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• ACC 403 Final Exam 1 Chp. 9-13

• ACC 403 Final Exam 2 Chp. 14-17 2124

• 1. If an auditor believes the chance of
  financial failure is high and there is a
  corresponding increase in business risk for the
  auditor, acceptable audit risk would likely
• 2. The preliminary judgment about
  materiality and the amount of audit evidence
  accumulated are ________ related.
• 3. Auditors generally allocate the
  preliminary judgment about materiality to the

• . What critical event must take place before
  goods can be shipped in order to assure payment
  can be reasonably expected?
• 2. When designing audit procedures, tracing
  of source documents to the customers subsidiary
  ledger and subsequently to the general ledger is
  done to satisfy what assertion?

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• ACC 403 Final Exam Part 1

• ACC 403 Final Exam Part 2

• 1. Auditors typically rely on internal
  controls of their private company clients
• 2. An auditor who audits a business cycle
  that has low inherent risk should
• 3.
• Inherent risk is often high for an account such
  as

• 1. A document prepared to initiate shipment
  of the goods sold by an independent shipper is
  the
• 2. The document used to indicate to the
  customer the amount of a sale and payment due
  date is the
• 3. Who is generally responsible for opening
  receipts when a company uses a lockbox to speed
  the handling of cash receipts?

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• ACC 403 Mid Term I

• ACC 403 Mid Term Part 1

• 1. An audit to determine whether an entity
  is following specific procedures or rules set
  down by some higher authority is classified as
  a(n)
• 2. Which of the following services provides
  the lowest level of assurance on a financial
  statement?
• 3. Any service that requires a CPA firm to
  issue a report about the reliability of an
  assertion that is made by another party is a(n)

• 1. Recording, classifying, and summarizing
  economic events in a logical manner for the
  purpose of providing financial information for
  decision making is commonly called
• 2. ________ risk reflects the possibility
  that the information upon which the business
  decision was made was inaccurate.
• 3. The use of the Certified Public
  Accountant title is regulated by

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• ACC 403 Mid Term Part 2

• ACC 403 midterm exam part 1

• 1. The principal issue in cases involving
  alleged negligence is usually
• 2. "Absence of reasonable care that can be
  expected of a person in a set of circumstances"
  defines
• 3. While the Foreign Corrupt Practices Act
  of 1977 remains in effect, its internal control
  provisions have been largely superseded by which
  of the following?

• 1. ________ risk reflects the possibility
  that the information upon which the business
  decision was made was inaccurate.
• 2. Any service that requires a CPA firm to
  issue a report about the reliability of an
  assertion that is made by another party is a(n)
• 3. In "auditing" financial accounting data,
  the primary concern is with

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• ACC 403 Midterm Exam part 2

• ACC 403 midterm part 1

• . In the performance of an audit, a CPA
• 2. Under the laws of agency, partners of a
  CPA firm may be liable for the work of others on
  whom they rely. This would not include
• 3. An individual who is not party to the
  contract between a CPA and the client, but who is
  known by both and is intended to receive certain
  benefits from the contract is known as

• 1. ________ risk reflects the possibility
  that the information upon which the business
  decision was made was inaccurate.
• 2. Any service that requires a CPA firm to
  issue a report about the reliability of an
  assertion that is made by another party is a(n)
• 3. In "auditing" financial accounting data,
  the primary concern is with

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• ACC 403 Midterm part 2

• ACC 403 Quiz 1 Set 1

• 1. In the performance of an audit, a CPA
• 2. Under the laws of agency, partners of a
  CPA firm may be liable for the work of others on
  whom they rely. This would not include
• 3. An individual who is not party to the
  contract between a CPA and the client, but who is
  known by both and is intended to receive certain
  benefits from the contract is known as

• 1. An audit to determine whether an entity
  is following specific procedures or rules set
  down by some higher authority is classified as
  a(n)
• 2. The Sarbanes-Oxley Act applies to which
  of the following companies?
• 3. Three common types of attestation
  services are

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• ACC 403 Quiz 1 Set 2

• ACC 403 Quiz 1 Set 3

• 1. Which of the following is considered
  audit evidence?
• 2. Recording, classifying, and summarizing
  economic events in a logical manner for the
  purpose of providing financial information for
  decision making is commonly called
• 3. The three requirements for becoming a CPA
  include all but which of the following?
• 4. An accountant

• 1. An accountant
• 2. The Sarbanes-Oxley Act applies to which
  of the following companies?
• 3. A correct relationship among the auditor,
  the client, and the external users is
• 4. Which of the following is considered
  audit evidence?
• 5. The most common way for users to obtain
  reliable information is to

