AUDITING A RISK BASED APPROACH 11TH EDITION KARLA M - Test Bank
8 views 0 purchase
Course
Auditing Test Bank
Institution
Auditing Test Bank
Chapter 04
1. An audit failure occurs when an audit firm issues an inaccurate audit opinion and fails to comply with auditing standards.
a. True b. False
ANSWER:
POINTS:
QUESTION TYPE:
HAS VARIABLES: LEARNING OBJECTIVES: NATIONAL STANDARDS:
STATE STANDARDS: TOPICS:
DATE CREATED: DATE MODI...
1. The need for independent assurance arises because the interests of the users of information may be different from
the interests of those responsible for providing information.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Need for Independent Assurance
DATE CREATED: 1/17/2018 2:50 AM
DATE MODIFIED: 1/17/2018 7:42 AM
2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 2:58 AM
DATE MODIFIED: 1/17/2018 7:42 AM
Copyright Cengage Learning. Powered by Cognero. Page 1
,Chapter 01
3. A bank using Milton Company's financial statements to evaluate Milton’s loan application is an example of a user’s
need for unbiased reporting.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: User’s Need for Reliable Financial Reporting
DATE CREATED: 1/17/2018 3:00 AM
DATE MODIFIED: 1/17/2018 7:42 AM
4. An integrated audit requires the auditor to assess the effectiveness of internal controls.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Integrated Audit
DATE CREATED: 1/17/2018 3:02 AM
DATE MODIFIED: 1/17/2018 7:42 AM
Copyright Cengage Learning. Powered by Cognero. Page 2
, Chapter 01
5. Auditors obtain and evaluate evidence regarding assertions about economic actions and events to verify the
accuracy of those assertions.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 3:03 AM
DATE MODIFIED: 1/17/2018 7:42 AM
6. Auditing is the process of verifying the accuracy of the financial statements.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: AUDI.JOHN.18.01.01
NATIONAL STANDARDS: United States - BUSPROG: Comprehension
STATE STANDARDS: United States - AK - AICPA BB - Critical thinking
TOPICS: Auditing Defined
DATE CREATED: 1/17/2018 3:04 AM
DATE MODIFIED: 1/17/2018 7:42 AM
Copyright Cengage Learning. Powered by Cognero. Page 3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $24.26. You're not tied to anything after your purchase.
