MId-term answers

MId-term answers - Question 1 Passage of the Sarbanes-Oxley...

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Question 1 Passage of the Sarbanes-Oxley Act led to the establishment of the: Selected Answers: c. Public Company Accounting Oversight Board. Correct Answers: c. Public Company Accounting Oversight Board. Feedback: Correct! Good Job! Question 2 The GAAS Standard of Fieldwork requires which one of the following: Selected Answers: c. The audit work has been adequately planned and assistants properly supervised. Correct Answers: c. The audit work has been adequately planned and assistants properly supervised.
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Feedback: Correct! Good Job! Question 3 Audit partners are periodically punished for holding a material investment in a client. This violates which AICPA code of conduct rule? Selected Answers: b. Independence. Correct Answers: b. Independence. Feedback: Correct! Good Job! Question 4 Which of the following best illustrates the concept of sampling risk?
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Selected Answers: a. A randomly chosen sample may not be representative of the population as a whole on the characteristic of interest. Correct Answers: a. A randomly chosen sample may not be representative of the population as a whole on the characteristic of interest. Feedback: Correct! Good Job! Question 5 All of the following are considered attest engagements except: Selected Answers: b. Internal audit services. Correct Answers: b. Internal audit services.
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Feedback: Correct! Good Job! Question 6 All of the following are considered Control Activities except: Selected Answers: c. Organizational structure. Correct Answers: c. Organizational structure. Feedback: Correct! Good Job! Question 7 Which of the following depicts an appropriate sequence of steps in the audit process: Selected Answers: c. Internal control understanding, test of controls, substantive tests. Correct Answers: c. Internal control understanding, test of controls, substantive tests.
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Feedback: Correct! Good Job! Question 8 Of the following, which is the most strong and persuasive type of audit evidence? Selected Answers: b. Physical evidence observed by the auditor. Correct Answers: b. Physical evidence observed by the auditor. Feedback: Correct! Good Job! Question 9 Financial statement misstatements are caused by all of the following, except: Selected Answers: b. Unintentional bias. Correct Answers: c. Weak monitoring process.
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Feedback: Incorrect. The correct answer is: Weak monitoring process. Question 10 The AICPA independence rules are based on fact of independence impairment, not appearance. Selected Answer: False Correct Answer: False Feedback: Correct! Good Job! Question 11 Audit evidence is ordinarily more reliable when it is obtained directly by the auditor rather than through client records. Selected Answer: True Correct Answer: True
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Feedback: Correct! Good Job!
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This note was uploaded on 07/27/2011 for the course ACCT 102 taught by Professor Huxhold during the Spring '11 term at UCSD.

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MId-term answers - Question 1 Passage of the Sarbanes-Oxley...

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