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• ACC 403 Quiz 2

• ACC 403 Quiz 2 Chp 3-4

• . A misstatement in the financial statements
  can be considered material if knowledge of the
  misstatement will affect a decision of
• 2. As a result of management's refusal to
  permit the auditor to physically examine
  inventory, the auditor must depart from the
  unqualified audit report because

• . When there is a justified departure from
  GAAP which is considered material, the auditor
  should issue a(n)
• 2. Under AICPA auditing standards, the
  primary auditor issuing the opinion on the
  financial statements is called the
• 3. The auditor's responsibility section of
  the standard audit report states that the auditor
  is

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• ACC 403 Quiz 3 Chapter 5-6

• ACC 403 Quiz 3 Set 1

• 1. If an auditor fails to fulfill a certain
  requirement in the contract, they may be guilty
  of
• 2. Which of the following most accurately
  describes fraud?
• 3. Which of the following auditor's defenses
  usually means nonreliance on the financial
  statements by the user?

• 1. If an auditor fails to fulfill a certain
  requirement in the contract, they may be guilty
  of
• 2. The assessment against a defendant of
  that portion of the damage caused by the
  defendant's negligence is called
• 3. In connection with the audit of financial
  statements, an independent auditor could be
  responsible for failure to detect a material
  fraud if

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• ACC 403 Quiz 3 Set 2

• ACC 403 Quiz 3 Set 3

• 1. The Foreign Corrupt Practices Act (FCPA)
  of 1977
• 2. In the auditing environment, failure to
  meet auditing standards is often
• 3. In the performance of an audit, a CPA
• 4. The principal issue to be resolved in
  cases involving alleged negligence is usually

• 1. Under the laws of agency, partners of a
  CPA firm may be liable for the work of others on
  whom they rely. This wouldnot include
• 2. In an action against a CPA in a
  jurisdiction that follows the Ultramares
  doctrine, lack of privity is a viable defense
  provided the plaintiff

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• ACC 403 Quiz 4

• ACC 403 Quiz 4 Chapter 9

• 1. Auditors are ________ to document the
  known and likely misstatements in the financial
  statements under audit.
• 2. To what extent do auditors typically rely
  on internal controls of their public company
  clients?
• 3. Inherent risk and control risk

• 1. The preliminary judgment about
  materiality and the amount of audit evidence
  accumulated are ________ related.
• 2. Auditors generally allocate the
  preliminary judgment about materiality to the
• 3. If an auditor establishes a relatively
  high level for materiality, then the auditor
  will

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• ACC 403 Quiz 5

• ACC 403 Quiz 5 Chapters 10-11

• . The employee in charge of authorizing
  credit to the company's customers does not fully
  understand the concept of credit risk. This lack
  of knowledge would constitute
• 2. When assessing whether the financial
  statements are auditable, the auditor must
  consider
• 3. Which of the following deal with ongoing
  or periodic assessment of the quality of internal
  control by management?

• . Which of the following components of the
  control environment define the existing lines of
  responsibility and authority?
• 2. Which of the following is responsible for
  establishing a private company's internal
  control?
• 3. Reasonable assurance allows for

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• ACC 403 Quiz 5 week 7

• ACC 403 Quiz 6

• 1. Which of the following deficiency exists
  if a necessary control is missing or not properly
  formulated?
• 2. An audit procedure that would most likely
  be used by an auditor in performing tests of
  control procedures in which the segregation of
  functions and that leaves no "audit" trail is
• 3. Which of the following is responsible for
  establishing a private company's internal control

• Question 2
• The approach to auditing where the auditor does
  not test automated controls to reduce assessed
  control risk is calledQuestion 3
• When the client changes the computer software

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• ACC 403 Quiz 6 Set 2

• ACC 403 Quiz 6 Set 3

• 1. An internal control deficiency occurs
  when computer personnel
• 2. The most important output control is
• 3. When the client changes the computer
  software
• 4. A ________ is responsible for controlling
  the use of computer programs, transaction files

• 1. A database management system
• 2. A ________ is responsible for controlling
  the use of computer programs, transaction files
  and other computer records and documentation and
  releases them to the operators only when
  authorized.
• 3. An internal control deficiency occurs
  when computer personnel
• 4. The continued integration of IT in
  accounting systems can impact a company by

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• ACC 403 Quiz 6 Set 4

• ACC 403 Quiz 7

• 1. Which of the following is a component of
  general controls?
• 2. Programmers should be allowed access to
• 3. An example of a physical control is
• 4. Old and new systems operating
  simultaneously in all locations is a test
  approach known as
• 5. An internal control deficiency occurs
  when computer personnel

