ACC 491 ACC491 Final Exam (Spring 2016) Answers (PHOENIX)

ACC 491 ACC491 Final Exam (Spring 2016) Answers (PHOENIX)

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ACC 491 Final Exam (Spring 2016)

  1. Which of the following requires managing public companies to assess the adequacy of internal controls over financial reporting and further requires auditors to audit management’s assessment of internal controls over financial reporting and the actual effectiveness of the system of internal controls?
  2. When evaluating the planned level of substantive tests for each significant financial statement assertion, the auditor will consider the evidence obtained from all of the following EXCEPT
  3. There are several paragraphs in the auditor’s standard report in internal control over financial reporting. Which paragraph defines internal control over financial reporting?
  4. . Which of the following are independent private-sector standard-setting bodies?
  5. Which of the following necessary controls would address a potential misstatement arising from a voucher being paid twice?
  6. Which of the following assertions is NOT made by management in placing an item in the financial statements?
  7. The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated is
  8. In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that
  9. Which of the following is an INCORRECT quotation from the second field work standard?
  10. The Foreign Corrupt Practices Act is administered by the
  11. Anyone identified to the auditor by name prior to the audit who is the principal recipient of the auditor’s report is a
  12. Which of the following management responsibilities is NOT established under PCAOB standards?
  13. The completeness assertion would be violated if
  14. “A significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected” is the definition of a
  15. An inaccurate form of the audit risk model would show that
  16. The Securities Act of 1933 is also known as the
  17. The five management assertions outlined in generally accepted auditing standards include all of the following EXCEPT
  18. In performing tests of details of balances, the auditor would obtain the bank statement directly from the bank, prepare the bank reconciliation, and verify all reconciling items and mathematical accuracy if detection risk was
  19. When setting the level of materiality on a particular engagement, the auditor must consider
  20. Before accepting an engagement, the auditor should evaluate whether other conditions exist that raise questions as to the prospective client’s auditability. Which of the following factors would be least likely to cause concern about an entity’s auditability?
  21. Specific audit objectives are normally
  22. If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be
  23. What level of assurance does the reader of a private company financial statement receive on the company’s system of internal controls?
  24. The risk that a material misstatement that could occur in an assertion will NOT be prevented or detected on a timely basis by the entity’s internal controls is
  25. Which of the following is NOT a characteristic of management's philosophy and operating style?
  26. Statements on auditing standards (SAS) are interpretations of what?
  27. Auditor changes result from a variety of factors EXCEPT
  28. The susceptibility of an assertion to a material misstatement, assuming there are no controls, is
  29. In the audit risk model, audit sampling applies to
  30. Audit sampling is involved whenever an auditor
  31. Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the
  32. The third phase of the audit involves performing audit tests. The primary purpose of this step is to obtain evidence about the
  33. Which of the following is NOT one of the factors that make up the control environment?
  34. Probability-proportional-to-size (PPS) sampling should NOT be used when
  35. With respect to audit objectives, the term validity relates to which of the assertions below?
  36. When providing audit services, the certified public accountant (CPA) is expected to be
  37. Which of the following is NOT one of the four basic functions of every transaction?
  38. In planning the audit, the auditor should assess materiality at two levels:
  39. Which of the following is NOT an example of incompatible duties?
  40. Public Company Accounting Oversight Board (PCAOB) standards require the auditor to evaluate the effectiveness of the audit committee as part of understanding the control environment and monitoring. Which of the following is NOT a factor the auditor should consider in making this evaluation?
  41. To emphasize the importance of integrity and ethical values among all personnel or an organization, the chief executive officer and other top managers should do all of the following EXCEPT
  42. Internal auditors are primarily involved with

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