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

CHAPTER6

Multiple-ChoiceQuestions

1.

Theobjectiveoftheordinaryauditoffinancialstatementsistheexpressionofanopinionon:

easy

a.thefairnessofthefinancialstatements.

a

b.theaccuracyofthefinancialstatements.

c.theaccuracyoftheannualreport.

d.thebalancesheetandincomestatement.

2.

easy

Iftheauditorbelievesthatthefinancialstatementsarenotfairlystatedorisunabletoreachanconclusionbecauseofinsufficientevidence,theauditor:

c

a.shouldwithdrawfromtheengagement.

b.shouldrequestanincreaseinauditfeessothatmoreresourcescanbeusedtoconducttheaudit.

c.hastheresponsibilityofnotifyingfinancialstatementusersthroughtheauditor’sreport.

d.shouldnotifyregulatorsofthecircumstances.

3.

Auditorsaccumulateevidenceto:

easy

a.defendthemselvesintheeventofalawsuit.

d

b.justifytheconclusionstheyhaveotherwisereached.

c.satisfytherequirementsoftheSecuritiesActsof1933and1934.

d.enablethemtoreachconclusionsaboutthefairnessofthefinancialstatements.

4.

easy

Theresponsibilityforadoptingsoundaccountingpoliciesandmaintainingadequateinternalcontrolrestswiththe:

b

a.boardofdirectors.

b.companymanagement.

c.financialstatementauditor.

d.company’sinternalauditdepartment.

5.

easy

Theauditor’sbestdefensewhenmaterialmisstatementsarenotuncoveredistohaveconductedtheaudit:

a

a.inaccordancewithauditingstandards.

b.aseffectivelyasreasonablypossible.

c.inatimelymanner.

d.onlyafteranadequateinvestigationofthemanagementteam.

6.

easy

Ifmanagementinsistsonfinancialstatementdisclosuresthattheauditorfindsunacceptable,theauditorcan:

d

a.issueanadverseauditreport.

b.issueaqualifiedauditreport.

c.withdrawfromtheengagement.

d.chooseanyofthesethreecoursesofaction.

7.

easy

Ifmanagementinsistsonfinancialstatementdisclosuresthattheauditorfindsunacceptable,theauditorcandoallbutwhichofthefollowing?

b

a.Issueanadverseauditreport.

b.Issueadisclaimerofopinion.

c.Withdrawfromtheengagement.

d.Issueaqualifiedauditreport.

8.

easy

Whichofthefollowingisnotoneofthereasonsthatauditorsprovideonlyreasonableassuranceonthefinancialstatements?

d

a.Theauditorcommonlyexaminesasample,ratherthantheentirepopulationoftransactions.

b.Accountingpresentationscontaincomplexestimateswhichinvolveuncertainty.

c.Fraudulentlypreparedfinancialstatementsareoftendifficulttodetect.

d.Auditorsbelievethatreasonableassuranceissufficientinthevastmajorityofcases.

9.（Public）

easy

Incertifyingtheirannualfinancialstatements,theCEOandCFOofapubliccompanycertifythatthefinancialstatementscomplywiththerequirementsof:

c

a.GAAP.

b.theSarbanes-OxleyAct.

c.theSecuritiesExchangeActof1934.

d.GAAS.

10.

Whichofthefollowingstatementsismostcorrectregardingerrorsandfraud?

easy

a.Anerrorisunintentional,whereasfraudisintentional.

a

b.Fraudsoccurmoreoftenthanerrorsinfinancialstatements.

c.Errorsarealwaysfraudandfraudsarealwayserrors.

d.Auditorshavemoreresponsibilityforfindingfraudthanerrors.

11.（SOX）

Whichofthefollowingstatementsistrueofapubliccompany’sfinancialstatements?

easy

a.Sarbanes-OxleyrequirestheCEOonlytocertifythefinancialstatements.

c

b.Sarbanes-OxleyrequirestheCFOonlytocertifythefinancialstatements.

c.Sarbanes-OxleyrequirestheCEOandCFOtocertifythefinancialstatements.

d.Sarbanes-OxleyneitherrequirestheCEOnortheCFOtocertifythefinancialstatements.

12.

Whichofthefollowingisnotoneofthethreecategoriesofassertions?

easy

a.Assertionsaboutclassesoftransactionsandeventsfortheperiodunderaudit

b

b.AssertionsaboutfinancialstatementsandcorrespondencetoGAAP

c.Assertionsaboutaccountbalancesatperiodend

d.Assertionsaboutpresentationanddisclosure

13.

easy

Ifashort-termnotepayableisincludedintheaccountspayablebalanceonthefinancialstatement,thereisaviolationofthe:

d

a.completenessassertion.

b.existenceassertion.

c.cutoffassertion.

d.classificationandunderstandabilityassertion.

14.

Professionalskepticismrequiresauditorstopossessa（n）______mind.

easy

a.introspective

b

b.questioning

c.intelligent

d.unbelieving

15.

easy

c

Theauditorhasnoresponsibilitytoplanandperformtheaudittoobtainreasonableassurancethatmisstatements,whethercausedbyerrorsorfraud,thatarenot________aredetected.

a.importanttothefinancialstatements

b.statisticallysignificanttothefinancialstatements

c.materialtothefinancialstatements

d.identifiedbytheclient

16.

