midterm1markingkey - Mid-Term Examination#1 ADM 3349 B...

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Mid-Term Examination #1 ADM 3349 B AUDITING THEORY October 14, 2009 Professor: M. Bujaki INSTRUCTIONS 1. Books and notes are not permitted. 2. Calculators are permitted. 3. Complete all questions. 4. Write in pen. 5. Answer all questions directly on the examination paper. 6. Follow the suggested time frames for each question. Question Marks Suggested Time Grade 1 16 16 minutes 2 34 34 minutes 3 10 10 minutes 4 20 20 minutes Total 80 80 minutes
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2 NAME: __________________________________________ STUDENT #: ________________________ Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. Statement to be signed by the student: I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examination. Signed:______________________________________ Note: an examination copy or booklet without that signed statement will not be graded and will receive a final exam grade of zero.
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3 QUESTION 1 (16 marks - 16 minutes) French Kitty is a public accountant and has audited the books of the Kibble Company for many years. This year, as a result of pressing mouse hunting duties, she has only enough time to read the statements prepared by the treasurer and the chief accountant of Kibble. From her many years of work for this client, during which time no fraud or defalcations had been discovered, she believes that is sufficient for her to give an unqualified opinion on this year’s statements. Required For each of the general standard and the three examination standards in GAAS, list the standard and indicate how French Kitty met or failed to meet the standard for Kibble’s audit. Use the following format: GAAS Standard How Met/Failed to Meet General Standard - The examination should be performed and the report prepared by a person or persons having adequate technical training and proficiency in auditing, - with due care and -with an objective state of mind - French Kitty apparently has the training and proficiency since she is a public accountant with years of experience - she did not exercise due care (the skill required of a similarly qualified professional) - she did not have an objective state of mind as she decided based on her long association with the client that everything would be fine Examination Standard i - The auditor should plan and perform the audit to reduce audit risk to an acceptably low level
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midterm1markingkey - Mid-Term Examination#1 ADM 3349 B...

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