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GLEIM MIDTERM EXAM 2024 QUESTIONS WITH 100% PASSED ANSWERS!!
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GLEIM MIDTERM EXAM 2024 QUESTIONS WITH 100% PASSED ANSWERS!!
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GLEIM MIDTERM EXAM2024 QUESTIONS WITH
100% PASSED
ANSWERS!!
GLEIM
Evatee 9/10/24 GLEIM
,GLEIM MIDTERM EXAM 2024 QUESTIONS
WITH 100% PASSED ANSWERS!!
all of the following are audit control requirements contained in the Sarbanes-
Oxley Act of 2002 except Answer - the audit report must be submitted to the
public company accounting oversight board prior to issuance
an auditor's independence is most likely considered impaired if the auditor has
Answer - a joint, closely help business investment with the client that is
material to the auditor's net worth
in the course of the audit financial statements for the purpose of expressing an
opinion, the auditor will normally prepare a schedule of uncorrected
misstatements. the primary purpose served by the schedule is to Answer -
identify the potential financial statement effects of misstatements that were
not considered clearly trivial when discovered
an auditor observes the mailing of monthly statements to a client's customers
and reviews evidence of follow-up on errors reported by the customers. this
test of controls most likely is performed to support management's financial
statements assertion(s) of Answer - classification and understandability NO,
existence YES
which of the following is a requirement of the Sarbanes-Oxley Act of 2002
Answer - a second partner review and approval is required of audit reports
upon discovering fraudulent data in a client's tax return that the client would
not correct, a CPA withdraws from the engagement. how should the CPA
respond if asked by the successor CPA why the relationship was terminated
, Answer - "I suggest you get the client's permission for us to discuss all matters
freely"
which of the following procedures is an auditor most likely to include in the
planning phase of a Financial statement audit Answer - obtain an
understanding of the entity's risk assessment process
which of the following would an auditor most likely use in determining the
auditor's preliminary judgement about materiality for the financial statement
as a whole Answer - the entity's year-to-date financial results and position
which of the following acts by a CPA is a violation of professional standards
regarding the confidentiality of client information Answer - releasing financial
information to a local bank with the approval of the clients mail clerk
An audit of the financial statements of Camden Corporation is being conducted
by an external auditor. The external auditor is expected to Answer - express an
opinion as to the fairness of Camden's financial statements
which of the following best characterizes an auditor's exercise of professional
skepticism Answer - having an attitude that includes a questioning mind
which of the following legal situations would be considered to impair the
auditor's independence Answer - actual litigation by the auditor against the
current management alleging management fraud or deceit
after testing a client's internal control activities, an auditor discovers a number
of significant deficiencies in the operation of a client's internal controls. under
these circumstances, the auditor most likely would Answer - increase the
assessment of control risk and increase the extent of substantive tests
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