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Chapters 1 - 21 Complet fff fff fff fff
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Chapter 1: An f f f Introduction f f f to f f f Assurance f f f and Financial f f f f f f Statement f f f Auditing
Chapter 2: The f f f Financial f f f Statement f f f Auditing Environment f f f
Chapter 3: Audit f f f Planning, f f f Types f f f of f f f Audit f f f Tests, f f f and f f f Materiality
Chapter 4: Risk f f f Assessment
Chapter 5: Evidence and f f f f f f Documentation
Chapter 6: Internal f f f Control f f f in f f f a f f f Financial f f f Statement f f f Audit
Chapter 7: Auditing f f f Internal f f f Control f f f over f f f Financial f f f Reporting
Chapter 8: Audit Sampling: f f f f f f An f f f Overview f f f and f f f Application f f f to f f f Tests f f f of
Controls f f f
Chapter 9: Audit Sampling: An f f f f f f f f f Application f f f to Substantive f f f f f f Tests f f f of
Account Balances f f f f f f
Chapter 10: Auditing f f f the f f f Revenue f f f Process
Chapter 11: Auditing the f f f f f f Purchasing f f f Process
Chapter 12: Auditing f f f the f f f Human f f f Resource f f f Management f f f Process
Chapter 13: Auditing f f f the f f f Inventory f f f Management f f f Process
Chapter 14: Auditing the Financing/Investing Process: Prepaid Expenses, Intangible
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Assets, and Property, Plant, and Equipment
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Chapter 15: Auditing the Financing/Investing Process: Long-Term Liabilities,
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Stockholders’ Equity, and Income Statement Accounts
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Chapter f f f 16: f f f Auditing f f f the f f f Financing/Investing f f f Process: f f f Cash f f f and f f f Investments
Chapter 17: Completing f f f the f f f Audit f f f Engagement
Chapter 18: Reports f f f on Audited f f f f f f Financial f f f Statements
Chapter 19: Professional Conduct, Independence, f f f f f f f f f and f f f Quality
Management f f f
Chapter 20: Legal f f f Liability
Chapter 21: Assurance, Attestation, f f f f f f and f f f Internal f f f Auditing f f f Services
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Auditing & Assurance Services: A Systematic Approach, 12e
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(Messier) Chapter 1 An Introduction to Assurance and
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Financial Statement Auditing
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1) Auditing focuses on rules, techniques, and computations required to
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prepare and analyze financial information.
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ANSWER: FALSE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: The Importance for Studying Auditing f f f f f f f f f f f f
Learning Objective: 01-01 Understand why studying auditing can be valuable
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to you whether or not you plan to become an auditor, and why it is
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different from studying accounting.
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Bloom's: Remember f f f
AACSB:
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f Communication
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AICPA: BB Legal; FN Decision Making f f f f f f f f f f f f
2) Decision makers demand reliable f f f f f f f f f f f f information that is provided by accountants. f f f f f f f f f f f f f f f
ANSWER: TRUE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
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Bloom's: Understand f f f
AACSB:
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f Communication
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AICPA: FN Decision Making; BB Industry f f f f f f f f f f f f
3) Information asymmetry seldom occurs. f f f f f f f f f
ANSWER: FALSE f f f f f f
Difficulty: 2 Medium f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
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Bloom's: Apply
AACSB: Communication
AICPA: BB Industry; FN Reporting f f f f f f f f f
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Distribution of this document is illegal fff fff fff fff fff extra per year?
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, Stuvia.com - The Marketplace to Buy and Sell your Study Material fff fff fff fff fff fff fff fff fff fff
4) Conflicts of interest often occur between absentee owners and managers.
