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ACCT 431 Ch 11 Completing the audit

43

10 questions

  • 1. Multiple Choice
    45 seconds
    1 pt

    Interim testing

    normally occurs between the ____ and the ____.

    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.

  • 2. Multiple Choice
    45 seconds
    1 pt

    Roll-forward

    work normally occurs between the ____ and the ____.

    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.

  • 3. Multiple Choice
    45 seconds
    1 pt

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

    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.

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