WGU D251 Advanced Auditing Study guides, Class notes & Summaries
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WGU D251 - ADVANCED AUDITING EXAMS PACKAGE DEAL|ALL FULLY SOLVED|DOWNLOAD TO PASS
- Package deal • 9 items • 2023
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WGU D251 - ADVANCED AUDITING EXAMS PACKAGE DEAL|ALL FULLY SOLVED|DOWNLOAD TO PASS
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WGU D251 - ADVANCED AUDITING| 297 QUESTIONS AND ANSWERS.
- Exam (elaborations) • 34 pages • 2023
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misstatement 
An error, either intentional or unintentional, that exists in a transaction or financial statement account balance. 
 
 
 
alternative procedures 
Procedures used to obtain evidence about the existence and valuation of accounts receivable when a positive confirmation is not returned, including examining cash collected after the confirmation date and vouching unpaid invoices to customers' orders, sales orders, shipping documents, and sales invoices. 
 
 
 
Altman Z-scores 
A series...
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UNIT 2 - D251 ADVANCE AUDITING |87 QUESTIONS AND ANSWERS.
- Exam (elaborations) • 29 pages • 2023
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The auditor bases materiality solely on quantitative factors. 
False 
 
 
 
Performance materiality is an amount less than overall materiality and helps the auditor determine the extent of audit evidence needed. 
True 
 
 
 
Which of the following statements is true regarding materiality? 
 
a. Materiality is the magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the...
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UNIT 3 - D251 ADVANCED AUDITING |66 QUESTIONS AND ANSWERS.
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Known misstatements are those that the auditor has specifically identified and about which there is no doubt; they are also known as factual misstatements. 
True 
 
 
 
Even if immaterial, an intentional misstatement may cause serious difficulties in the audit, and for the client. 
True 
 
 
 
The auditor discovers various errors in the client's financial statements during the audit. At the end of the audit, the auditor analyzes these misstatements to determine if the client needs to correct th...
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AUDIT EXAM- CHAPTER 7 QUESTIONS WITH VERIFIED CORRECT ANSWERS
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In order for an external auditor to complete an audit of a public company, the entity's management must comply with all of the following except 
 
a. accept responsbility for the effectiveness of the entity's internal control financial reporting 
b. evaluate the effectiveness of the entity's internal control over financial reporting using suitable control criteria 
c. support its evaluation with sufficient evidence, including documentation 
d. present an oral assessment of the effectiveness o...
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ADVANCED AUDITING - FINAL EXAM| 58 QUESTIONS WITH 100% CORRECT ANSWERS
- Exam (elaborations) • 15 pages • 2023
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Agreed-Upon Procedures 
-Agree with client on procedures 
- Report outcome/findings from procedures (no conclusion, just findings) 
-Report distribution is limited 
-No opinion, so NO INDEPENDENCE REQUIREMENTS (yay!) 
 
 
 
Types of Consulting Engagements 
Consultations -using existing personal knowledge 
Advisory services - develop findings, conclusions, and recommendations 
Implementation services - put action plan into effect 
Transaction services - specific client transaction Staff support -...
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ADVANCED AUDITING D251 - UNIT 2 |47 QUESTIONS AND ANSWERS 2023.
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Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in the FASB Concepts Statements No. 2? 
- Probably that the judgment of a reasonable person 
- Significantly altered the total mix of information available 
- Magnitude of an omission or misstatement 
- In light of surrounding circumstances 
Significantly altered the total mix of information available. 
 
 
 
Which materiality does an auditor use when determining whether the financial st...
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UNIT 6 - D251 ADVANCED AUDITING |54 QUESTIONS FULLY SOLVED & UPDATED 2023
- Exam (elaborations) • 19 pages • 2023
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Channel stuffing is a fraud in the revenue cycle that involves recording revenue after a customer has requested to purchase the inventory. 
False 
 
 
 
If the contract stipulates more than one deliverable, the client must allocate a separate price to each deliverable. 
True 
 
 
 
Under the FASB's guidance on revenue recognition, which of the following is not a criteria that must be met in order for a contract to exist? 
 
a. The parties have approved it. 
 
b. The auditor has ensured that the...
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D251 ADVANCED AUDITING |142 QUESTIONS WITH 100% CORRECT ANSWERS.
- Exam (elaborations) • 59 pages • 2023
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Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 
 
in light of surrounding circumstances 
 
significantly altered the total mix of information available 
 
magnitude of an omission or misstatement 
 
probable that the judgment of a reasonable person 
significantly altered the total mix of information available 
 
 
 
Which materiality does an auditor use when determining whether the financial statemen...
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PA D251 TEST| 50 QUESTIONS AND ANSWERS 2023.
- Exam (elaborations) • 16 pages • 2023
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What is materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? 
 
a. Planning Materiality 
b. Overall Materiality 
c. Posting Materiality 
d. Performance Materiality 
d. Performance Materiality 
 
 
 
An auditor has determined performance materiality has been set too high at the beginning of the audit. Which procedures should this auditor consider to detect misstatements? 
 
a. The auditor should ...
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