ACC 497 Final Exam - Assignment

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D. Auditing, accounting, and tax services 79. Internal auditors are primarily involved with A. compliance audits B. operational audits C. compliance audits and operational audits D. financial statement audits Click here and download ACC 497 Week 3 Assignments from the Readings 80. The statement that the reviewer “is not aware of any material modifications that should be made to the statements in order for them to be in conformity with GAAP” is known as A. reasonable assurance B. negligent performance C. negative assurance D. necessary ignorance 81. The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter? A. Complexity of calculations B. Management turnover, reputation, and accounting skills C. Susceptibility to misappropriation D. Sensitivity of operating results to economic factors AUDITING AND ATTESTATION Section 2: Consider Internal Control in Both Manual and Computerized Environments 82. Specific audit objectives are normally A. the same as the categories of management’s financial statement assertions B. developed for each item in the financial statements and derived from the categories of management’s financial statement assertions C. management’s assertion of fairness.
D. broken down into eight types. 83. The Committee of Sponsoring Organizations (COSO) report identified five interrelated components of internal control. Since then, a sixth category has been identified, which is A. monitoring B. risk assessment C. information and communication D. antifraud programs and controls 84. Which of the following necessary controls would address a potential misstatement arising from a voucher being paid twice? A. Periodic independent bank reconciliations B. Electronic cancellation of vouchers and supporting information when a check is issued C. Separate duties for approving payment vouchers and signing checks D. A computer comparing the sum of checks issued with the entry to cash disbursements 85. An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current period, which relates to the A. rights and obligations assertion B. presentation and disclosure assertion C. valuation or allocation assertion D. existence or occurrence assertion Complete Class Assignment just a click away UOP ACC 497 AUDITING AND ATTESTATION Section 3: Obtain and Document Information to Form a Basis for Conclusions 86. One of the six steps involved in performing analytical procedures includes the following: A. Understand the role of analytical procedures in planning and performing the audit.
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ACC 497 Final Exam - Assignment

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