CMPC 312 QUIZ 1 QUESTIONS WITH REVISED ANSWERS
Measure of the quantity; affected by the auditor's assessment of the risk of material misstatement - Answer-Sufficiency
Deal with the logical connection with the purpose of the audit procedure under the assertion under consideration - Answer-Rel...
CMPC 312 QUIZ 1 QUESTIONS WITH
REVISED ANSWERS
Measure of the quantity; affected by the auditor's assessment of the risk of material
misstatement - Answer-Sufficiency
Deal with the logical connection with the purpose of the audit procedure under the
assertion under consideration - Answer-Relevance
Influenced by the source and nature of the information, including the controls over its
preparation and maintenance; information is free from error and bias and faithfully
represents what it supports to represent - Answer-Reliability
Synonyms of reliability - Answer-dependability and trustworthiness
More reliable that obtained from entity's records because it is from independent source -
Answer-External
Evidence obtained directly by auditors is more reliable than that obtained indirectly or by
inference - Answer-Auditor
Obtained from the entity's records is more reliable when the related internal control
system operates effectively - Answer-Entity
In the form of documents or written representations are more reliable than oral
representation - Answer-Written
process designed and effected by those charged with governance, management and
other personnel to provide reasonable assurance about the achievement of the entity's
objectives with regard to reliability of financial reporting, effectiveness and efficiency of
operations, and compliance with laws and regulations - Answer-Internal Control
who defined the internal control - Answer-Commission of Sponsoring Organizations of
the Treadway Commission (COSO)
Organizational Objectives, except:
a) Operational
b) Growth
c) Financial Reporting
d) Compliance - Answer-b) Growth
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