Devry ACCT 444 All Quizes Latest

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Devry ACCT 444 All Quizes Latest

Devry ACCT 444 Week 1 Quiz Latest

Question 1

3 / 3 pts

(TCO 3) The organization that is responsible for providing oversight for auditors of public companies is called the _____

Auditing Standards Board.

American Institution of Public Accountants.

Accounting Oversight Board.

Public Company Accounting Oversight Board.

Question 2

3 / 3 pts

(TCO 1) Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit _____

both private and public companies.

public companies only.

private companies, public companies, and nonprofit entities.

private companies only.

Question 3

3 / 3 pts

(TCO 1) Which of the following actions should a CPA firm take to comply with the AICPA’s quality control standards?

Establish procedures that comply with the standards of the Sarbanes-Oxley Act.

Use attributes sampling techniques in testing internal controls.

Consider inherent risk and control risk before determining detection risk.

Establish policies to ensure that the audit work meets applicable professional standards.

Question 4

3 / 3 pts

(TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n) _____

accounting and bookkeeping service.

attestation service.

assurance service.

tax service.

Question 5

3 / 3 pts

(TCO 1) Jackson & Company, CPAs, plan to audit the financial statements of Perigee Technologies, an issuer as defined under the Sarbanes-Oxley Act of 2002. Which of the following situations would impair Jackson’s independence?

Provision of personal tax services to Johnson, the accounts payable manager of Perigee

Preparation of Perigee’s routine annual tax return, where Jackson’s fee will be calculated as a percentage of the tax refund obtained

Audit of Perigee’s internal control is performed contemporaneously with the annual financial statement audit

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

Devry ACCT 444 Week 2 Quiz Latest

Question 1

3 / 3 pts

(TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if

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

3 / 3 pts

(TCO 4) “Absence of reasonable care that can be expected of a person is a set of circumstances” defines

pecuniary negligence.

gross negligence.

extreme negligence.

ordinary negligence.

Question 3

3 / 3 pts

(TCO 4) The prudent person concept establishes that

the CPA firm is not expected to make only perfect judgments.

an audit in accordance with GAAS is subject to limitations and cannot be relied upon for complete assurance that all errors and irregularities will be found.

the courts do not require that the auditor become the insurer or guarantor of the accuracy of the statements.

all three of the above are true.

Question 4

3 / 3 pts

(TCO 4) Tort actions against CPAs are more common than breach of contract actions because

there are more torts than contracts.

the burden of proof is on the auditor rather than on the person suing.

the person suing need prove only negligence.

the amounts recoverable are normally larger.

Question 5

3 / 3 pts

(TCO 4) If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor

should withdraw from the engagement.

should request an increase in audit fees so that more resources can be used to conduct the audit.

has the responsibility of notifying financial statement users through the auditor’s report.

should notify regulators of the circumstances.

Devry ACCT 444 Week 3 Quiz Latest

Question 1

3 / 3 pts

(TCO 6) Physical examination is the inspection or count by the auditor of items such as

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.

Question 2

0 / 3 pts

(TCO 6) Analytical procedures are

diagnostic tests of financial information that may not be classified as evidential matter.

calculations of financial information made by a computer.

substantive tests of financial information made by a study and comparison of relationships among data.

statistical tests of financial information designed to identify areas requiring intensive investigation.

Question 3

3 / 3 pts

(TCO 6) The Auditing Standards Board has concluded that analytical procedures are so important that they are required during

planning and testing phases.

planning and completion phases.

testing and completion phases.

planning, testing, and completion phases.

Question 4

3 / 3 pts

(TCO 6) Traditionally, confirmations are used to verify

individual transactions between organizations, such as sales transactions.

bank balances and accounts receivables.

fixed asset additions.

All of the above

Question 5

3 / 3 pts

(TCO 7) Analytical procedures used in planning an audit should focus on identifying

material weaknesses of internal control.

the predictability of financial data from individual transactions.

the various assertions that are embodied in the financial statements.

areas that may represent specific risks relevant to the audit.

Devry ACCT 444 Week 4 Quiz Latest

Question 1

3 / 3 pts

(TCO 5) Which of the following is responsible for establishing a private company’s internal control?

Management

Auditors

Management and auditors

Committee of Sponsoring Organizations

Question 2

3 / 3 pts

(TCO 5) Which section of the Sarbanes-Oxley Act requires management to issue an internal control report?

