Exam (elaborations)
PA D251, WGU D251 ADVANCED AUDITING, UNIT 6 D251 ADVANCED AUDITING QUESTIONS AND ANSWERS
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PA D251, WGU D251 ADVANCED AUDITING, UNIT 6 D251 ADVANCED AUDITING QUESTIONS AND ANSWERS
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How can an auditor increase the chances that systematically selected samples are
representative of the population?
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By using multiple random starts
,The auditor notified the client to make appropriate and timely disclosures of new
material facts, but the client did not cooperate. What should the auditor do next?
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Notify the client and any regulatory agency with jurisdiction over the client
that the audit report should no longer be associated with the client's
financial statements
What is a risk-based review in which a reviewer evaluates the significant judgments
and conclusions made by an audit team?
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Engagement quality review
What is an Attribute?
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A characteristic of a population of interest to the auditor
What is the risk of incorrect rejection of book value?
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Risk that the auditor will conclude that the account balance contains a
material misstatement when the account balance actually does not contain
, a material misstatement.
What is a Type I subsequent event?
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Events that existed at the balance sheet date
To whom would an audit team communicate difficulties in performing an audit?
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The Audit Committee
What is supply chain management?
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Management and control of materials in the logistics process from the
acquisition of raw materials to the delivery of finished products to the end
user (customer)
How does the AICPA describe audit reporting?
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, The purpose of an audit is to enhance the degree of confidence that users
can place in the financial statement. This purpose is achieved when an
auditor expresses an opinion on the financial statements.
Which factor would lead an auditor to assess client business risk at a higher level?
a. The overall business climate for the client appears to be mixed for the foreseeable
future
b. The client has hired somewhat experienced personnel to deal with industry
changes
c. The client's use of information technology is incompatible across systems and
processes
d. The client has developed technology-related partnerships
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c. The client's use of information technology is incompatible across
systems and processes
What is the primary objective of monetary unit sampling?
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To identify overstatement errors
What is a misstatement?
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