Week 4 Notes:
Introduction to Audit Reports:
1. When financial statements contain a departure from GAAP because, due to unusual circumstances,
the statements would otherwise be misleading, the auditor should explain the unusual circumstances in
Week 3 Notes:
Introduction to Auditing Individual Areas:
1. Which of the following is not an assertion associated with account balances at the end of the period?
2. Confirmation procedures applicable to assets (e.g., accounts receivable
ACC 576 WK 4 STUDY
Miller Co. uses the first-in, first-out method of costing for its international subsidiary's
inventory and the last-in, first-out method of costing for its domestic inventory.
Under these circumstances, Miller should issue an auditor's
In AICPA professional standards, the term professional requirements refers to:
Presumptively mandatory requirements
Interpretive publications include all of the following, except for
A. Appendices to
ACC 576 WK 9 STUDY
Checkpoint auto leasing is a small company with six employees. The best action that it can
take to increase its internal control effectiveness is
A. Hire temporary employees to aid in the segregation of duties.
B. Hire a bookkeeper to p
ACC 576 WK 10 STUDY
Wages earned by machine operators in producing the firm's product should be categorized
Controllable by the machine operators'
Which of the following is assigned to goods that were ei
ACC 576 FINAL EXAM STUDY
Question #1 (IFTC0112)
Controls in the information technology area are classified into the preventive, detective,
and corrective categories. Which of the following is a preventive control?
A. Contingency planning.
B. Hash total.
ACC 576 STUDY WK 6
Which of the following did SOX NOT do to protect whistleblowers?
Require public company audit committees to install procedures to receive whistleblowers'
Provide a civil damages action for public company whistleblowers
Week 5 Notes:
1. A practitioner is engaged to express an opinion on management's assertion that the square footage of
a warehouse offered for sale is 150,000 square feet. The practitioner should refer to which of the
ACC 576 WK 7 STUDY
A management accountant performed a linear regression of maintenance cost vs.
production using a computer spreadsheet. The regression output shows an "intercept"
value of $322,897.
How should the accountant interpret this information?
ACC 576 WK 8 STUDY
Regarding financial resources, financial management is concerned with the efficiency and
effectiveness of which of the following?
Acquisition of Financial Resources
Use of Financial Resources
Which of the fol
Which of the following describes an option?
A standardized contract to take delivery of a specified quantity of a financial instrument in the future.
A contract that allows the holder to purchase a specified quantity of a financial instrument at a specifi