202

203

404

408

Question 3

3 / 3 pts

(TCO 5) Which of management’s concerns with respect to implementing internal controls is the auditor primarily concerned?

Efficiency of operations

Reliability of financial reporting

Effectiveness of operations

Compliance with applicable laws and regulations

Question 4

3 / 3 pts

(TCO 5) Even with the most effectively designed internal control, the auditor must obtain audit evidence, beyond testing the controls, for every

transaction.

financial statement account.

material financial statement account.

financial statement account that will be relied upon by third parties.

Question 5

3 / 3 pts

(TCO 5) Which of the following is correct?

A significant deficiency is always a material weakness.

A reportable condition is always a material weakness.

A material weakness is less significant that a control deficiency.

A significant deficiency may be a material weakness.

Devry ACCT 444 Week 5 Quiz Latest

Question 1

3 / 3 pts

(TCO 6) The auditor looks for an indication on duplicate sales invoices to see whether the invoices have been verified. This is an example of

a test of details of balances.

a test of control.

a substantive test of transactions.

both a test of control and a substantive test of transactions.

Question 2

3 / 3 pts

(TCO 6) Analytical procedures are defined in the auditing standards as

compliance tests.

substantive tests.

tests of controls.

helpful procedures not possessing the validity of other tests available to the auditor.

Question 3

3 / 3 pts

(TCO 6) Which of the following audit tests is usually the most costly to perform?

Analytical procedures

Tests of controls

Tests of balances

Substantive tests of transactions

Question 4

3 / 3 pts

(TCO 6) Which of the following represents an incorrect pairing of a type of audit test and evidence?

Procedures to obtain an understanding of internal controls—documentation

Analytical procedures—ratio analysis

Substantive tests of transactions—confirmation

Tests of details of balances—physical examination

Question 5

3 / 3 pts

(TCO 6) The purpose of tests of controls is to provide reasonable assurance that the

accounting treatment of transactions and balances is valid and proper.

internal control procedures are functioning as intended.

entity has complied with GAAP disclosure requirements.

entity has complied with requirements of quality control.

Devry ACCT 444 Week 6 Quiz Latest

Question 1

3 / 3 pts

(TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the

tolerable exception rate.

estimated population exception rate.

acceptable risk of overreliance.

sample exception rate.

Question 2

3 / 3 pts

(TCO 9) A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a

random sample.

statistical sample.

judgment sample.

representative sample.

Question 3

3 / 3 pts

(TCO 9) To determine if a sample is truly representative, an auditor must

conduct multiple samples of the same population.

never use sampling because of the expense involved.

audit the entire population.

perform none of the above.

Question 4

3 / 3 pts

(TCO 9) The most important aspect of evaluating the client’s method of obtaining a reliable cutoff is to

perform extensive detailed testing of cutoff.

evaluate the client’s control procedures around cutoff.

confirm a sample of transactions near period end with customers.

perform any of the above.

Devry ACCT 444 Week 7 Quiz Latest

Question 1

3 / 3 pts

(TCO 2) When a misstatement in the financial statements exists, but is unlikely to affect the decisions of a reasonable user, it would be appropriate to issue

an unqualified opinion.

a qualified opinion.

an adverse opinion.

a disclaimer of opinion.

Question 2

0 / 3 pts

(TCO 2) Under which of the following sets of circumstances should an auditor issue a qualified opinion?

The financial statements contain a departure from generally accepted accounting principles, the effect of which is material.

The principal auditor decides to make reference to the report of another auditor who audited a subsidiary.

There has been a material change between periods in the method of the application of accounting principles.

There are significant uncertainties affecting the financial statements.

Question 3

3 / 3 pts

(TCO 2) An auditor who is unable to form an opinion on a new client’s opening inventory balances may issue an unmodified opinion on the current year’s:

Income statement only.

Statement of cash flows only.

Balance sheet only.

Statement of shareholders’ equity only.

Question 4

3 / 3 pts

(TCO 2) Comparative financial statements include the financial statements of the prior year that were audited by a predecessor auditor whose report is not presented. If the predecessor’s report was qualified, the successor should:

Indicate the substantive reasons for the qualification in the predecessor auditor’s opinion.

Request the client to reissue the predecessor’s report on the prior year’s statements.

Issue an updated comparative audit report indicating the division of responsibility.

Express an opinion only on the current year’s statements and make no reference to the prior year’s statements.

 

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