quizz chapter 7

quizz chapter 7 - See course hero chapter 7 final...

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See course hero – chapter 7 final Your Results: The correct answer for each question is indicated by a  1 CORRECT Which of the following types of evidence is generally considered the  least  reliable? A) Observation B) Analytical procedures. C) Documentation. D) Confirmation Feedback:  INCORRECT Which of the following factors will most likely affect an auditor's judgment about the quantity,  type, and content of audit documentation? A) The availability of generalized audit software B) The timing of substantive tests completed prior to the balance sheet date. C) The usefulness of the audit documentation as a reference source for the client. D) The degree of reliance on internal control. Feedback:  INCORRECT Which of the following statements is correct with regard to the competence of evidential  matter? A) The auditor's direct personal knowledge, obtained through observation and inspection,  is more persuasive than information obtained indirectly from independent outside  sources.
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B) To be competent, evidential matter must be either valid or relevant but need  not  be  both. C) Accounting data alone may be considered sufficient competent evidential matter to  issue an unqualified opinion on financial statements. D) Competence of evidential matter refers to the amount of corroborative evidence to be  obtained. Feedback:  INCORRECT Discussions with the owner-manager of an audit client reveal to the auditor that the company  is more concerned with minimizing their income tax payments than maximizing income.  Based on this information, which management assertion will the auditor be most concerned  about verifying with regard to sales revenue? A) Existence and occurrence. B)
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quizz chapter 7 - See course hero chapter 7 final...

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