ACC 403 FINAL EXAM 1 CHP. 9-13

ACC 403 FINAL EXAM 1 CHP. 9-13

Author: Christine Farr


If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:

The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

Auditors generally allocate the preliminary judgment about materiality to the:

Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

An auditor who audits a business cycle that has low inherent risk should:

When one material weakness is present at the end of the year, management of a public company must conclude that internal control over financial reporting is:

An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is:

Which of the following is responsible for establishing a private company's internal control?

Internal controls normally include procedures designed to provide reasonable assurance that:

Internal controls:

Financial statement manipulation risk is arguably present for all companies' financial statements. However, the risk is elevated for companies that:

Which of the following is not a factor that relates to opportunities to misappropriate assets?

Two of the most useful warning signals that can indicate that revenue fraud is occurring are:

In the fraud triangle, fraudulent financial reporting and misappropriation of assets:

Which of the following is a factor that relates to incentives to misappropriate assets?

The audit approach in which the auditor runs his or her own program on a controlled basis to verify the client's data recorded in a machine language is:

Auditors should evaluate which of the following before evaluating application controls because of the potential for pervasive effects?

Which of the following is a component of general controls?

General controls may include firewalls which are used to protect from:

An internal control deficiency occurs when computer personnel:

Analytical procedures:

In the context of an audit of financial statements, substantive tests are audit procedures that:

A system walkthrough is primarily used to help the auditor:

Which of the following audit tests is usually the least costly to perform?

Presentation and disclosure related audit objectives would be performed in which phase of the audit process?

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