Audit Issue and Legal Liabilities

Audit Issue and Legal Liabilities

1st - 3rd Grade

20 Qs

quiz-placeholder

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Audit Issue and Legal Liabilities

Audit Issue and Legal Liabilities

Assessment

Quiz

Other

1st - 3rd Grade

Hard

Created by

calit cantik

Used 21+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the reason why an independent auditor reports on financial statements?

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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