Question 1

A combination of evidence gathering techniques provides more persuasive evidence than evidence gathered from a single technique.

Accepted Answer

A) True 
 B)False

Question 2

In preparing for a repeat engagement,the first thing an audit team should do is ________.

Accepted Answer

A) interview client management for any changes in the business and industry 
B) take a tour of a client's physical facilities,noting obvious inventory obsolescence or equipment maintenance issues 
C) obtain a copy of the year-end financial statements for the current year 
D) review prior-year working papers and permanent file documents 
A) interview client management for any changes in the business and industry 
B) take a tour of a client's physical facilities,noting obvious inventory obsolescence or equipment maintenance issues 
C) obtain a copy of the year-end financial statements for the current year 
D) review prior-year working papers and permanent file documents

Question 3

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements concerning the experts an auditor consults in the audit of financial statements is false?

Accepted Answer

A) They have expertise in fields other than accounting and auditing. 
B) They are not members of the audit team. 
C) They have to be unrelated to the company or organization under audit. 
D) The auditor must be able to evaluate the expert's work and assess the reasonableness of the expert's findings. 
A) They have expertise in fields other than accounting and auditing. 
B) They are not members of the audit team. 
C) They have to be unrelated to the company or organization under audit. 
D) The auditor must be able to evaluate the expert's work and assess the reasonableness of the expert's findings.

Question 5

A first audit requires more work than a repeat engagement.

Accepted Answer

A) True 
 B)False

Question 6

Analysis is most useful in providing evidence of ________.

Accepted Answer

A) existence,completeness,and ownership 
B) existence,ownership,and valuation 
C) completeness,ownership,and presentation 
D) completeness,valuation,and presentation 
A) existence,completeness,and ownership 
B) existence,ownership,and valuation 
C) completeness,ownership,and presentation 
D) completeness,valuation,and presentation

Question 7

Without proper audit working papers the auditor has nothing of substance to support the audit opinion issued.

Accepted Answer

A) True 
 B)False

A combination of evidence gathering techniques provides more persuasive evidence than evidence gathered from a single technique.

In preparing for a repeat engagement,the first thing an audit team should do is ________.

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Which of the following statements concerning the experts an auditor consults in the audit of financial statements is false?

A first audit requires more work than a repeat engagement.

Analysis is most useful in providing evidence of ________.

Without proper audit working papers the auditor has nothing of substance to support the audit opinion issued.

Introduction to Auditing

Auditors Professional Roles and Responsibilities

Auditors Ethical and Legal Responsibilities

Reports on Audited Financial Statements

Preliminary Audit Planning: Understanding the Auditees Business

Assessing Risks in an Audit Engagement

Internal Control Over Financial Reporting

Control Assessment and Testing

Audit Sampling

The Revenues, receivables, and Receipts Process and Cash Account Balance

The Purchases, payables, and Payments Process

Payroll and Production Processes

The Finance and Investment Process

Completing the Audit Work

Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report

Other Public Accounting Services and Reportsreviews and Compilations

Professional Rules of Conduct Details and Auditor Responsibilities

The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates

Legal Liability Cases

Other Professional Accounting Services and Reports, including Fraud Auditing

Filters

Exam 8: Audit Evidence and Assurance

A combination of evidence gathering techniques provides more persuasive evidence than evidence gathered from a single technique.

In preparing for a repeat engagement,the first thing an audit team should do is ________.

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Which of the following statements concerning the experts an auditor consults in the audit of financial statements is false?

A first audit requires more work than a repeat engagement.

Analysis is most useful in providing evidence of ________.

Without proper audit working papers the auditor has nothing of substance to support the audit opinion issued.

Introduction to Auditing

Auditors Professional Roles and Responsibilities

Auditors Ethical and Legal Responsibilities

Reports on Audited Financial Statements

Preliminary Audit Planning: Understanding the Auditees Business

Assessing Risks in an Audit Engagement

Internal Control Over Financial Reporting

Control Assessment and Testing

Audit Sampling

The Revenues, receivables, and Receipts Process and Cash Account Balance

The Purchases, payables, and Payments Process

Payroll and Production Processes

The Finance and Investment Process

Completing the Audit Work

Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report

Other Public Accounting Services and Reportsreviews and Compilations

Professional Rules of Conduct Details and Auditor Responsibilities

The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates

Legal Liability Cases

Other Professional Accounting Services and Reports, including Fraud Auditing

Filters