Fraudulentfinancialreportingismostlikelytobecommittedbywhom?

easy

a.Lineemployeesofthecompany.

c

b.Outsidemembersofthecompany’sboardofdirectors.

c.Companymanagement.

d.Thecompany’sauditors.

17.

Whichofthefollowingwouldmostlikelybedeemedadirect-effectillegalact?

easy

a.Violationoffederalemploymentlaws.

c

b.Violationoffederalenvironmentalregulations.

c.Violationoffederalincometaxlaws.

d.Violationofcivilrightslaws.

18.

Theconceptofreasonableassuranceindicatesthattheauditoris:

easy

a.notaninsurerofthecorrectnessofthefinancialstatements.

a

b.notresponsibleforthefairnessofthefinancialstatements.

c.responsibleonlyforissuinganopiniononthefinancialstatements.

d.responsibleforfindingallmisstatements.

19.

Testsofdetailsofbalancesarespecificproceduresintendedto:

easy

a.testformonetaryerrorsinthefinancialstatements.

a

b.provethattheaccountswithmaterialbalancesareclassifiedcorrectly.

c.provethatthetrialbalanceisinbalance.

d.identifythedetailsoftheinternalcontrolsystem.

20.

Whichofthefollowingistheauditorleastlikelytodowhenawareofanillegalact?

easy

a.Discussthematterwiththeclient’slegalcounsel.

c

b.Obtainevidenceaboutthepotentialeffectoftheillegalactonthefinancialstatements.

c.Contactthelocallawenforcementofficialsregardingpotentialcriminalwrongdoing.

d.Considertheimpactoftheillegalactontherelationshipwiththecompany’smanagement.

21.

medium

c

Theauditorgivesanauditopiniononthefairpresentationofthefinancialstatementsandassociateshisorhernamewithitwhen,onthebasisofadequateevidence,theauditorconcludesthatthefinancialstatementsareunlikelytomislead:

a.investors.

b.management.

c.aprudentuser.

d.thereader.

22.

medium

Theresponsibilityforthepreparationofthefinancialstatementsandtheaccompanyingfootnotesbelongsto:

b

a.theauditor.

b.management.

c.bothmanagementandtheauditorequally.

d.managementforthestatementsandtheauditorforthenotes.

23.

Whenengagedtoauditthefinancialstatements,itisacceptablefortheauditortoprepare:

medium

a.thefinancialstatementsfortheclient.

d

b.thefootnotesfortheclient.

c.adraftofthefinancialstatementsfortheclient.

d.adraftofthefinancialstatementsandfootnotesfortheclient.

24.

medium

Theauditorhasconsiderableresponsibilityfornotifyingusersastowhetherornotthestatementsareproperlystated.Thisimposesupontheauditoradutyto:

a

a.providereasonableassurancethatmaterialmisstatementswillbedetected.

b.beaguarantorofthefairnessinthestatements.

c.beequallyresponsiblewithmanagementforthepreparationofthefinancialstatements.

d.beaninsurerofthefairnessinthestatements.

25.

medium

“Theauditorshouldnotassumethatmanagementisdishonest,butthepossibilityofdishonestymustbeconsidered.”Thisisanexampleof:

b

a.unprofessionalbehavior.

b.anattitudeofprofessionalskepticism.

c.duediligence.

d.aruleintheAICPA’sCodeofProfessionalConduct.

26.

medium

Iftheauditorwereresponsibleformakingcertainthatallofmanagement’sassertionsinthefinancialstatementswereabsolutelycorrect:

d

a.bankruptciescouldnolongeroccur.

b.bankruptcieswouldbereducedtoaverysmallnumber.

c.auditswouldbemucheasiertocomplete.

d.auditswouldnotbeeconomicallyfeasible.

27.

medium

Theauditor’sbestdefensewhenexistingmaterialmisstatementsinthefinancialstatementsarenotuncoveredintheauditis:

d

a.theauditwasconductedinaccordancewithgenerallyacceptedaccountingprinciples.

b.thefinancialstatementsareclient’sresponsibility.

c.clientisguiltyofcontributorynegligence.

d.noneoftheabove.

28.

Fraudulentfinancialreportingisoftencalled:

medium

a.managementfraud.

a

b.theftofassets.

c.defalcation.

d.embezzlement.

29.

Whichofthefollowingstatementsistrue?

medium

a.Itisusuallyeasierfortheauditortouncoverfraudsthanerrors.

b

b.Itisusuallyeasierfortheauditortouncovererrorsthanfrauds.

c.Itisusuallyequallydifficultfortheauditortouncovererrorsorfrauds.

d.Usually,noneoftheabovestatementsistrue.

30.

medium

Auditingstandardsmake_____distinction（s）betweentheauditor’sresponsibilitiesforsearchingforerrorsandfraud.

c

a.little

b.asignificant

c.no

d.various

31.

medium

Incomparingmanagementfraudwithemployeefraud,theauditor’sriskoffailingtodiscoverthefraudis:

b

a.greaterformanagementfraudbecausem