Chapter 2 Homework

Chapter 2 Homework - ACC 450 Chapter 2 2.28 Which of the...

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ACC 450 Chapter 2 2.28 Which of the following categories of principles is most closely related to gathering audit evidence? a. Performance. b. Reasonable assurance. c. Reporting. d. Responsibility. 2.29 To exercise due care, an accountant should a. Take continuing professional education classes. b. Report whether the financial statements are in accordance with GAAP. c. Gather enough audit evidence to have complete assurance that there is enough support for the accountant’s opinion on the financial statements. d. Conduct the engagement in accordance with GAAS and ensure that the engagement is completed on a timely basis. 2.30 One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of achieving this objective can be obtained by following a. Generally accepted auditing standards (GAAS). b. Standards within a system of quality control. c. Generally accepted accounting practices (GAAP). d. International auditing standards. 2.31 Which of the following best demonstrates the concept of professional skepticism? a. Relying more extensively on external evidence rather than internal evidence. b. Focusing on items that have more significant quantitative effect on the entity’s financial statements.
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c. Critically assessing verbal evidence received from the entity’s management. d. Evaluating potential financial interests held by auditors in the client. 2.32 The primary purpose for obtaining an understanding of the entity’s environment (including its internal control) is a financial statement audit is a. To determine the nature, timing, and extent of further audit procedures to
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Chapter 2 Homework - ACC 450 Chapter 2 2.28 Which of the...

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