Exam 2: Professional Standards

A periodic review of an audit firm's system of quality control by the PCAOB is referred to as a(n)

Which of the following presumptions is correct about the reliability of audit evidence?

Which of the following types of audit evidence provides the least assurance of reliability?

For each of the items below,indicate through the appropriate letter the fundamental principle to which the item is most closely related. A. Responsibilities principle B. Performance principle C. Reporting principle ___ 1. Maintaining professional skepticism. ___ 2. An auditors' overall conclusion of the fairness of the client's financial statements. ___ 3. The use of an audit plan to identify audit procedures to be performed during the engagement. ___ 4. Auditors' assessment of the risk of material misstatement. ___ 5. Accounting firm policies with respect to the level of expected continuing professional education. ___ 6. Expressing an opinion in accordance with the auditor's findings. ___ 7. Proper supervision of assistants on the audit. ___ 8. Auditors' requests to obtain bank statements directly from financial institutions with whom the client does business. ___ 9. An indication that an opinion cannot be expressed. ___ 10. Determining and applying an appropriate materiality level.