Auditing and Assurance Services

Business

Quiz 6 :
Audit Responsibilities and Objectives

Quiz 6 :
Audit Responsibilities and Objectives

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The objective of an audit of the financial statements is an expression of an opinion on:
Free
Multiple Choice
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Answer:

A

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If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence,the auditor:
Free
Multiple Choice
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Answer:

C

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Auditors accumulate evidence to:
Free
Multiple Choice
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Answer:

D

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The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the:
Multiple Choice
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If management insists on financial statement disclosures that the auditor finds unacceptable,the auditor can withdraw from the engagement or:
Multiple Choice
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In certifying their annual financial statements,the CEO and CFO of a public company certify that the financial statements comply with the requirements of:
Multiple Choice
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Which of the following statements is true of a public company's financial statements?
Multiple Choice
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The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to:
Multiple Choice
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Because they operate the business on a daily basis,a company's management knows more about the company's transactions and related assets,liabilities,and equity than the auditors.
True False
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The annual reports of many public companies include a statement about management's responsibilities and relationship with the CPA firm.
True False
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The auditors determine which disclosures must be presented in the financial statements.
True False
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The auditor's best defense when material misstatements are not uncovered is to have conducted the audit:
Multiple Choice
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An audit must be performed with an attitude of professional skepticism.Professional skepticism consists of two primary components: a questioning mind and:
Multiple Choice
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Which of the following is not one of the reasons that auditors provide only reasonable assurance on the financial statements?
Multiple Choice
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Which of the following statements is the most correct regarding errors and fraud?
Multiple Choice
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When an auditor believes that an illegal act may have occurred,the auditor should first:
Multiple Choice
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The auditor has no responsibility to plan and perform the audit to obtain reasonable assurance that misstatements,whether caused by errors or fraud,that are not ________ are detected.
Multiple Choice
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Fraudulent financial reporting is most likely to be committed by whom?
Multiple Choice
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Which of the following would most likely be deemed a direct-effect illegal act?
Multiple Choice
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The concept of reasonable assurance indicates that the auditor is:
Multiple Choice
Answer:
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