D251 Advanced Auditing bundled exams 2023/2024 with 100% correct answers

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, i...

What does SGR stand for? correct answersSustainable growth rate Define SGR correct answersSGR is the growth rate of sales that can be funded WITHOUT EXTERNAL FINANCING SGT is supported by CFO (Cash flow operations) What should you do if forecasted sales are LESS than SGR correct answersBuy ...

Performance Materiality is also known as _____________. correct answersTolerable Error Auditor uses Performance Materiality for ____________. correct answersDetermining significant accounts, locations, and audit procedures. Performance Materiality is what percent of Planning Materiality? corre...

Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) correct answersF Stocks and bonds are two types of financial instruments (T/F) correct answersT The matching principle in accrual accounting requires that: a. Revenues be recognized when the earnings process is ...

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor...

What is the materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? correct answersPerformance materiality An auditor has determined performance materiality has been set too high at the beginning of...

What was the auditor's responsibility to detect fraud under SAP 30? To thoroughly interview key employees To conduct statistical regression models To be aware of the possibility that irregularities may exist To determine if management was giving false statements correct answersc What we...