ACCT 555 ACCT555 Midterm Part 1 Answers (Spring 2016)
ACCT 555 Midterm Part 1 (Spring 2016)
- (TCO F) Which of the following procedures should an auditor generally perform regarding subsequent events?
- (TCO A) An auditor reads the letter of transmittal accompanying a county's comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take?
- (TCO F) An auditor's independence is considered impaired if the auditor has:
- (TCO B) When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):
- (TCO F) Which is not a characteristic of the reliability of evidence?
- (TCO C) According to PCAOB standards, the nature and extent of required planning activities for an issuer audit are influenced by all of the following factors, except for:
- (TCO F) Analytical procedures must be used during which phase(s) of the audit?
Test of controls OR planning OR completion
- (TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following?
- TCO F) The primary purpose of performing analytical procedures in the planning phase of an audit is to
- (TCO G) The most widely used profitability ratio is
- (TCO G) Which ratio is best used to assess a company's ability to meet its long-term debt obligations?
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(TCO 3) Managers are often required to make decisions about the future based