Quiz 5 - Question 1 0.5 0.5 points An auditors professional...

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Question 1 0.5 / 0.5 points An auditor’s professional competence depends upon each of the following except: Question options: a) (a) a reputation for issuing unqualified audit opinions. b) the requisite training and proficiency necessary for the audit engagement. c) (a) knowledge. d) (a) the availability of professional staff and other resources necessary for the audit engagement. Questi on 2 0.5 / 0.5 points 1. Which of the following is not a reason why auditors perform an investigation of potential clients as part of their client acceptance and continuance procedures? Question options: a) (a) They want to avoid business risks associated with potential litigation. b) They want to assist their audit clients in recovering from financial decline. c) It is important for auditors to establish good reputations, so they strive to accept clients that possess a high level of integrity. d) (a) They want to be reasonably assured of their ability to earn a profit from the audit engagements they perform. Questi on 3 0.5 / 0.5 points Which of the following best describes the role of an audit firm’s quality control standards to provide guidance addressing client acceptance and continuance? Question options: a) Representative legal cases should be documented whenever client company characteristics resemble fact patterns. b) A well-structured timeline and written communication plan should be in place for all proposal and decision processes. c) Policies and procedures should be in place for determining whether to accept or continue to perform an audit engagement. d) A standard framework should provide important benchmarks to be used by client companies to evaluate their own risk factors. Questi on 4 0.5 / 0.5 points 1. RFP is an important source of information that is: Question options: a) used only for audits of public companies. b) provided by a potential client about its proposal process and audit engagement. c) used only when a company needs to change auditors. d) provided by an auditor about how its professional competencies match the needs of
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the audit engagement.
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