ACCT 431 Ch 11 Completing the audit
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Interim testing
normally occurs between the ____ and the ____.
Beginning of the year under audit; audit report release date.
Date of the financial statements; audit report release date.
Beginning of the year under audit; date of the financial statements.
End of the year under audit; date of the auditors’ report.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Roll-forward
work normally occurs between the ____ and the ____.
Beginning of the year under audit; audit report release date.
Date of the financial statements; audit report release date.
Beginning of the year under audit; date of the financial statements.
Date of interim work; date of the auditors’ report.
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following best describes the auditors’ responsibility with respect to management’s estimates?
Verifying the mathematical accuracy of management estimates.
Assessing the likelihood that actual results will be consistent with management’s estimates.
Evaluating the reasonableness of management’s estimates.
Identifying how the failure of the entity to achieve management’s estimates will influence users’ decisions.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the
following is typically not
included in the inquiry letter sent to the client's attorneys?
A disclaimer regarding the likelihood of settlement of pending litigation.
A listing of pending or threatened litigation, claims, or assessments.
An evaluation of the likelihood of an unfavorable outcome.
An estimate of the range of potential loss.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which party
should request a letter regarding litigation, claims, and assessments from
the client's attorney?
Attorney.
Auditors.
Client.
Securities and Exchange Commission or other regulatory body.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To whom should written
representations be addressed?
Auditors.
Board of directors.
Client.
Stockholders.
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If auditors are
appointed on January 3, 2017, the date of the financial statements is
December 31, 2017, the date of the auditors’ report is February 7, 2018
and the audit report release date is March 3, 2018, what is the
appropriate date of the written representations?
January 3, 2017.
December 31, 2017.
February 7, 2018.
March 3, 2018.
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