DeVry ACCT 444 Week 1-5 Complete Quizzes

More documents

Recommendations

Info

Discovering that Lowe, the chief financial officer of Perigee, started his accounting career 10 years earlier as a staff accountant for Jackson & Company and continues to maintain ties with current partners at the firm Provision of personal tax services to Johnson, the accounts payable manager of Perigee Audit of Perigee’s internal control is performed contemporaneously with the annual financial statement audit Preparation of Perigee’s routine annual tax return, where Jackson’s fee will be calculated as a percentage of the tax refund obtained ACCT 444 Week 2 Quiz Week 2 : Auditor Legal Liability, Fraud, & Audit Objectives – Quiz Question 1. 1. (TCO 4) To succeed in an action against the auditor, the client must be able to show that (Points : 3) the auditor was fraudulent. the auditor was grossly negligent. there was a written contract. there is a close causal connection between the auditor’s behavior and the damages suffered by the client. Chapter 5, 6 & 7 1. (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if (Points : 3) statistical sampling techniques were not used on the audit engagement. the auditor planned the audit in a negligent manner. accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier. the fraud was perpetrated by one employee who circumvented the existing internal controls. Question 2. 2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually (Points : 3)
the amount of the damages suffered by plaintiff. whether to impose punitive damages on the defendant. the level of care exercised by the CPA. whether defendant was involved in fraud. Chapter 5, 6 & 7 2. (TCO 4) The principal issue to be resolved in cases involving alleged negligence is usually (Points : 3) the amount of the damages suffered by plaintiff. whether to impose punitive damages on the defendant. the level of care exercised by the CPA. whether defendant was involved in fraud. Question 3. 3. (TCO 4) While performing services for their clients, professionals have a duty to provide a level of care that is (Points : 3) free from judgment errors. superior. greater than average. reasonable. Chapter 5 3. (TCO 4) A third-party beneficiary is one that (Points : 3) has failed to establish legal standing before the court. does not have privity of contract and is unknown to the contracting parties.
Page 1 and 2: DeVry ACCT 444 Week 1-5 Complete Qu
Page 3 and 4: 7. (TCO 3) Independence in auditing
Page 5: Question 8. 8. (TCO 3) Several mont
Page 9 and 10: Chapter 6 6. (TCO 3) Which of the f
Page 11 and 12: 10. (TCO 3) Which of the following
Page 13 and 14: 3. (TCO 6) The Auditing Standards B
Page 15 and 16: type of nonfinancial data. presence
Page 17 and 18: Interview client personnel to bette
Page 19 and 20: the error range. tolerable material
Page 21 and 22: 203 404 408 2. (TCO 5) Sarbanes-Oxl
Page 23 and 24: 4. (TCO 5) Even with the most effec
Page 25 and 26: Data control All of the above 7. (T
Page 27 and 28: 9. (TCO 10) Auditors should evaluat
Page 29 and 30: helpful procedures not possessing t
Page 31 and 32: the order is received and credit is

DeVry ACCT 444 Week 1-5 Complete Quizzes

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?