审计学练习题6.docx

审计学练习题6.docx

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审计学练习题6

Multiple-ChoiceQuestions

1.easya

Theobjectiveoftheordinaryauditoffinancialstatementsistheexpressionofanopinionon:

a.thefairnessofthefinancialstatements.

b.theaccuracyofthefinancialstatements.

c.theaccuracyoftheannualreport.

d.thebalaneesheetandincomestatement.

2.Iftheauditorbelievesthatthefinancialstatementsarenotfairlystatedorisunabletoreachan

easyconclusionbecauseofinsufficientevidenee,theauditor:

c

a.

b.

c.

d.

shouldwithdrawfromtheengagement.

shouldrequestanincreaseinauditfeessothatmoreresourcescanbeusedtoconducttheaudit.

hastheresponsibilityofnotifyingfinancialstatementusersthroughtheauditorshouldnotifyregulatorsofthecircumstances.

3.

Auditorsaccumulateevideneeto:

easy

a.

defendthemselvesintheeventofalawsuit.

d

b.

justifytheconclusionstheyhaveotherwisereached.

c.

satisfytherequirementsoftheSecuritiesActsof1933and1934.

d.

enablethemtoreachconclusionsaboutthefairnessofthefinancialstatements.

4.

The

responsibilityforadoptingsoundaccountingpoliciesandmaintainingadequateinternal

easy

controlrestswiththe:

b

a.

boardofdirectors.

b.

companymanagement.

c.

financialstatementauditor.

d.

company'sinternalauditdepartment.

5.Theauditor'sbestdefensewhenmaterialmisstatementsarenotuncoveredistohaveconducted

easytheaudit:

a

a.

inaccordaneewithauditingstandards.

b.

aseffectivelyasreasonablypossible.

c.

inatimelymanner.

d.

onlyafteranadequateinvestigationofthemanagementteam

6.Ifmanagementinsistsonfinancialstatementdisclosuresthattheauditorfindsunacceptable,the

easyauditorcan:

d

a.

issueanadverseauditreport.

b.

issueaqualifiedauditreport.

c.

withdrawfromtheengagement.

d.

chooseanyofthesethreecoursesofaction.

7.Ifmanagementinsistsonfinancialstatementdisclosuresthattheauditorfindsunacceptable,the

easyauditorcandoallbutwhichofthefollowing?

b

a.

Issueanadverseauditreport.

b.

Issueadisclaimerofopinion.

c.

Withdrawfromtheengagement.

d.

Issueaqualifiedauditreport.

8.easyd

9.（Public）easyc

10.easya

11.（SOX）easyc

12.easyb

13.easyd

14.easyb

15.easyc

Whichofthefollowingisnotoneofthereasonsthatauditorsprovideonlyreasonableassuranceonthefinancialstatements?

a.Theauditorcommonlyexaminesasample,ratherthantheentirepopulationoftransactions.

b.Accountingpresentationscontaincomplexestimateswhichinvolveuncertainty.

c.Fraudulentlypreparedfinancialstatementsareoftendifficulttodetect.

d.Auditorsbelievethatreasonableassuranceissufficientinthevastmajorityofcases.

Incertifyingtheirannualfinancialstatements,theCEOandCFOofapubliccompanycertifythatthefinancialstatementscomplywiththerequirementsof:

a.GAAP.

b.theSarbanes-OxleyAct.

c.theSecuritiesExchangeActof1934.

d.GAAS.

Whichofthefollowingstatementsismostcorrectregardingerrorsandfraud?

a.Anerrorisunintentional,whereasfraudisintentional.

b.Fraudsoccurmoreoftenthanerrorsinfinancialstatements.

c.Errorsarealwaysfraudandfraudsarealwayserrors.

d.Auditorshavemoreresponsibilityforfindingfraudthanerrors.

Whichofthefollowingstatementsistrueofapubliccompany'sfinancialstatements?

a.Sarbanes-OxleyrequirestheCEOonlytocertifythefinancialstatements.

b.Sarbanes-OxleyrequirestheCFOonlytocertifythefinancialstatements.

c.Sarbanes-OxleyrequirestheCEOandCFOtocertifythefinancialstatements.

d.Sarbanes-OxleyneitherrequirestheCEOnortheCFOtocertifythefinancialstatements.

Whichofthefollowingisnotoneofthethreecategoriesofassertions?

a.Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit

b.AssertionsaboutfinancialstatementsandcorrespondencetoGAAP

c.Assertionsaboutaccountbalancesatperiodend

d.Assertionsaboutpresentationanddisclosure

Ifashort-termnotepayableisincludedintheaccountspayablebalanceonthefinancialstatement,thereisaviolationofthe:

a.completenessassertion.

b.existenceassertion.

c.cutoffassertion.

d.classificationandunderstandabilityassertion.

Professionalskepticismrequiresauditorstopossessa（n）mind.

a.introspective

b.questioning

c.intelligent

d.unbelieving

Theauditorhasnoresponsibilitytoplanandperformtheaudittoobtainreasonableassurancethatmisstatements,whethercausedbyerrorsorfraud,thatarenotaredetected.

a.importanttothefinancialstatements

b.statisticallysignificanttothefinancialstatements

c.materialtothefinancialstatements

d.identifiedbytheclient

easy

a.

