Principles of auditing Chapter 7 The audit process and detecting fraud

QUESTION 15 In a typical audit, which of the following steps is performed first? A. Gain an understanding of the client's strategies. B. Perform subsequent event work. C. Consider audit risk. D. Interim audit work. QUESTION 16 In a financial statement audit, management is responsible for: A. Providing staff to assist the auditor on the engagement. B. Making all financial records and information available to the auditor. C. Proposing adjusting journal entries based on the audit results. D. Reporting to the audit committee. QUESTION 13 The auditor is required to inform the audit committee of management's representation regarding unrecorded adjusting journal entries. True False QUESTION 11 Responsibilities of audit committees include all of the following except: A. Review of disclosures in the financial statements, B. Resolving differences between the controller and the financial vice-president. C. Selection of the external auditor. D. Oversight of the internal audit activity