Wiley CPA Excel Exam Review Study Guide Auditing And Attestation 2015 14th Edition O. Ray Whittington - Solutions

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditor to review the predecessor’s working paper analyses
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????least likely perform while obtaining an understanding of a client
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????business and its industry to???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
To obtain an understanding of a continuing client’s business, an auditor most likely would???? ????????????
The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????statements is always true?a. It is acceptable to perform a portion
In designing written audit plans, an auditor should????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????to thea. Timing of
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????companies have complied with the disclosure requirements
????????????????????????????????????????????????????????????????????????????????????????????????????????most likely to require special planning considerations related to asset valuation?a. Inventory is comprised of diamond rings.???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely would inuence an auditor’s determination of the auditability of
The auditor should document the understanding established with a client through a(n)???? ???????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????least likely to be included in engagement letter????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????information on the objectives of the engagement and CPA responsibilities Client responsibilities Limitation of
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????not required for an audit in accordance with generally accepted auditing standards????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????least likely appear in an auditor’s engagement letter?a. Fees for our services are based on our regular per
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely would???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditor’s engagement letter????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????with a client regarding the services to be performed for each engagement. This
Before accepting an audit engagement, a successor????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditor regarding the
Before accepting an audit engagement, a successor????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditor regardinga.
Before accepting an engagement to audit a new client, a???????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????not to accept a
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????least likely to be considered an audit planning procedure????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????committed an illegal act that has a material effect on
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????that implies noncompliance with laws that could result in
The
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????designed to obtain reasonable assurance of detecting?a. Securities purchased by
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely heighten an auditor’s concern about the risk of
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely would cause a????????????????????????????not accept a new audit engagement?a. The prospective client has already completed its physical inventory count.????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????most likely to be presumed to represent fraud risk on an audit????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????most likely to be considered
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Individuals who commit fraud are ordinarily able to????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????Incentive Opportunitya. Yes Yesb. Yes Noc. No Yesd. No No
????????????????????????????????????????????????????????????????????????????????????????????????????????least likely to be included in an auditor’s inquiry of management while obtaining information to identify the risks of material misstatement due to fraud????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????most likely to be an
????????????????????????????????????????????????????????????????????????????????????????????????????????least likely to be required on an audit?a. Test appropriateness of journal entries and adjustment.b. Review accounting estimates for biases.???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????Planning Obtaining
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????least likely to plan an audit to discover?a. Financial
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????the auditor’s consideration of fraud?a. The auditor’s interest in
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????the result of fraud but that the effect of the misstatement is
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????best describes the auditor’s responsibility to detect conditions relating
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????is meant by the term “material misstatement?”a. Fraud and direct-effect
Because of the risk of material misstatement, an audit of????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditing
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????due to errors, fraud, and direct effect illegal acts that are
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Disclosure of fraud to parties other than a client’s senior management and its audit committee or board of directors ordinarily is
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????responsibility for detecting misstatements due to errors and fraud?????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely would heighten an auditor’s concern about the risk
????????????????????????????????????????????????????????????????????????????????????????????????????????most????????????????????????????????????????????????????????????????????????????????????????????????????????????????fraud?a. Defalcations occurring due to invalid electronic approvals.????
????????????????????????????????????????????????????????????????????????????????????????????????????????most likely to be a response to the auditor’s assessment that the risk of material
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????management’s characteristics, which of the following is least likely to indicate a risk of possible
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????based ona. The overrecording of transactions.b. The nonrecording of