• 1. The document that accompanies the
  customer's payment is the
• 2. Before goods are shipped on account, a
  properly authorized person must
• 3. The document that requires adjustments to
  the customers subsidiary ledger account is the
• 4. To test for recorded sales for which
  there were no actual shipments, the auditor
  vouches from the

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• ACC 403 Quiz 7 Chapter 14 -15

• ACC 403 Quiz 7 Set 2

• 1. The document that accompanies the
  customer's payment is the
• 2. Before goods are shipped on account, a
  properly authorized person must
• 3. Credit memos are normally issued to
• 4. Who is generally responsible for opening
  receipts when a company uses a lockbox to speed
  the handling of cash receipts?

• 1. The auditor's objectives for the sales
  and cash collections activities when the client
  is primarily an e-commerce business as compared
  to a "bricks and mortar" business are
• 2. A ________ is a document that is matched
  with the customer order to assure that the
  correct quantity and type of goods are shipped.
• 3. What event initiates a transaction in the
  sales and collection cycle?

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• ACC 403 Quiz 8

• ACC 403 Quiz 8 Chapters 16-17

• 1. Which of the following most likely would
  be detected by a review of a client's sales
  cutoff?
• 2. Cutoff misstatements occur
• 3. Analytical procedures
• 4. Most tests of accounts receivable are
  based on what schedule, file, or listing?

• 1. A listing of the balances in the accounts
  receivable master file at the balance sheet date,
  by total balance outstanding and by the amount of
  time the component parts have been outstanding,
  is the
• 2. Which of the following is the principle
  "weakness" of using negative confirmations for
  your tests of details of balances for accounts
  receivable?

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• ACC 403 Quiz 8 Set 1

• ACC 403 Quiz 8 Set 2

• 1. Which of the following is likely to be
  determined first when performing tests of details
  for accounts receivable?
• 2. If the client's internal control for
  recording sales returns and allowances is
  evaluated as ineffective
• 3. The understatement of sales and accounts
  receivable is best uncovered by

• 1. If the client's internal control for
  recording sales returns and allowances is
  evaluated as ineffective
• 2. Which of the following is likely to be
  determined first when performing tests of details
  for accounts receivable?
• 3. Because of its central role in auditing
  of accounts receivable

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• ACC 403 quiz 8

• ACC 403 Quiz Chapters 21-24

• 1. Which of the following most likely would
  be detected by a review of a client's sales
  cutoff?
• 2. Cutoff misstatements occur
• 3. Analytical procedures
• 4. Most tests of accounts receivable are
  based on what schedule, file, or listing?

• 1. Testing the information on the aged trial
  balance for detail tie-in is a necessary audit
  procedure, which would normally include
• 2. Which of the following is the principle
  "weakness" of using negative confirmations for
  your tests of details of balances for accounts
  receivable?
• 3. Most tests of accounts receivable are
  based on what schedule, file, or listing?

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• ACC 403 Quiz Set 4

• ACC 403 Week 2 Quiz 1

• . The Sarbanes-Oxley Act applies to which of
  the following companies?
• 2. Which of the following services provides
  the lowest level of assurance on a financial
  statement?
• 3. Which of the following is considered
  audit evidence?
• 4. An examination of part of an
  organization's procedures and methods for the
  purpose of evaluating efficiency and
  effectiveness is what type of audit?

• 1. The most common way for users to obtain
  reliable information is to
• 2. The three requirements for becoming a CPA
  include all but which of the following?
• 3. An accountant
• 4. Which of the following is not a SysTrust
  Services principle as defined by the AICPA?

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• ACC 403 Week 3 Quiz 2

• ACC 403 Week 4 Quiz 3

• 1. If the phrase "except for" is present in
  the opinion paragraph of the audit report, the
  auditor has issued a(n)
• 2. The term "explanatory paragraph" was
  replaced in the AICPA auditing standards with
• 3. The first step to be followed when
  deciding the appropriate audit report in a given
  set of circumstances is to

• 1. Which of the following most accurately
  describes fraud?
• 2. A CPA is subject to criminal liability if
  the CPA
• 3. While the Foreign Corrupt Practices Act
  of 1977 remains in effect, its internal control
  provisions have been largely superseded by which
  of the following?