Lineemployeesofthecompany.

c

b.

Outsidemembersofthecompany

'sboardofdirectors

c.

Companymanagement.

d.

Thecompany'sauditors.

16.Fraudulentfinancialreportingismostlikelytobecommittedbywhom?

easy

a.

Violationoffederalemploymentlaws.

c

b.

Violationoffederalenvironmentalregulations.

c.

Violationoffederalincometaxlaws.

d.

Violationofcivilrightslaws.

17.Whichofthefollowingwouldmostlikelybedeemedadirect-effectillegalact?

18.easya

Theconceptofreasonableassuranceindicatesthattheauditoris:

a.notaninsurerofthecorrectnessofthefinancialstatements.b.notresponsibleforthefairnessofthefinancialstatements.

c.responsibleonlyforissuinganopiniononthefinancialstatements.d.responsibleforfindingallmisstatements.

19.easya

Testsofdetailsofbalancesarespecificproceduresintendedto:

a.testformonetaryerrorsinthefinancialstatements.

b.provethattheaccountswithmaterialbalancesareclassifiedcorrectly.

c.provethatthetrialbalanceisinbalance.

d.identifythedetailsoftheinternalcontrolsystem.

20.easyc

Whichofthefollowingistheauditorleastlikelytodowhenawareofanillegalact?

a.Discussthematterwiththeclient'slegalcounsel.

b.Obtainevidenceaboutthepotentialeffectoftheillegalactonthefinancialstatements.

c.Contactthelocallawenforcementofficialsregardingpotentialcriminalwrongdoing.

d.Considertheimpactoftheillegalactontherelationshipwiththecompany

smana

21.Theauditorgivesanauditopiniononthefairpresentationofthefinancialstatementsand

mediumassociateshisorhernamewithitwhen,onthebasisofadequateevidence,theauditor

cconcludesthatthefinancialstatementsareunlikelytomislead:

a.investors.

b.management.

c.aprudentuser.

d.thereader.

b

a.

theauditor.

b.

management.

c.

bothmanagementandtheauditorequally.

d.

managementforthestatementsandtheauditorforthenotes.

22.Theresponsibilityforthepreparationofthefinancialstatementsandtheaccompanyingmediumfootnotesbelongsto:

23.mediumd

Whenengagedtoauditthefinancialstatements,itisacceptablefortheauditortoprepare:

a.thefinancialstatementsfortheclient.

b.thefootnotesfortheclient.

c.adraftofthefinancialstatementsfortheclient.

d.adraftofthefinancialstatementsandfootnotesfortheclient.

24.Theauditorhasconsiderableresponsibilityfornotifyingusersastowhetherornotthemediumstatementsareproperlystated.Thisimposesupontheauditoradutyto:

aa.providereasonableassurancethatmaterialmisstatementswillbedetected.

b.beaguarantorofthefairnessinthestatements.

c.beequallyresponsiblewithmanagementforthepreparationofthefinancialstatements.

d.beaninsurerofthefairnessinthestatements.

b

a.

unprofessionalbehavior.

b.

anattitudeofprofessionalskepticism.

c.

duediligence.

d.

aruleintheAICPA'sCodeofProfessionalConduct

25.“Theauditorshouldnotassumethatmanagementisdishonest,butthepossibilityofdishonesty

mediummustbeconsidered.”Thisisanexam:

pleof

d

a.

bankruptciescouldnolongeroccur.

b.

bankruptcieswouldbereducedtoaverysmallnumber.

c.

auditswouldbemucheasiertocomplete.

d.

auditswouldnotbeeconomicallyfeasible.

26.Iftheauditorwereresponsibleformakingcertainthatallofmanagement'asssertionsinthemediumfinancialstatementswereabsolutelycorrect:

d

a.b.

c.d.

theauditwasconductedinaccordancewithgenerallyacceptedaccountingprinciples.

thefinancialstatementsareclientclientisguiltyofcontributorynegligence.noneoftheabove.

'sresponsibility.

28.

Fraudulentfinancialreportingisoftencalled:

medium

a.

managementfraud.

a

b.

theftofassets.

c.

defalcation.

d.

embezzlement.

27.Theauditor'sbestdefensewhenexistingmaterialmisstatementsinthefinancialstatementsaremediumnotuncoveredintheauditis:

29.mediumb

Whichofthefollowingstatementsistrue?

a.Itisusuallyeasierfortheauditortouncoverfraudsthanerrors.b.Itisusuallyeasierfortheauditortouncovererrorsthanfrauds.

c.Itisusuallyequallydifficultfortheauditortouncovererrorsorfrauds.d.Usually,noneoftheabovestatementsistrue.

distinction（s）betweentheauditor

ressponsibilitiesfor

c

a.

little

b.

asignificant

c.

no

d.

various

30.Auditingstandardsmake

mediumsearchingforerrorsandfraud.

31.mediumb

Incomparingmanagementfraudwithemployeefraud,theauditor'sriskoffailingtodiscover

thefraudis:

a.greaterformanagementfraudbecausemanagersareinherentlymoredeceptivethanemployees.

b.greaterformanagementfrau