ACCT 422 Week 8 Final exam

ACCT 422 Week 8 Final exam

Author: Abraham Nolito


1. (TCO 2) When determining whether an exception is highly material the extent to which the exception affects different elements of the financial statements must be considered. This concept is called
2. (TCO 2) When a client has not applied GAAP consistently from the prior year to the current year, the auditor does not concur with the appropriateness of the change, and the change in GAAP has a material effect on the financial statements, the auditor should issue a(n)
3. (TCO 2) The only unqualified opinion which contains modified wording (excluding an explanatory paragraph) relates to
4. (TCO 2) A CPA will issue an adverse auditor's opinion if
5. (TCO 11) A principal purpose of a letter of representation from management is to
6. (TCO 11) Refusal by a client to prepare and sign the representation letter would require a(n)
7. (TCO 11) Inquiries of management regarding the possibility of unrecorded contingencies will not be useful in uncovering
8. (TCO 11) Which of the following procedures might be useful in discovering a contingent liability for a lawsuit that management is intentionally neglecting to disclose?
9. (TCO 2) In which type of report would you read the following statement: "We believe that our examination provides a reasonable basis for our opinion."?
10. (TCO 2) Compilation reports may be of all but which of the following types?

See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

26 Sophia partners guarantee credit transfer.

226 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 21 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.