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ANSWER: TRUE f f f f f f
Difficulty: 2 Medium f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
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Bloom's: Apply
AACSB: Communication
AICPA: BB Industry; FN Reporting f f f f f f f f f
5) Auditing services and attestation f f f f f f f f f f f f services are the same. f f f f f f f f f
ANSWER: FALSE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: Auditing, Attest, and Assurance Services Defined f f f f f f f f f f f f f f f
Learning Objective: 01-03 Understand the relationships among auditing,
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attestation, and assurance services.
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Bloom's: Understand f f f
AACSB:
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f Communication
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AICPA: BB Industry; FN Reporting f f f f f f f f f
6) Auditing is a type f f f f f f f f f f f f of attest f f f f f f service.
ANSWER: TRUE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: Auditing, Attest, and Assurance Services Defined f f f f f f f f f f f f f f f
Learning Objective: 01-03 Understand the relationships among auditing,
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attestation, and assurance services.; 01-04 Know the basic definition of a
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financial statement audit.
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Bloom's: Understand f f f
AACSB:
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f Communication
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AICPA: BB Industry; FN Reporting f f f f f f f f f
7) Testing all transactions that occurred during the period is cost
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ANSWER: TRUE f f f f f f
Difficulty: 2 f f f
Medium Topic:
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f The Audit
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Process
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Learning Objective: 01-06 Be able to explain why on most audit
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engagements an auditor tests only a sample of transactions that occurred.
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Bloom's: Apply
AACSB: Communication
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Distribution of this document is illegal fff fff fff fff fff extra per year? fff fff
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TEST BANK For Auditing & Assurance Services: A
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Systematic Approach, 12th Edition
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Chapters 1 - 21 Complet fff fff fff fff
Downloaded by: Bookista |
fff fff fff fff Want to earn $1.236
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Distribution of this document is illegal
fff fff fff fff fff extra per year? fff fff
, Stuvia.com - The Marketplace to Buy and Sell your Study Material fff fff fff fff fff fff fff fff fff fff
Chapter 1: An f f f Introduction f f f to f f f Assurance f f f and Financial f f f f f f Statement f f f Auditing
Chapter 2: The f f f Financial f f f Statement f f f Auditing Environment f f f
Chapter 3: Audit f f f Planning, f f f Types f f f of f f f Audit f f f Tests, f f f and f f f Materiality
Chapter 4: Risk f f f Assessment
Chapter 5: Evidence and f f f f f f Documentation
Chapter 6: Internal f f f Control f f f in f f f a f f f Financial f f f Statement f f f Audit
Chapter 7: Auditing f f f Internal f f f Control f f f over f f f Financial f f f Reporting
Chapter 8: Audit Sampling: f f f f f f An f f f Overview f f f and f f f Application f f f to f f f Tests f f f of
Controls f f f
Chapter 9: Audit Sampling: An f f f f f f f f f Application f f f to Substantive f f f f f f Tests f f f of
Account Balances f f f f f f
Chapter 10: Auditing f f f the f f f Revenue f f f Process
Chapter 11: Auditing the f f f f f f Purchasing f f f Process
Chapter 12: Auditing f f f the f f f Human f f f Resource f f f Management f f f Process
Chapter 13: Auditing f f f the f f f Inventory f f f Management f f f Process
Chapter 14: Auditing the Financing/Investing Process: Prepaid Expenses, Intangible
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Assets, and Property, Plant, and Equipment
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Chapter 15: Auditing the Financing/Investing Process: Long-Term Liabilities,
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Stockholders’ Equity, and Income Statement Accounts
f f f fff f f f f f f f f f f f f
Chapter f f f 16: f f f Auditing f f f the f f f Financing/Investing f f f Process: f f f Cash f f f and f f f Investments
Chapter 17: Completing f f f the f f f Audit f f f Engagement
Chapter 18: Reports f f f on Audited f f f f f f Financial f f f Statements
Chapter 19: Professional Conduct, Independence, f f f f f f f f f and f f f Quality
Management f f f
Chapter 20: Legal f f f Liability
Chapter 21: Assurance, Attestation, f f f f f f and f f f Internal f f f Auditing f f f Services
Downloaded by: Bookista | fff fff fff fff Want to earn $1.236
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Distribution of this document is illegal fff fff fff fff fff extra per year?
