The reporting standards require that the auditor

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22. The reporting standards require that the auditor explicitly report on whether the financial statements: A. Contain adequate disclosure of all material matters. B. Are in accordance with GAAP. C. Used principles that are appropriate for the circumstances. D. Were prepared on a consistent basis with the comparative year. Blooms Taxonomy: Comprehension Difficulty: 2 Learning Objective: 2.3 Page Reference: 39 Smieliauskas - Chapter 02 #22 23. Because of the risk of material misstatement, an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of Blooms Taxonomy: Comprehension Difficulty: 2 Learning Objective: 2.4 Page Reference: 40 Smieliauskas - Chapter 02 #23 Source: CPA-Adapted: 5/94, #11
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24. In planning an effective audit which of the following occurs first? Blooms Taxonomy: Knowledge recall Difficulty: 1 Learning Objective: 2.5 Page Reference: 42 Smieliauskas - Chapter 02 #24 25. For the audit of a for profit company, materiality should be set: Blooms Taxonomy: Knowledge recall Difficulty: 2 Learning Objective: 2.5 Page Reference: 45 Smieliauskas - Chapter 02 #25 26. The mix between controls testing and substantive testing: A. Will affect the effectiveness of the audit. B. Will affect the efficiency of the audit. C. Will affect the results of the audit. D. Will affect the profitability of the audit. Blooms Taxonomy: Comprehension Difficulty: 2 Learning Objective: 2.5 Page Reference: 47 Smieliauskas - Chapter 02 #26 27. An assurance engagement is one in which a CA is engaged to Blooms Taxonomy: Knowledge recall Difficulty: 1 Learning Objective: 2.6 Page Reference: 48 Smieliauskas - Chapter 02 #27 Source: CPA-Adapted: 5/92, #60
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  • Fall '12
  • Smith
  • Auditor's report, Page Reference

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