ACC 499 Audit Final MCQs Test Bank
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1.Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4)
True
False
2. Ratio analysis only involves a year-to-year comparison of account balances. (Points: 4)
True
False
3. Control is considered to be part of corporate governance. (Points: 4)
True
False
4. When control risk is assessed at a maximum level, the auditor assumes that the internal controls are reliable in preventing or detecting material misstatements. (Points: 4)
True
False
5. Accounting subsystems are accounting cycles composed of one or more accounting applications. (Points: 4)
True
False
6. Presentation and disclosure assertions imply that all transactions and balances are properly presented, disclosures represent what actually happened, and the footnote disclosures are appropriate and adequate. (Points: 4)
True
False
7. Vouching recorded transactions involves taking a sample from the journal and tracing them back to the source documents to ensure they occurred. (Points: 4)
True
False
8. Audit documentation serves as support for the financial statements. (Points: 4)
True
False
9. In analysis of the results of audit sampling, an auditor may determine that the sample size must be increased. (Points: 4)
True
False
10. The revenue cycle considered by auditors includes the sales process but not collections. (Points: 4)
True
False
11. Inventory is complex and typically considered a high-risk area in audits of service firms. (Points: 4)
True
False
12. An auditor can utilize a cross-sectional analysis for a client operating in multiple locations to identify areas of further inventory...