Detection risk differs from both control risk and inherent risk in that detection risk:
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1 .CPA-02556The date of the management representation letter should coincide with the date of the:
A Latest related party transaction. B Latest interim financial information. C Balance sheet. D Auditor's report.
2 .An auditor reads the letter of transmittal accompanying a county's comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take?
A Include an other-matter paragraph in the auditor's report. B Consider withdrawing from the engagement. C Request that the client revise the letter of transmittal. D Request a client representation letter acknowledging the inconsistency.
3 .Financial statements of a nonissuer that have been reviewed by an accountant should be accompanied by a report stating that:
A A review includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. B The scope of the inquiry and analytical procedures performed by the accountant has not been restricted. C Management is responsible for the preparation and fair presentation...
4 .A CPA's report on agreed-upon procedures related to management's assertion about an entity's compliance with specified requirements should contain:
A An opinion about whether management's assertion is fairly stated. B An acknowledgment of responsibility for the sufficiency of the procedures. C A statement of limitations on the use of the report. D Negative assurance that control risk has not been assessed.
5 .Proper supervision of assistants is required for all of the following reasons, except:
A To ensure that the work performed by assistants provides the professional development they will need to advance within the firm. B To stay informed regarding significant accounting and auditing questions, new developments, and material problems. C To ensure that the work performed by assistants is...
7 .Under PCAOB standards, which one of the following would not be considered by the auditor when determining the procedures to perform to obtain an understanding of the nature of the company?
A Become an investor of the company in order to get access to the same information that other investors would have. B Read public information about the company relevant to the evaluation of the likelihood of material financial statement misstatement and the effectiveness of the company's internal co...
8 .Which of the following procedures would an auditor most likely perform in auditing the statement of cash flows?
A Reconcile the cutoff bank statements to verify the accuracy of the year-end bank balances. B Reconcile the amounts included in the statement of cash flows to the other financial statements' balances and amounts. C Compare the amounts included in the statement of cash flows to similar amounts in th...
9 .When auditing prepaid insurance, an auditor discovers that the original insurance policy on plant equipment is not available for inspection. The policy's absence most likely indicates the possibility of a (an):
A Lien on the plant equipment. B Insurance premium due but not recorded. C Deficiency in the coinsurance provision. D Understatement of insurance expense.
10 .A company’s management provided its auditors with information concerning litigation, claims, and assessments. Which of the following is the auditor’s primary means of corroborating management’s information?
A Inquiring of company’s outside counsel. B Meeting with the company’s audit committee. C Inquiring of the company’s in-house counsel. D Meeting with the company’s chairman of the board.
