ACCT 591 DeVry Complete Quiz Package

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Valuation and allocation.
Classification and understandability.
Question 9.9.(TCOs B and C) (CPA-02391.B) In performing a count of negotiable securities, an auditor records
the details of the count on a security count worksheet. What other information is usually included on this worksheet?
(Points : 10)
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An acknowledgment by a client representative that the securities were returned intact.
An analysis of realized gains and losses from the sale of securities during the year.
An evaluation of the client's internal control concerning physical access to the securities.
A description of the client's procedures that prevent the negotiation of securities by just one person.
Question 10.10.(TCOs B and C) (CPA-04713.B) Analytical procedures performed in the final review stage of an
audit generally would include: (Points : 10)
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Reassessing the factors that assisted the auditor in deciding on preliminary materiality levels and audit risk.
Considering the adequacy of the evidence gathered in response to unexpected balances identified in planning.
Summarizing uncorrected misstatements specifically identified through tests of details of transactions and
balances.
Calculating projected uncorrected misstatements estimated through audit sampling techniques.
ACCT 591 DeVry Week 5 Quiz Latest
Question 1.1. (TCOs B and C) (CPA-05615.B) Jackson is auditing the financial statements of Saffer Company,
an issuer. Which of the following is true? (Points : 10)
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Jackson is not required to audit internal control, but should report any significant deficiencies or material
weaknesses noted.
Saffer is required to obtain an audit of its internal control, but a professional other than Jackson may be hired
for this purpose.
Jackson is required to audit and report on Saffer's internal control.
If Jackson provides an adverse opinion on the financial statements, an audit of Saffer's internal control is not
permitted.
Question 2.2. (TCOs B and C) (CPA-06853.B) An auditor discovers that an account balance believed not to be
materially misstated based on an audit sample was materially misstated based on the total population of the account
balance. This is an example of which of the following sampling types of risks? (Points : 10)
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Incorrect rejection.
Incorrect acceptance.
Assessing control risk too low.
Assessing control risk too high.
Question 3.3. (TCOs B and C) (CPA-02600.B) An advantage of statistical sampling over nonstatistical sampling
is that statistical sampling helps an auditor to: (Points : 10)
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Eliminate the risk of nonsampling errors.
Reduce the level of audit risk and materiality to a relatively low amount.
Measure the sufficiency of the audit evidence obtained.
Minimize the failure to detect errors and fraud.
Question 4.4. (TCOs B and C) (CPA-02617.B) Which of the following sample planning factors would influence
the sample size for a substantive test of details for a specific account? Expected Measure of