It is the probability that the auditor will render unqualified opinion on financial statements that are, in fact, are materially misstated.
ACC120 | POP QUIZ

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Computers
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University
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Medium
Romer Labajo
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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
Audit Risk
Internal Control
Management Assertions
Audit Planning
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Internal Controls are the mechanisms, rules, and procedures implemented by the company to ensure financial and accounting information integrity, promote accountability, and prevent
fraud.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The audit risk formula/model is
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The relationship between test of controls and substantive test is direct. It means that the stronger the internal control, the more substantive testing the auditor must do.
TRUE
FALSE
5.
OPEN ENDED QUESTION
1 min • 5 pts
This law was enacted to protect the losses suffered by stockholders due to several large financial frauds such as the case of Enron.
Evaluate responses using AI:
OFF
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is the correct order of the phases of IT audit?
1. Audit Planning
2. Substantive Testing
3. Test of Control
1. Audit Planning
2. Test of Control
3. Substantive Testing
1. Test of Control
2. Audit Planning
3. Substantive Testing
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and establishing criteria and communicating the results to interested users.
Accounting
Consulting
Auditing
Planning
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