Which of the following factors most likely would cause an auditor not to accept a new audit engagement?

Audit Theory Midterms Review

Quiz
•
Other
•
Professional Development
•
Hard
Remy Pendon
Used 4+ times
FREE Resource
20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Concluding that the entity’s management probably
lacks integrity.
The close proximity to the end of the entity’s fiscal year.
An inability to perform preliminary analytical
procedures before assessing control risk.
An inadequate understanding of the entity’s
internal control structure.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following are the reasons why the auditor will send
a new engagement letter each period, except
Any revised or special terms of the engagement
A significant change in nature or size of the client’s
business
Legal requirements
A recent change in the audit team
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In assessing audit risk, the CPA needs to do all of the following, except:
Gather audit evidence in support of recorded transactions
Understand the economic substance of significant transactions completed by the client
Understand the entity and the industry in which it operates
Obtain an understanding of the client's system of internal control
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following types of documentary evidence should the auditor consider to be the most reliable?
A sales invoice issued by the client and supported by a delivery receipt from an outside trucker.
A check, issued by the company and bearing the payee’s endorsement, that is included with the bank statements mailed directly to the auditor.
A working paper prepared by the client’s controller and reviewed by the client’s treasurer.
Confirmation of an account payable balance mailed by and returned directly to the auditor.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For an internal auditor to render impartial and unbiased judgement, they must be independent of the entity's
Stockholders
Independent Auditors
Board of Directors
Management
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An audit involves ascertaining the degree of correspondence between assertions and established criteria. In the case of a financial statement audit, which of the following is not a valid criterion?
Accounting standards generally accepted in the Philippines.
nternational Accounting Standards.
Authoritative financial reporting framework.
Philippine Standards on Auditing.
7.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
An auditor wants to know if the invoice is recorded by the entity. In this case, they will test from the supporting document to the accounting records. This test is called
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