ACCT 431 Ch 11 Completing the audit
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  • Question 1
    45 seconds
    Q.

    Interim testing

    normally occurs between the ____ and the ____.

    answer choices

    Beginning of the year under audit; audit report release date.

    Date of the financial statements; audit report release date.

    Beginning of the year under audit; date of the financial statements.

    End of the year under audit; date of the auditors’ report.

  • Question 2
    45 seconds
    Q.

    Roll-forward

    work normally occurs between the ____ and the ____.

    answer choices

    Beginning of the year under audit; audit report release date.

    Date of the financial statements; audit report release date.

    Beginning of the year under audit; date of the financial statements.

    Date of interim work; date of the auditors’ report.

  • Question 3
    45 seconds
    Q.

    Which of the following best describes the auditors’ responsibility with respect to management’s estimates?

    answer choices

    Verifying the mathematical accuracy of management estimates.

    Assessing the likelihood that actual results will be consistent with management’s estimates.

    Evaluating the reasonableness of management’s estimates.

    Identifying how the failure of the entity to achieve management’s estimates will influence users’ decisions.

  • Question 4
    45 seconds
    Q.

    Which of the

    following is typically not

    included in the inquiry letter sent to the client's attorneys?

    answer choices

    A disclaimer regarding the likelihood of settlement of pending litigation.

    A listing of pending or threatened litigation, claims, or assessments.

    An evaluation of the likelihood of an unfavorable outcome.

    An estimate of the range of potential loss.

  • Question 5
    30 seconds
    Q.

    Which party

    should request a letter regarding litigation, claims, and assessments from

    the client's attorney?

    answer choices

    Attorney.

    Auditors.

    Client.

    Securities and Exchange Commission or other regulatory body.

  • Question 6
    30 seconds
    Q.

    To whom should written

    representations be addressed?

    answer choices

    Auditors.

    Board of directors.

    Client.

    Stockholders.

  • Question 7
    45 seconds
    Q.

    If auditors are

    appointed on January 3, 2017, the date of the financial statements is

    December 31, 2017, the date of the auditors’ report is February 7, 2018

    and the audit report release date is March 3, 2018, what is the

    appropriate date of the written representations?

    answer choices

    January 3, 2017.

    December 31, 2017.

    February 7, 2018.

    March 3, 2018.

  • Question 8
    30 seconds
    Q.

    Which of the

    following reporting options is available if the client refuses to provide auditors

    with written representations?

    answer choices

    Unmodified or qualified opinion.

    Qualified or adverse opinion.

    Qualified opinion or disclaimer of opinion.

    Disclaimer of opinion or adverse opinion.

  • Question 9
    45 seconds
    Q.

    Auditors must

    complete various phases of an audit after the date of the financial

    statements. The auditors’ responsibility for matters affecting the client extends

    from the date of the financial statements to the

    answer choices

    Date of the auditors’ report.

    Final review of the audit documentation.

    Audit report release date.

    Delivery of the auditors’ reports to the client.

  • Question 10
    45 seconds
    Q.

    If

    an entity had litigation

    pending at the date of the financial statements and auditors learn of the

    outcome of this litigation following the date of their report (but prior

    to the audit report release date), this is known as a(n):

    answer choices

    Omitted procedure.

    Prior period adjustment.

    Subsequent event.

    Subsequently discovered fact.

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