ACC 497 Final Exam - Assignment

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B. Understand the relationship between materiality and audit evidence. C. Analyze data and identify significant differences. D. Perform the calculations using industry data. 87. In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that A. they must be identical B. the former may be higher or lower than the latter C. the former is higher than the latter D. the former is lower than the latter 88. Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever A. risk assessments are not quantified B. assessed control risk at the account balance level does not support the planned level of control risk C. control risk is assessed above the minimum D. control risk is assessed below the maximum 89. In the audit risk model, audit sampling applies to A. detection risk B. inherent risk and control risk C. control risk and detection risk D. inherent risk and detection risk 90. Audit sampling is involved whenever an auditor A. examines 100% of the population B. makes an inference about a population characteristic based on a partial examination of that population C. performs tests of controls D. performs tests of details 91. How can long-term assets best be tested for ownership? A. Examining documents of title B. Reviewing the ledger to ensure the item is listed
C. Inquiring with management D. Reviewing prior year workpapers 92. How can long-term assets best be tested for current present value? A. Reviewing the depreciation schedule for accuracy and completeness B. Physically examining the assets and appraising the assets C. Applying time value of money analysis D. Performing an analytical review ACC 497 Final Exam answers tutorial here ACC 497 Final Exam AUDITING AND ATTESTATION Section 4: Review the Engagement to Provide Reasonable Assurance That Objectives Are Achieved and Evaluate Information Obtained to Reach and to Document Engagement Conclusions 93. Because of the effects of circulation, some audit evidence is more reliable than other evidence. Which of the following is generally considered to be most reliable? A. Purchase requisitions B. Suppliers’ invoices C. Receipted bank deposit slips D. Cutoff bank statements 94. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle? A. Sales B. Sales returns and allowances C. Inventory D. Accounts receivable 95. The auditor’s strategy in performing test counts during the inventory observation is to A. concentrate tests on high-dollar items and take a representative sample of other items
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ACC 497 Final Exam - Assignment

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