DeVry ACCT 444 Week 1-5 Complete Quizzes

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liabilities. revenues. all of the above. Chapter 11 8. (TCO 3) Because of the risk of material misstatements due to fraud, an audit of financial statements in accordance with generally accepted auditing standards should be performed with an attitude of (Points : 3) objective judgment. impartial conservatism. independent integrity. professional skepticism. Chapter 11 Question 9. 9. (TCO 3) Which of the following is a factor that relates to attitudes or rationalization to commit fraudulent financial reporting? (Points : 3) Significant accounting estimates involving subjective judgments Excessive pressure for management to meet debt repayment requirements Management’s practice of making overly aggressive forecasts High turnover of accounting, internal audit and information technology staff Chapter 11 Question 10. 10. (TCO 3) Auditor responses to fraud risks include which of the following? (Points : 3) Change the overall conduct of the audit to respond to identified fraud risks. Design and perform audit procedures to address identified risks. Perform procedures to address the risk of management override of controls. All of the above. Chapter 11
10. (TCO 3) Which of the following characteristics is most likely to heighten an auditor’s concern about the risk of material misstatements, due to fraud in an entity’s financial statements? (Points : 3) Employees who handle cash receipts are not bonded. The entity’s industry is experiencing declining customer demand. Internal auditors have direct access to the board of directors and the entity’s management. The board of directors is active in overseeing the entity’s financial reporting policies. Chapter 11 ACCT 444 Week 3 Quiz Week 3 : Audit Evidence, Planning, Risk, & Materiality – Quiz 1. (TCO 6) Physical examination is the inspection or count by the auditor of items such as (Points : 3) cash or inventory only. cash, inventory, canceled checks, and sales documents. cash, inventory, canceled checks, and tangible fixed assets. cash, inventory, securities, notes receivable, and tangible fixed assets. Chapter 7 1. (TCO 6) The distinction between physical examination of assets and examination of documents is dependent on the item being examined. If the object being examined has no inherent value, the evidence is called (Points : 3) documentation. physical examination. confirmation. none of the above. Chapter 7 1. (TCO 6) Which of the following statements regarding documentation is not correct? (Points : 3) Documentation includes examining client records, such as general ledgers and supporting journals.
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Page 3 and 4: 7. (TCO 3) Independence in auditing
Page 5 and 6: Question 8. 8. (TCO 3) Several mont
Page 7 and 8: the amount of the damages suffered
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Page 25 and 26: Data control All of the above 7. (T
Page 27 and 28: 9. (TCO 10) Auditors should evaluat
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