ACCT 431 Ch 1 Intro

Assessment
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Dr. Paz
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Other
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University
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Medium
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8 questions
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1.
Multiple Choice
Auditors are experts and do not need to look at much to know whether the financial statements are correct or not.
Auditors must balance the cost of the audit with the need for precision.
Auditors must limit their exposure to their auditee to maintain independence.
The auditor's relationship with the auditee is generally adversarial, so the auditor will not have access to all of the financial information of the company.
2.
Multiple Choice
Detect fraud.
Examine individual transactions so that the auditor may certify as to their validity.
. Provide assurance regarding whether the auditee's financial statements are fairly stated.
Assure the consistent application of correct accounting procedures.
3.
Multiple Choice
Relevance.
Credibility.
Periodicity.
Reliability.
4.
Multiple Choice
Signals the true state of a management assertion.
Applies to the period being audited.
Relates to the audit assertion being tested.
Is consistent with management's assertions.
5.
Multiple Choice
Budgetary information audit.
The audit of internal controls.
Audit of management forecasts.
Audit of interim financial statements.
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