Which of the following best describes the reason why an independent auditor reports on financial statements?
Audit Issue and Legal Liabilities

Quiz
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Other
•
1st - 3rd Grade
•
Hard
calit cantik
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A misappropriation of assets may exist, and it is more likely to be detected by independent auditors
Different interests may exist between the company preparing the statements and the persons using the statements
A misstatements of account balances may exist and is generally corrected as the result of the independent auditor's work
Poorly designed internal controls may be in existence
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because of the risk of material misstatement, an audit should be planned and performed with an attitude of
objective judgment
independent integrity
professional skepticism
impartial conservatism
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The major reason an independent auditor gathers audit evidence is to
form an opinion of the financial statements
detect fraud
evaluated management
assess control risk
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
An independent auditor has the responsibility to design the audit to provide reasonable assurance of detecting errors and fraud that might have a material effect on the financial statements. Which of the following, if material is a fraud as defined in auditing standards?
Misappropriation of an asset or group of assets
Clerical mistakes in the accounting data underlying the financial statements
Mistakes in the application of accounting principles
Misinterpretation of facts that existed when the financial statements were prepared
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What assurance does the auditor provide that errors and fraud that are material to the financial statements will be detected?
Errors: limited, Fraud: negative
Errors: reasonable, Fraud: reasonable
Errors: limited, Fraud: limited
Errors: reasonable, Fraud: limited
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements describes why a properly designed and executed audit may not detect a material misstatement in the financial statements resulting from fraud?
Audit procedures that are effective for detecting unintentional misstatements may be ineffective for an intentional misstatement that is concealed through collusion
An audit is designed to provide reasonable of detecting material errors, but there is no similar responsibility concerning fraud
The factors considered in assessing control risk indicated an increased risk of intentional misstatements, but only a low risk of unintentional misstatements
The auditor did not consider factors influencing audit risk for account balances that have effects pervasive to the financial statements taken as a whole
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An auditor reviews aged accounts receivable to assess likelihood of collection to support management's assertions about account balances of
existence
completeness
valuation and allocation
rights and obligations
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