ACCT 431 Ch 1 Intro

ACCT 431 Ch 1 Intro

Assessment

Assessment

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Dr. Paz

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University

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8 questions

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1.

Multiple Choice

30 sec

1 pt

Why do auditors generally use a sampling approach to evidence gathering? 

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

30 sec

1 pt

The basic purpose of a financial statement audit is to 

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

30 sec

1 pt

Assurance services may improve all of the following except 

Relevance.

Credibility.

Periodicity.

Reliability.

4.

Multiple Choice

30 sec

1 pt

Evidence is reliable if it 

    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

30 sec

1 pt

For publicly-held companies, which of the following is integrated into the audit of financial statements? 

    Budgetary information audit.

The audit of internal controls.

Audit of management forecasts.

Audit of interim financial statements.

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