September 2023 Part 1 A correct relationship among the auditor the client and the external users is The three requirements for

2024 ACC 403 Auditing Midterm Part 1 & 2- Latest 2016 Assignment Help

Part 1 A correct relationship among the auditor the client and the external users is The three requirements for 2023

Part 1 A correct relationship among the auditor, the client, and the external users is: The three requirements for becoming a CPA include all but which of the following? The most common way for users to obtain reliable information is to: Which of the following is not a SysTrust Services principle as defined by the AICPA? An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the: To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, the auditor must fulfill several performance responsibilities, including: The “Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles” provides a framework to help auditors: Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: For privately held companies who is responsible for establishing auditing standards? Statements on Auditing Standards issued by the AICPA’s Auditing Standards Board are: The term “explanatory paragraph” was replaced in the AICPA auditing standards with Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned that management may be trying to prevent discovery of misstatements. In such cases, the auditor will likely issue a: When a qualified or adverse opinion is issued, the qualifying paragraph is inserted: The auditor’s responsibility section of the standard unqualified audit report states that the audit is designed to: If most or all users’ decisions that are based on the financial statements are likely to be significantly affected, the materiality level is: When a company’s financial statements contain a departure from GAAP with which the auditor concurs, the departure should be explained in: When determining whether independence is impaired because of an ownership interest in a client company, materiality will affect ownership: The AICPA’s Code of Professional Conduct requires independence for all: A six-step approach is often used to resolve an ethical dilemma. The first step in this process is to Freedom from ________ means the absence of relationships that might interfere with objectivity or integrity. The underlying reason for a code of professional conduct for any profession is: The AICPA’s Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term “objectivity” in the Code refers to a CPA’s ability to: The members of a client’s “audit committee” should be: Part 2 Which of the following auditor’s defenses usually means nonreliance on the financial statements by the user? The expectation gap: The standard of due care to which the auditor is expected to adhere to in the performance of the audit is referred to as the: The assessment against a defendant of that portion of the damage caused by the defendant’s negligence is called: The preferred defense in third party suits is: In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if: Which of the following would most likely be deemed a direct-effect illegal act? Fraudulent financial reporting is most likely to be committed by whom? Which of the following is the auditor least likely to do when aware of an illegal act? The most important general ledger account included in and affecting several cycles is the: “The auditor should not assume that management is dishonest, but the possibility of dishonesty must be considered.” This is an example of: Which of the following statements is the most correct regarding errors and fraud? Audit documents: When the auditor uses tracing as an audit procedure for tests of transactions she is primarily concerned with which audit objective? Which of the following is not one of the four decisions about what evidence to gather and how much of it to accumulate? Given the economic and time constraints in which auditors can collect evidence about management assertions about the financial statements, the auditor normally gathers evidence that is: ________ is the auditor’s examination of the client’s documents and records to substantiate that the information is included in the financial statements. When practical and reasonable, U.S. auditing standards require the confirmation of: Which of the following is not a characteristic of the reliability of evidence? An auditor should examine minutes of the board of directors’ meetings: One of the purposes of an engagement letter is to avoid misunderstandings with the client. This is important for: Which of the following best describes the corporate minutes of an entity? Written communication that the auditor will provide reasonable assurance for the detection of fraud is found in: The audit team gathers information about a new client’s business and industry in order to obtain: Related party:

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