
Audit and Assurance MIDTERMS
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An attitude of professional skepticism means that the practitioner
Should assess critically with a questioning mind the validity of evidence obtained
Should recognize that circumstances may exist that can cause the subject matter information to be materially misstated
Is alert to evidence that contradicts or brings into question the reliability of documents or representations by the responsible party
Is expected to eliminate the risk of overlooking suspicious circumstances, of over generalizing when drawing conclusions from observations and of using faulty assumptions in determining the nature, timing and extent of evidence gathering procedures and evaluating the results thereof
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Non assurance engagements include all of the following except:
Agreed upon procedures
Management consulting
Preparation of tax returns where no conclusion is expressed
Compliance audit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a CPA expresses an opinion on financial statements, his or her responsibilities extend to:
The underlying wisdom of the client's management decisions
Whether the results of the client's operating decisions are fairly presented in the financial statements
Active participation in the implementation of the advice given to the client
An ongoing responsibility for the client's solvency
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The independent auditor is most concerned with which of the following:
Fairness and reliability of accounting data.
Promotion of operational efficiency.
Adherence of prescribed managerial policies.
Attainment of the organization's objectives.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When setting a preliminary judgment about materiality,
More evidence is required for a low peso amount than for a high peso amount.
Less evidence is required for a low peso amount than for a high peso amount.
The same amount of evidence is required for either low or high peso amount.
There is no relationship between it and the peso amount of evidence needed.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inherent risk and control risk differ from detection risk in that inherent risk and control risk are
Elements of audit risk while detection risk is not.
Changed at the auditor's discretion while detection risk is not.
Considered at the individual account-balance level while detection risk is not.
Functions of the client and its environment while detection risk is not.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will not necessarily lead the client to request for the auditor to change the engagement to one which provides a lower level of assurance
Restrictions on the scope of the engagement, whether imposed by management or caused by circumstances
Misunderstanding as to the nature of an audit or related service originally requested
Recent changes in senior management, board of directors or ownership
Change in circumstances affecting the need for the service
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