ACCT 241 ch 2

ACCT 241 ch 2 - What body is reponsible for promulgating...

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What body is reponsible for promulgating governmental auditing rules? a. The AICPA Auditing Standards Board b. The Public Company Accounting Oversight Board c. The U.S. Government Accountablility Office d. The Federal Auditing Standards Board c. The U.S. Government Accountablility Office Which of the following is not one of the 3 standards of field work a. adequate planning and supervision b. due professional care c. sufficient appropriate evidence d. undertanding of the entity, including the risk of material misstatement b. due professional care A list of audit proceudres auditors need to perform to obtain evidence is called an a. audit plan b. audit program c. audit standard d. audit budget b. audit program To be appropriate, evidence must be all of the following except a. sufficient b. reliable c. relevant d. unbiased a. sufficient An audit report that expresses a favorable opinion on the financial statements is a(n) a. disclaimer of opinion b. adverse opinion c. qualified opinion d. unqualified opinion d. unqualified opinion Which of the following procedures would provide the most reliable audit evidence? a. inquires of the entity's audit staff held in private b. inspection of prenumbered client purchase orders filed in the vourchers payment department c. analytical procedures performed by auditors on the entity's trail balance d. inspection of bank statements obtained directly from the client's financial institution d. inspection of bank statements obtained directly from the client's financial institution Which of the following is not one of the 4 generally accepted standards of reporting? a. The auditor must identify in the auditor's report those circumstances in which such
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principles have not been consistently observed in the current period in relation to the precediing period b. When the auditor determines that information disclosures are not reasonable adequate, the auditor must so state in the auditor's report c. the auditor must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed, in the auditor's report. When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report d. the auditor should state in the auditor's report whether the audit was conducted in accordance with GAAS d. the auditor should state in the auditor's report whether the audit was conducted in accordance with GAAS Management's responsibilty for the financial statements is a. implicitly represented in the auditors standard report b. explicitly represented in the opening paragraph of the auditors' standard report
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This note was uploaded on 03/20/2012 for the course ACCT 201 taught by Professor Inga during the Spring '12 term at VCU.

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ACCT 241 ch 2 - What body is reponsible for promulgating...

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