Professional Development

Professional Development

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Auditing

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33 questions

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  • 1. Multiple Choice
    2 minutes
    1 pt

    The auditor obtains an understanding of the entity and its environment by performing all of the following assessment procedures except:

    Inquiries of management and others

    Compute the level of detection risk

    Analytical procedures

    Observation and inspections

  • 2. Multiple Choice
    2 minutes
    1 pt

    Gaining an understanding of the client and its environment includes all of the following areas except:

    Regulatory issues unique to the industry.

    The entity's application of accounting policies.

    The audit fee and timeline for completion of the work.

    The entity's business risks.

  • 3. Multiple Choice
    2 minutes
    1 pt

    Which of the following statements is FALSE related to the auditor's responsibility to document its risk assessment?

    The level of risk must be set quantitatively - inherent risk 60%.

    High risk areas identified by the auditor should be documented.

    The documentation may include the use of questionnaires.

    All of the above statements are FALSE.

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