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????that management is???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????assessment of audit evidence is referred to asa. Due
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????misstatements due to fraud will be detected for all of the following except????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????assurance of detecting misstatement due to Errors Fraudulent financial reporting
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????requirements about auditor communications about fraud?a. Fraud that involves senior management should be reported
????????????????????????????????????????????????????????????????????????????????????????????best describes what is meant by the term “fraud risk factor?”a. Factors whose presence indicates that the risk of fraud is high.b. Factors whose presence often have been observed in circumstances where
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????in the amount of misstatement in a class of transactions that an auditor
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely use in determining the auditor’s preliminary judgment about materiality?a. The results of the initial assessment of control
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????materiality on an audit????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????material misstatement and detection risk?a. Internal control.???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????not correct about materiality????? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????most likely use in determining the auditor’s preliminary judgment about materiality????? ????????????
Relationship between control risk and detection risk is ordinarily???? ???????????? ????????????????????????????????????b. Inverse.c. Direct.???? ???????????? ????????????????????????A.3. Materiality
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????an auditor decides to increase the assessed level of control
Inherent risk and control risk differ from detection risk in that they???? ????????????
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????assessed in nonquantitative terms?Control risk Detection risk Inherent riska. Yes Yes Nob.
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????assurance directly provided froma. Substantive tests should increase.b.
The risk that an auditor will conclude, based on substantive tests, that a material misstatement does
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????auditor maya. Reduce substantive testing by relying on the assessments of
????????????????????????????????????????????????????????????????????????????????????????????????????????not????????????????????????????????????????????????????????????????????????????????????????assertion relating to account balances????? ????????????
Financial statement assertions are established for account balances, Classes of transactions Disclosuresa. Yes Yesb. Yes Noc. No Yesd. No No
The requirement for independence by the auditor regarding audits of employee benefit plans apply to the plan as well asa. Investment companies doing business with the plan.b. Members of the plan.c. The plan sponsor.d. The actuary firm doing services for the plan.
Which of the following bodies enforce the audit requirements of the Employee Retirement Security Act of 1974a. The Department of Labor.b. The Department of Pension Management.c. The Securities and Exchange Commission.d. The Public Company Accounting Oversight Board.
Under the independence standards of the GAO for performing audits in accordance with generally accepted government auditing standards, which of the following are overreaching principles for determining whether a nonaudit I. Auditors must not perform nonaudit services that involve performing
In accordance with the independence standards of the GAO for performing audits in accordance with generally accepted government auditing standards, which of the following is not ana. Reducing the extent of audit work due to pressure from management to reduce audit fees.b. Selecting audit items
Independence standards of the GAO for audits in accordance with generally accepted government auditing standards describe three types of impairments of independence. Which of the following is
Which of the following is most likely to be required in an audit performed in conformity with international auditing stan-????????????????????????a. Confirmation of accounts receivable.b. Audit report modification for a change in accounting principles.c. An opinion on internal control.d. Audit
Which of the following is not true about international????????????????????????????????????????????????????????????????????????????????a. International auditing standards do not require an audit of internal control.b. International auditing standards do not allow reference to division of
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????a. The Public Company Accounting Oversight Board.b. The International
With regard to marketing professional services, the IFAC Code of Ethics for Professional Accountants indicates thata. Direct marketing is prohibited.b. Marketing is allowed if lawful.c. Marketing should be honest and truthful.d. Marketing of audit services is prohibited.G. International
With respect to the acceptance of contingent fees for professional services, the IFAC Code of Ethics for Professional Accountants indicates that the accounting firma. Should not accept contingent fees.b. Should establish appropriate safeguards around acceptance of a contingent fee.c. Should accept
If an audit firm discovers threats to independence with respect to an audit engagement, the IFAC Code of Ethics for Professional Accountants indicates that the firm shoulda. Immediately resign from the engagement.b. Notify the appropriate regulatory body.c. Document the issue.d. Evaluate the
Based on the IFAC Code of Ethics for Professional Accountants, threats to independence arise from all of the following except:a. Self-interest.b. Advocacy.c. The audit relationship.d. Intimidation.82 Module 1: Professional Responsibilities
In relation to the AICPA Code of Professional Conduct, the IFAC Code of Ethics for Professional Accountants???? ???????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????

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Wiley CPA Excel Exam Review Study Guide Auditing And Attestation 2015 14th Edition O. Ray Whittington - Solutions

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