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