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ACCT 444 Week 2 Quiz

ACCT 444 Week 2 Quiz

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ACCT 444 Week 2 Quiz

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ACCT 444 Week 2 Quiz

Question 1. 1. (TCO 4) To succeed in an action against the auditor, the client must be able to show that (Points : 3)

the auditor was fraudulent.

the auditor was grossly negligent.

there was a written contract.

there is a close causal connection between the auditor’s behavior and the damages suffered by the client.

Chapter 5, 6 & 7

 

1. (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if (Points : 3)

statistical sampling techniques were not used on the audit engagement.

the auditor planned the audit in a negligent manner.

accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier.

the fraud was perpetrated by one employee who circumvented the existing internal controls.

Question 2. 2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually (Points : 3)

the amount of the damages suffered by plaintiff.

whether to impose punitive damages on the defendant.

the level of care exercised by the CPA.

whether defendant was involved in fraud.

Chapter 5, 6 & 7

 

2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually (Points : 3)

the amount of the damages suffered by plaintiff.

whether to impose punitive damages on the defendant.

the level of care exercised by the CPA.

whether defendant was involved in fraud.

 

Question 3. 3. (TCO 4) While performing services for their clients, professionals have a duty to provide a level of care that is (Points : 3)

free from judgment errors.

superior.

greater than average.

reasonable.

Chapter 5

 


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