AC562 Quiz 2 - 1. Question: (TCO B) One of the primary...

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1. Question: (TCO B) One of the primary purposes of the planning is to: Your Answer: Interview senior management on risk. Start to develop the basis for the operational review work program. CORRE CT Identify competitive pressures. Interview senior managers new to their responsibilities. Instructor Explanation: Reider, Chpt 2 Points Received: 3 of 3 Comments: 2. Question: (TCO B) The Planning Phase is used to Your Answer: Identify areas that are worth auditing CORRE CT Issues with accounting integrity Management weaknesses All of the above. Instructor Explanation: Reider Chpt 2 Points Received: 3 of 3 Comments: 3. Question: (TCO B) Sources of planning information comes from all of the following except Your Answer: Interview Cash flow analysis. Insider trading activity for process owner VP. CORRECT ANSWER Exception management reports INCORRECT Instructor Explanation: Reider Chpt 2 Points Received: 0 of 3 Comments:
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4. Question: (TCO B) The auditor is encouraged to chase the elephant, not the mice, to Your Answer: understand management priorities keep planning on track
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This note was uploaded on 06/16/2011 for the course ACCT 562 taught by Professor Hewitt during the Spring '11 term at Keller Graduate School of Management.

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AC562 Quiz 2 - 1. Question: (TCO B) One of the primary...

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