ACCT444 Study guides, Class notes & Summaries

ACCT444_W3_HW_MW.pdf

ACCT444_W3_HW_MW.pdf

Acct444 Quiz6: all questions with answer solution 2020 docx Score for this quiz: 30 out of 30 Submitted Jun 13 at 12:36pm This attempt took 48 minutes. Question 1 3 / 3 pts (TCO 9) If the auditor decides to assess control risk at the maximum level in a private company audit, tests of controls are Question 2 3 / 3 pts (TCO 9) When auditors wish to evaluate a sample statistically, the only acceptable selection method is Correct! selection. Page 480 Question 3 3 / 3 pts (TCO 9) To determine ...

Integrated Case Application—Pinnacle Manufacturing Part 1—Problem 8-40

Document contains week three text book problem.

Question Question 1 3 / 3 pts (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if statistical sampling techniques were not used on the audit engagement. the auditor planned the audit in a negligent manner. accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier. the fraud was perpetrated by one employee who circumvented the exist...

Question Question 1 3 / 3 pts (TCO 3) The organization that is responsible for providing oversight for auditors of public companies is called the _____ Auditing Standards Board. American Institution of Public Accountants. Accounting Oversight Board. Public Company Accounting Oversight Board. Question 2 3 / 3 pts (TCO 1) Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit _____ both private and public companies. public companies only. private compa...

Question Question 1 3 / 3 pts (TCO 6) The auditor looks for an indication on duplicate sales invoices to see whether the invoices have been verified. This is an example of a test of details of balances. a test of control. a substantive test of transactions. both a test of control and a substantive test of transactions. Question 2 3 / 3 pts (TCO 6) Analytical procedures are defined in the auditing standards as compliance tests. substantive tests. tests of controls. helpful procedures not possessi...

Question Question 1 3 / 3 pts (TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the tolerable exception rate. estimated population exception rate. acceptable risk of overreliance. sample exception rate. Question 2 3 / 3 pts (TCO 9) A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a random sample. statistical sample. judgment sampl...

Question Question 1 3 / 3 pts (TCO 6) Physical examination is the inspection or count by the auditor of items such as cash or inventory only. cash, inventory, canceled checks, and sales documents. cash, inventory, canceled checks, and tangible fixed assets. cash, inventory, securities, notes receivable, and tangible fixed assets. Question 2 0 / 3 pts (TCO 6) Analytical procedures are diagnostic tests of financial information that may not be classified as evidential matter. calculations of financ...