DEVRY ACCT 555 Week 3 Homework Assignment
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>555</strong> <strong>Week</strong> 3 <strong>Homework</strong><br />
<strong>Assignment</strong><br />
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<strong>ACCT</strong> <strong>555</strong> <strong>Week</strong> 3 <strong>Homework</strong> <strong>Assignment</strong><br />
6-19 (Objective 6-1) The following questions concern the reasons auditors do audits.<br />
Choose the best response.<br />
Which of the following best describes the reason why an independent auditor<br />
reports on financial statements?<br />
Because of the risk of material misstatement, an audit should be planned and<br />
performed with an attitude of<br />
The major reason an independent auditor gathers audit evidence is to<br />
6-20 (Objective 6-3) The following questions deal with errors and fraud. Choose the<br />
best response.<br />
An independent auditor has the responsibility to design the audit to provide<br />
reasonable assurance of detecting errors and fraud that might have a material effect<br />
on the financial statements. Which of the following, if material, is a fraud as defined<br />
in auditing standards?
What assurance does the auditor provide that errors, fraud, and direct-effect illegal<br />
acts that are material to the financial statements will be detected?<br />
6-27 (Objectives 6-6, 6-7) The following are specific transaction-related audit<br />
objectives applied to the audit of cash disbursement transactions (a through f),<br />
management assertions about classes of transactions (1 through 5), and general<br />
transaction-related audit objectives (6 through 11).<br />
Specific Transaction-Related Audit Objective<br />
Recorded cash disbursement transactions are for the amount of goods or services<br />
received and are correctly recorded.<br />
7-25 (Objectives 7-3, 7-4) The following questions concern persuasiveness of<br />
evidence. Choose the best response.<br />
Which of the following types of documentary evidence should the auditor consider to<br />
be the most reliable?<br />
Which of the following statements concerning audit evidence is true?<br />
Audit evidence can come in different forms with different degrees of persuasiveness.<br />
Which of the following is the least persuasive type of evidence?<br />
Which of the following presumptions is correct about the reliability of audit<br />
evidence?<br />
7-26 (Objectives 7-5, 7-6) The following questions concern audit documentation.<br />
Choose the best response.<br />
Which of the following isnota primary purpose of audit documentation?<br />
During an audit engagement, pertinent data are compiled and included in the audit<br />
files. The audit files primarily are considered to be<br />
Although the quantity, type, and content of audit documentation will vary with the<br />
circumstances, audit documentation generally will include the<br />
The permanent file of an auditor’s working papers most likely would include copies<br />
of the<br />
7-27 (Objective 7-4) The following are examples of documentation typically obtained<br />
by auditors:<br />
7-28 (Objective 7-4) The following are examples of audit procedures:
8-25 (Objectives 8-1, 8-3) The following questions concern the planning of the<br />
engagement. Select the best response.<br />
Which of the following is an effective audit planning procedure that helps prevent<br />
misunderstandings and inefficient use of audit personnel?<br />
8-28 (Objectives 8-2, 8-3, 8-4, 8-5) The following are various activities an auditor<br />
does during audit planning.