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ANSWERS
ACC 490 Final Exam
1. Which one of the following is among the three
components of audit risk?
2. The Hochfelder Case is important because it
limited auditor liability under:
3. Which of the following is an INCORRECT
statement concerning one of the field work standards?
4. An auditor would be most likely to issue a
“summary of findings” in connection with which one of the following types of
services?
5. Making sure that the detail of and accounts
receivable file agrees with the general ledger before the file is used to
produce confirmations is an example of which of the following audit procedures?
6. The auditor has some control over:
7. Concerning such matters as the integrity of
management, errors, and illegal acts, the auditor should plan the audit with an
attitude of:
8.
Incompatible duties are those that allow
an irregularity to be perpetrated:
9. In making judgments about materiality at the
account balance level, the auditor must consider the relationship between it
and financial statement materiality.
This should lead the auditor to plan the audit to detect misstatements
that: acc 490 final exam
10. Which one of the following is NOT an inherent
limitation in an entity’s internal controls?
11. Use of auditor judgment or of a risk matrix is
necessary in revising planned detection risk whenever:
12. The auditor has decided to use PPS sampling in
the confirmation of individual sales transactions with customers. The population and the logical sampling unit
are most likely to be, respectively:
13. Which of the following is NOT considered an
access control?
14. Which of the following is NOT an element of a
computer-based system?
15. The use of computer systems in accounting
creates more areas where errors can occur.
Which of the following should be of most concern?
16. Differences exist between the Securities Act
of 1933 and 1934. More cases have been
brought against auditors under the 1934 Act because it applies to annual
filings and:
17. The type of risk that is independent of the
audit of the financial statements and therefore cannot be changed is:
18. Occasionally, employees will work together to
conceal fraud. This is known as: collusion
19. Sometimes the auditor does not have the book
value of the individual items in the sample.
In this case, the sampling technique to be used is:
20. According to the Sarbanes-Oxley Act of 2002, the
establishment and maintenance of internal controls is the responsibility of:
21. The fact that a company’s management does not
place a high priority on the entity’s values creates a high-risk condition.
22. The AICPA provides a broad range of services
to its members and the accounting profession.
Membership into this organization is mandatory for Certified Public
Accountants.
23. In order to fully understand the internal
controls of an organization, the auditor must consider circumstances and judgment.
Acc/490 final exam
24. The steps for assessing the risk of material
misstatement in the financial statements include evaluating the types of
misstatements that might occur and evaluating the likelihood and magnitude of
potential misstatements.
25. Computer abuse and computer fraud essentially
mean the same thing.
26. A CPA Risk Advisory service consists of
decision makers who are not a member of management or a board of directors.
27. Internal control can provide absolute
assurance to a company’s management and board of directors regarding the
entity’s ability to achieve objectives.
28. The auditor has a responsibility to determine
if substantial doubt exists, as of the date of the audit report, regarding the
entity’s ability to continue as a going concern for the following year.
29. Explain the
Sarbanes-Oxley Act of 2002 and its application to audits
30. What is
generalized audit software? What are the
tasks for which auditors would use it?
What are the advantages and disadvantages of using generalized audit
software? Will this software be more
appropriate for auditing your organization’s computer information system, or
would it be necessary to develop customized audit software? What type of software will work best for your
work environment? Please explain. Acc
490 final exam
31. What is the
difference between assurance and attestation services? Please provide examples of each.
32. Is it probable
that the use of information technology will eventually eliminate the audit
trail, making it impossible to trace individual transactions from their origin
to the summary total on the financial statements? Please explain. How do the AICPA and the PCAOB want the
auditor to address controls in the light of this technological shift?
33. What are
internal controls? Why are they
important? Provide some examples of
internal controls.
34. What was your
most valuable learning experience during this class? Why?
What was your least valuable learning experience? Why?
What are your suggestions for improving the course material and
assignments?
