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Unformatted text preview: Scotch Photo/Docume Mail Question 1 0 out of 3 5 points Which of the following statements about the relationship between auditors' effort in an audit engagement and audit risk (und its components) is true? Answers. @ Auditors' effort is determined by detection risk K. Auditors' effort is not affected by mudit risk e. If audit risk is low, auditor's effort must be high. d. Higher control risk requires more auditor effort Question 2 2.5 out of 2.5 point Which of the following is a reason a predecessor auditor can decline to reply to a firm's current auditor? Answers: a. Data is under court order b. They must always respond c. The client does not approve of confidential information being shared d, Buth a and c are correct Question 3 2.5 out of 2.5 points What procedure has to be completed at or after the end of the period? Answers o. Engagement letter 119 291 hi. Identify significant controls Propose the adjusting journals to the clients d. Evaluation of unaudited financial statements Question 4 0 out of 2,5 points Which of the following is a factor that would cause an increase in the assessment of control risk? Answers: > The client has branches in multiple countries b. The client operates in a very competitive environment The stock market is going down significantly / d the warehouse of the client is not guarded Question 5 2.5 out of 2.5 points...
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  • Fall '10
  • PHILLIPS
  • Exam 2

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