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Chap001 - Chapter 01 Auditing and Assurance Services...

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Chapter 01 - Auditing and Assurance Services Chapter 01 Auditing and Assurance Services Multiple Choice Questions 1. The audit objective that all transactions and accounts that should be presented in the financial statements are included is related to which PCAOB assertion? A. Existence B. Rights and obligations C. Completeness D. Valuation Difficulty: Easy Source: Original 2. To be proficient as an auditor, a person must first be able to accomplish which of these tasks in a decision-making process: A. Identify audit evidence relevant to the verification of assertions management makes in its unaudited financial statements and notes B. Formulate evidence-gathering procedures (audit program) designed to obtain sufficient, competent evidence about assertions management makes in financial statements and notes C. Recognize the financial assertions made in management's financial statements and footnotes D. Evaluate the evidence produced by the performance of procedures and decide whether management's assertions conform to generally accepted accounting principles and reality Difficulty: Hard Source: Original 1-1
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Chapter 01 - Auditing and Assurance Services 3. Which of the following is an underlying condition that in part creates the demand by users for reliable information? Difficulty: Easy Source: Original 1-2
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Chapter 01 - Auditing and Assurance Services 4. Which of the following is not included in The American Accounting Association definition of auditing? Difficulty: Easy Source: Original 5. What is the term used to identify the risk that the client's financial statements may be materially false and misleading? Difficulty: Easy Source: Original 6. Which of the following is not a recommendation usually made following an operational audit? A. Economic and efficient use of resources B. Effective achievement of business objectives C. Attesting to the fairness of the financial statements D. Compliance with company policies Difficulty: Easy Source: Original 1-3
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Chapter 01 - Auditing and Assurance Services
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