
Completion of audit

Quiz
•
Business
•
University
•
Medium
Kyle Uping
Used 2+ times
FREE Resource
45 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern?
Cash flows from operating activities are negative
Stock dividends replace annual cash dividends
Significant related party transactions are pervasive
Research and Development projects are postponed
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following statements are ordinarily included in a management representation letter, except
The completeness and availability of minutes of stockholders' and directors' meetings.
Sufficient appropriate audit evidence has been made available to permit the expression of an unqualified opinion.
There have been no irregularities involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements.
The financial statements are free of material misstatements, including omissions.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An auditor is concerned with completing various phases of the audit after the balance sheet date. This subsequent period extends to the date of the
Delivery of the auditor's report to the client
Auditor's report
Final review of the audit working papers
Public issuance of the financial statements
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The primary source of information to be reported about litigation, claims, and assessments is the
Independent auditor.
Client's management.
Court records.
Client's lawyer.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The written representations shall be in the form of a representation letter addressed to the
Entity's management.
Auditor.
Entity's chief executive officer.
Entity's chief financial officer.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Analytical procedures used in the overall review stage of the audit generally include A. Retesting controls that appeared to be ineffective during the assessment of control risk. B. Considering unusual or unexpected account balances that were not previously identified. C. Gathering evidence concerning account balances that have not changed from the prior year. D. Performing tests of transactions to corroborate management's financial statement assertions.
Retesting controls that appeared to be ineffective during the assessment of control risk
Considering unusual or unexpected account balances that were not previously identified
Gathering evidence concerning account balances that have not changed from the prior year
Performing tests of transactions to corroborate management's financial statement assertions
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Analytical procedures performed in the overall review stage of an audit suggest that several accounts have unexpected relationships. The results of these procedures most likely indicate that
The communication with the audit committee should be revised
Irregularities exist among the relevant account balances
Additional substantive tests of details are required
Internal control activities are not operating effectively
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