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ACCT 591 DeVry Week 3 Quiz Latest

ACCT 591 DeVry Week 3 Quiz

ACCT 591 DeVry Week 3 Quiz Latest Downloading is very simple, you can download this Course here: Or Contact us at: ACCT 591 DeVry Week 3 Quiz Latest ACCT591 ACCT 591 DeVry Week 3 Quiz Latest Question 1.1. (TCO A) (CPA-05360.B) Prior to commencing field work, an auditor usually discusses the general audit strategy with the client's management. Which of the following details do management and the auditor usually agree upon at this time? (Points : 10) o o o o The specific matters to be included in the communication with those charged with governance. The minimum amount of misstatements that may be considered to be significant deficiencies in internal control. The schedules and analyses that the client's staff should prepare. The effects that inadequate controls may have over the safeguarding of assets. Question 2.2. (TCO A) (CPA-06834.B) Under PCAOB standards, which one of the following would not be considered by the auditor when determining the procedures to perform to obtain an understanding of the nature of the company? (Points : 10) o o o o Become an investor of the company in order to get access to the same information that other investors would have. Read public information about the company relevant to the evaluation of the likelihood of material financial statement misstatement and the effectiveness of the company's internal control over financial reporting. Obtain information from SEC filings and other sources about trading activity in the company's securities and holdings of significant shareholders. Observe or read transcripts of earnings calls and other publicly available meetings with investors and ratings agencies. Question 3.3. (TCO A) (CPA-02803.B) Which of the following is required documentation in an audit in accordance with generally accepted auditing standards? (Points : 10) o o o o A flowchart or narrative of the information system relevant to financial reporting describing the recording and classification of transactions for financial reporting. An audit plan setting forth in detail the procedures necessary to accomplish the engagement's objectives. A planning memorandum establishing the timing of the audit procedures and coordinating the assistance of entity personnel. An internal control questionnaire identifying controls that assure specific objectives will be achieved. Question 4.4. (TCO A) (CPA-05716.B) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following? (Points : 10)

to View the Entire Article - Kansas Society of CPAs & Educational ...
A Practical Approach to Understanding Audit Risk
Summary Financial Information from the Auditor for Fiscal Year 2011
Compendium of Standards on Internal Audit -