Proper authorization of write-offs of uncollectible accounts should be approved in which of the following departments?
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1 .A registration statement filed with the SEC contains the reports of two independent auditors on their audits of financial statements for different periods. The predecessor auditor who audited the prior-period financial statements generally should obtain a letter of representation from the:
A Successor independent auditor. B Securities and Exchange Commission. C Principal underwriter. D Client's audit committee.
2 .Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in accordance with Statements on Standards for Accounting and Review Services (SSARS)?
A Perform a physical inventory observation. B Confirm account balances. C Assess control risk. D Obtain a management representation letter.
3 .Which of the following is least likely to be included in an examination report related to a financial projection?
A An indication that had the accountants performed additional procedures, other matters might have come to their attention that would have been reported. B A statement that the report is intended solely for the information and use of specified parties. C An opinion that the underlying assumptions pr...
4 .An auditor should obtain knowledge of a client's information and communication system in order to understand each of the following, except:
A The process used to prepare financial statements. B The means used by an entity to communicate financial reporting roles to its staff. C The means used by an entity to ensure that management directives are carried out. D How transactions are initiated, processed, and reported.
5 .Which of the following audit techniques ordinarily would provide an auditor with the least assurance about the operating effectiveness of an internal control activity?
A Inquiry of client personnel. B Observation of client personnel. C Inspection of documents and reports. D Preparation of system flowcharts.
7 .Which of the following statements is correct concerning the use of negative confirmation requests?
A Negative confirmation requests are effective when understatements of account balances are suspected. B Unreturned negative confirmation requests indicate that alternative procedures are necessary. C Negative confirmation requests are effective when detection risk is low. D Unreturned negative conf...
8 .The primary evidence regarding year-end cash balances in the financial statements is documented in the:
A Bank deposit lead schedule. B Standard bank confirmations. C Interbank transfer schedule. D Bank reconciliations.
9 .Which of the following is not a reason justifying the use of accounting estimates?
A Data about past events cannot be accumulated in a cost-effective manner. B Data about future events cannot be accumulated in a cost-effective manner. C Data about past events cannot be accumulated in a timely manner. D The valuation or measurement of some accounts is uncertain pending the outcome ...
10 .The risk of incorrect acceptance and the likelihood of assessing control risk too low relate to the:
A Effectiveness of the audit. B Efficiency of the audit. C Preliminary estimates of materiality levels. D Allowable risk of tolerable misstatement.
