Purchase Solution

Auditing review questions 19-23

Not what you're looking for?

Ask Custom Question

19. Choices about audit evidence are influenced by all of the following except:
a. the auditor's understanding of the business and industry.
b. decisions about inherent risk and control risk.
c. comparisons of the auditor's expectations of the financial statements with the client's books and records.
d. decisions about immaterial risk factors.
e. decisions about assertions that are material to the financial statements.

20. Accounting records generally include:
a. contracts.
b. minutes of meetings.
c. internal control manuals.
d. confirmations from third parties.
e. Analysts' reports

21. When planning the audit, the auditor must make the following important decisions except the:
a. assignment of staff to perform audit tests.
b. nature of tests to be performed.
c. characteristics of tests to be performed.
d. extent of tests to be performed.
e. timing of tests to be performed.

22. The five management assertions outlined in generally accepted auditing standards include all of the following except:
a. rights and obligations.
b. materiality.
c. existence and occurrence.
d. presentation and disclosure.
e. valuation or allocation.

23.

Auditor changes result from a variety of factors except:
a. mergers between CPA firms.
b. mergers between corporations with different independent auditors.
c. satisfaction with a firm.
d. a desire to reduce the audit fee.
e. the need for expanded professional services.

Purchase this Solution

Solution Summary

A sentence explains the choice recommended.

Solution Preview

19. Choices about audit evidence are influenced by all of the following except:
a. the auditor's understanding of the business and industry.
b. decisions about inherent risk and control risk.
c. comparisons of the auditor's expectations of the financial statements with the client's books and records.
d. decisions about immaterial risk factors.
e. decisions about assertions that are material to the financial statements.

Immaterial risk factors would not influence the evidence you ...

Solution provided by:
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution


Free BrainMass Quizzes
Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.