ACC 403 Final Exam 1 Chp. 9-13 RECENT
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ACC 403 Final Exam 1 Chp. 9-13
1. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:
2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.
3. Auditors generally allocate the preliminary judgment about materiality to the:
4. Auditors are ________ to document the known and likely misstatements in the financial statements under audit.
5. An auditor who audits a business cycle that has low inherent risk should:
6. When one material weakness is present at the end of the year, management of a public company must conclude that internal control over financial reporting is:
7. An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is:
8. Which of the following is responsible for establishing a private company's internal control?
9. Internal controls normally include procedures designed to provide reasonable assurance that:
10. Internal controls:
11. Financial statement manipulation risk is arguably present for all companies' financial statements. However, the risk is elevated for companies that:
12. Which of the following is not a factor that relates to opportunities to misappropriate assets?
13. Two of the most useful warning signals that can indicate that revenue fraud is occurring are:
14. In the fraud triangle, fraudulent financial reporting and misappropriation of assets:
15. Which of the following is a factor that relates to incentives to misappropriate assets?
16. The audit approach in which the auditor runs his or her own program on a controlled basis to verify the client's data recorded in a machine language is:
17. Auditors should evaluate which of the following before evaluating application controls because of the potential for pervasive effects?
18. Which of the following is a component of general controls?
19. General controls may include firewalls which are used to protect from:
20. An internal control deficiency occurs when computer personnel:
21. Analytical procedures:
22. In the context of an audit of financial statements, substantive tests are audit procedures that:
23. A system walkthrough is primarily used to help the auditor:
24. Which of the following audit tests is usually the least costly to perform?
25. Presentation and disclosure related audit objectives would be performed in which phase of the audit process?
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