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• ACC 403 Week 5 Midterm Exam Part 1

• ACC 403 Week 5 Midterm Part 2

• 1. Which of the following is considered
  audit evidence?
• 2. The Sarbanes-Oxley Act applies to which
  of the following companies?
• 3. Any service that requires a CPA firm to
  issue a report about the reliability of an
  assertion that is made by another party is a(n)

• 1. Which of the following most accurately
  describes constructive fraud?
• 2. Laws that have been passed by the U.S.
  Congress and other governmental units are
• 3. "Absence of reasonable care that can be
  expected of a person in a set of circumstances"
  defines
• 4. A broad interpretation of the rights of
  third-party beneficiaries holds that users that
  the auditor

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• ACC 403 Week 6 Quiz 4

• ACC 403 Week 6 Quiz Chapter 9

• 1. If planned detection risk is reduced, the
  amount of evidence the auditor accumulates will
• 2. Auditors are responsible for determining
  whether financial statements are materially
  misstated, so upon discovering a material
  misstatement they must bring it to the attention
  of
• 3. The preliminary judgment about
  materiality and the amount of audit evidence
  accumulated are ________ related.

• The scope paragraph of the standard unqualified
  auditor's report states that " the standards
  require that we plan and perform the audit to
  obtain ________ assurance about whether the
  financial statements are free of material
  misstatement." What type of assurance is given?

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• ACC 403 Week 7 Quiz

• ACC 403 Week 7 Quiz 5

• 1. The auditors primary purpose in auditing
  the client's system of internal control over
  financial reporting is
• 2. Which of the following components of the
  control environment define the existing lines of
  responsibility and authority?

• An act of two or more employees to steal assets
  and cover their theft by misstating the
  accounting records would be referred to as
• 2. Which of the following is responsible for
  establishing a private company's internal
  control?
• 3. Which of the following components of the
  control environment define the existing lines of
  responsibility and authority?

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• ACC 403 Week 8 Quiz 6 Chapters 12-13

• ACC 403 Week 9 Quiz 7

• 1. A control that relates to all parts of
  the IT system is called a(n)
• 2. Controls which are designed to assure
  that the information processed by the computer is
  authorized, complete, and accurate are called
• 3. Auditors should evaluate which of the
  following before evaluating application controls
  because of the potential for pervasive effects?

• A document that initiates shipment of goods and
  indicates the description of the merchandise, the
  quantity shipped, and customer name and address
  is the
• When an employee who is authorized to make
  customer entries in the accounts receivable
  subsidiary ledger, purposefully enters cash
  received into the wrong customer's account that
  employee may be suspected of

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• ACC 403 Week 9 Quiz 7 Chapter 14 15

• ACC 403 Week 10 quiz 8

• 1. Which of the following is an account that
  is not affected by the sales and collection
  cycle?
• 2. When designing audit procedures, tracing
  of source documents to the customers subsidiary
  ledger and subsequently to the general ledger is
  done to satisfy what assertion?
• 3. The ________ is a contract between a
  carrier (e.g., a trucking company)

• For cash receipts, the occurrence
  transaction-related audit objective affects which
  of the following balance-related audit objective?
  
• The most effective audit evidence gathered for
  accounts receivable is the
• Which of the following is the principle
  "weakness" of using negative confirmations for
  your tests of details of balances for accounts
  receivable?

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• ACC 403 Week 10 Quiz 8 - Part 1 Chapter 16

• ACC 403 Week 10 Quiz 8 - Part 2 Chapter 17

• 1. When do most companies record sales
  returns and allowances?
• 2. Which of the following is the principle
  "weakness" of using negative confirmations for
  your tests of details of balances for accounts
  receivable?
• 3. Because of its central role in auditing
  of accounts receivable, which of the following
  would normally be one of the first items tested?

• 1. The client's trial balance has a balance
  of 410,000 for merchandise inventory. As the
  auditor you are willing to accept a balance that
  is within 20,000 of either side of the recorded
  balance. You compute a 95 confidence interval of
  395,000 to 425,000. You could therefore
• 2. If the population is not considered
  acceptable, one step the auditor is likely to
  take is to

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• ACC 403 Week 11 FINAL EXAM PART 1

• ACC 403 Week 11 FINAL EXAM PART 2

• 1. An auditor who audits a business cycle
  that has low inherent risk should
• 2. The preliminary judgment about
  materiality and the amount of audit evidence
  accumulated are ________ related.
• 3. Auditors are responsible for determining
  whether financial statements are materially
  misstated, so upon discovering a material
  misstatement they must bring it to the attention
  of

• 1. The audit procedure referred to as proof
  of cash receipts is particularly useful to test
• 2. Which of the following is an account that
  is not affected by the sales and collection
  cycle?
• 3. The ________ is a contract between a
  carrier (e.g., a trucking company) and the seller
  of goods that dictates the details surrounding
  the shipment of goods.

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