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, Stuvia.com - The Marketplace to Buy and Sell your Study Material fff fff fff fff fff fff fff fff fff fff
Auditing & Assurance Services: A Systematic Approach, 12e
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(Messier) Chapter 1 An Introduction to Assurance and
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Financial Statement Auditing
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1) Auditing focuses on rules, techniques, and computations required to
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prepare and analyze financial information.
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ANSWER: FALSE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: The Importance for Studying Auditing f f f f f f f f f f f f
Learning Objective: 01-01 Understand why studying auditing can be valuable
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to you whether or not you plan to become an auditor, and why it is
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different from studying accounting.
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Bloom's: Remember f f f
AACSB:
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f Communication
f f
AICPA: BB Legal; FN Decision Making f f f f f f f f f f f f
2) Decision makers demand reliable f f f f f f f f f f f f information that is provided by accountants. f f f f f f f f f f f f f f f
ANSWER: TRUE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
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Bloom's: Understand f f f
AACSB:
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f Communication
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AICPA: FN Decision Making; BB Industry f f f f f f f f f f f f
3) Information asymmetry seldom occurs. f f f f f f f f f
ANSWER: FALSE f f f f f f
Difficulty: 2 Medium f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
f f f f f f f f f f f f f f f fff f f f f f f f f f f f f f f f
Bloom's: Apply
AACSB: Communication
AICPA: BB Industry; FN Reporting f f f f f f f f f
Downloaded by: Bookista | fff fff fff fff Want to earn $1.236
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Distribution of this document is illegal fff fff fff fff fff extra per year?
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, Stuvia.com - The Marketplace to Buy and Sell your Study Material fff fff fff fff fff fff fff fff fff fff
4) Conflicts of interest often occur between absentee owners and managers.
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ANSWER: TRUE f f f f f f
Difficulty: 2 Medium f f f f f f
Topic: The Demand for Auditing and Assurance f f f f f f f f f f f f f f f
Learning Objective: 01-02 Understand the demand for auditing and be able
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to explain the desired characteristics of auditors and audit services through
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an analogy to a house inspector and a house inspection service.
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Bloom's: Apply
AACSB: Communication
AICPA: BB Industry; FN Reporting f f f f f f f f f
5) Auditing services and attestation f f f f f f f f f f f f services are the same. f f f f f f f f f
ANSWER: FALSE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: Auditing, Attest, and Assurance Services Defined f f f f f f f f f f f f f f f
Learning Objective: 01-03 Understand the relationships among auditing,
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attestation, and assurance services.
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Bloom's: Understand f f f
AACSB:
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f Communication
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AICPA: BB Industry; FN Reporting f f f f f f f f f
6) Auditing is a type f f f f f f f f f f f f of attest f f f f f f service.
ANSWER: TRUE f f f f f f
Difficulty: 1 Easy f f f f f f
Topic: Auditing, Attest, and Assurance Services Defined f f f f f f f f f f f f f f f
Learning Objective: 01-03 Understand the relationships among auditing,
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attestation, and assurance services.; 01-04 Know the basic definition of a
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financial statement audit.
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Bloom's: Understand f f f
AACSB:
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f Communication
f f
AICPA: BB Industry; FN Reporting f f f f f f f f f
7) Testing all transactions that occurred during the period is cost
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ANSWER: TRUE f f f f f f
Difficulty: 2 f f f
Medium Topic:
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f The Audit
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Process
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Learning Objective: 01-06 Be able to explain why on most audit
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engagements an auditor tests only a sample of transactions that occurred.
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Bloom's: Apply
AACSB: Communication
Downloaded by: Bookista | fff fff fff fff Want to earn $1.236
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Distribution of this document is illegal fff fff fff fff fff extra per year? fff fff
