AN AUDITOR’S REPORT ON AN INTEGRATED AUDIT WILL BE UNQUALIFIED IF INTERNAL CONTROL OVER FINANCIAL REPORTING DOES NOT HAVE ANY MATERIAL WEAKNESSES AND THE FINANCIAL STATEMENTS ARE FAIRLY PRESENTED.
AN AUDITOR’S REPORT ON AN INTEGRATED AUDIT WILL BE UNQUALIFIED IF INTERNAL CONTROL OVER FINANCIAL REPORTING DOES NOT HAVE ANY MATERIAL WEAKNESSES AND THE FINANCIAL STATEMENTS ARE FAIRLY PRESENTED.
Part 1 of 1 – Final Exam 45.0/ 50.0 PointsThe Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4 hour time limit.
Question 1 of 50 1.0/ 1.0 PointsoType I subsequent events are always referenced in the audit report.
A. TrueB. False
Question 2 of 50 1.0/ 1.0 PointsRegardless of the specific form, documentary evidence shows that the receiving process occurred.
A. TrueB. False
Question 3 of 50 1.0/ 1.0 PointsPreliminary time budget information is compared to actual time worked and is used for purposes of billing, performance evaluation, and future bidding.
A. TrueB. False
Question 4 of 50 1.0/ 1.0 PointsSales returns and allowances remain constant in their magnitude and never need differing levels of control and approval.
A. TrueB. False
Question 5 of 50 0.0/ 1.0 PointsAll assertions apply to every account.
A. TrueB. False
Question 6 of 50 1.0/ 1.0 PointsFailure to provide the auditor information regarding pending litigation is grounds for a scope limitation.
A. TrueB. False
Question 7 of 50 1.0/ 1.0 PointsDetail schedules need to tie to the lead schedule.
A. TrueB. False
Question 8 of 50 1.0/ 1.0 PointsSampling risk is the risk that your sample is not representative of the population.
A. TrueB. False
Question 9 of 50 1.0/ 1.0 PointsAn auditor’s report on an integrated audit will be unqualified if internal control over financial reporting does not have any material weaknesses and the financial statements are fairly presented.
A. TrueB. False
Question 10 of 50 0.0/ 1.0 PointsIf a transaction is paid for by credit card, the seller processes the sales transaction with the credit card issuer when the item is received.
A. TrueB. False
Question 11 of 50 1.0/ 1.0 PointsThe last steps of an integrated audit are to understand the industry and contract with the client to do the audit.
A. TrueB. False
Question 12 of 50 1.0/ 1.0 PointsCash received for sales comes in through several channels.
A. TrueB. False
Question 13 of 50 1.0/ 1.0 PointsRecalculation is a form of reperformance.
A. TrueB. False
Question 14 of 50 1.0/ 1.0 PointsWhen the mail is opened and checks are received, a document called a daily remittance list is immediately prepared.
A. TrueB. False
Question 15 of 50 1.0/ 1.0 PointsAll transactions in the sales and collection cycle need not be recorded at the correct amounts.
A. TrueB. False
Question 16 of 50 1.0/ 1.0 PointsThe audit report must contain explanatory language if there is a going concern issue.
A. TrueB. False
Question 17 of 50 1.0/ 1.0 PointsOne of the first concerns regarding the revenue cycle is that all recorded sales entries are the result of real transactions that do not meet the criteria for revenue recognition.
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