Which of the following is not a reason justifying the use of accounting estimates?
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1 .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.
2 .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.
3 .Proper authorization of write-offs of uncollectible accounts should be approved in which of the following departments?
A Treasurer. B Credit. C Accounts payable. D Accounts receivable.
4 .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...
5 .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.
7 .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.
8 .Which of the following best describes a CPA's engagement to report on a nonissuer's internal control over financial reporting?
A A consulting engagement to provide constructive advice to the entity on its internal control. B A prospective engagement to project, for a period of time not to exceed one year, and report on the expected benefits of the entity's internal control. C A review engagement to render limited assurance ...
9 .According to the SEC, members of an issuer's audit committee may not:
A Be responsible for the compensation of any registered public accounting firm employed by the registrant to provide an audit report. B Establish procedures for employees to anonymously report fraud. C Accept any consulting, advisory, or other compensatory fee from the registrant for services other ...
10 .Which of the following is not true about the report release date?
A It is used to define the beginning of the retention period. B It is the date on which the auditor grants the client permission to use the report. C It is often the date on which the report is delivered to the client. D It is defined as the date after which existing documentation must not be delete...
