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Homework answers / question archive / Nipissing University ACCT 4827 1)The overall audit process can be broken down into which of these three phases? Client acceptance, risk analysis, and audit performance

Nipissing University ACCT 4827 1)The overall audit process can be broken down into which of these three phases? Client acceptance, risk analysis, and audit performance

Accounting

Nipissing University

ACCT 4827

1)The overall audit process can be broken down into which of these three phases?

    1. Client acceptance, risk analysis, and audit performance.
    2. Analytical review, test of details of balances, and tests of controls
    3. Risk identification, risk assessment and risk response.
    4. Risk assessment, risk response, and reporting of results

 

  1. An "accountable party" can be all of the following at the same time except                  .
    1. an auditor
    2. an entity
    3. a client
    4. an auditee

 

  1. Audit risk can be offset by                   .
    1. general management
    2. engagement management
    3. audit management
    4. quality management

 

  1. CAS and CSQC standards require all of the following factors be addressed as part of the audit engagement acceptance and continuance decision, except for:
    1. An assessment of the auditor's level of independence.
    2. An assessment of the client's integrity
    3. An assessment of the auditor's competence and capabilities to perform the audit.
    4. An assessment of what additional services can be provided to the current or potential client.

 

  1. Which of the following most indicates a situation where an organization would be deemed by the PA to be "not auditable"?
    1. As part of an aggressive growth strategy, the company's operations will soon extend to multiple countries.
    2. Management's intention is to take the company global within the next three years.
    3. Due to what it perceives as unacceptably high legal liability exposure, company management will not commit to providing the auditor with written representations.
    4. Because the company's shares are traded on the New York Stock Exchange, its financial statements are prepared according to U.S. GAAP.

 

  1. Business processes cross boundaries between functional areas of an organization. Business process management systems have been facilitated by               .
    1. management information systems
    2. enterprise resource planning systems
    3. database management systems
    4. Web-based application systems

 

  1. The business process view also highlights the fact that business organizations                  .
    1. differ in terms of the technology they use
    2. essentially all perform the same activities
    3. should simplify their business to follow clear rules
    4. work best when run as a hierarchy

 

  1. An auditor assesses management's ability to identify and respond to its business risks because:
    1. It reduces the auditor's risk of accepting the audit engagement
    2. It reduces the amount of planned audit evidence.
    3. It reduces the risk of material misstatement at the financial statement level.
    4. It reduces the preliminary assessment of materiality.

 

  1. Which of the following statements concerning financial statement assertions is false?
    1. They are the claims management makes in presenting its financial statements.
    2. Their appropriate application is determined in reference to GAAP, or the disclosed basis of accounting.
    3. They are directly tied to the audit objectives auditors use to design specific evidence-gathering procedures.
    4. They must be fully disclosed in the notes to the financial statements.

 

  1. The audit objective specifying that "all recorded assets, liabilities, and tractions represent real assets, liabilities, revenues, and expenses" is related most closely to which assertion(s)?
  1. Existence or occurrence.
  2. Rights and obligations.
  3. Completeness.
  4. Presentation and disclosure.

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