ACC 490 Final Exam
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1. An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives is a(n):
2. When providing audit services, the CPA is expected to be:
3. Which one of the following services is often performed on public companies’ interim financial statements and nonpublic companies’ annual financial statements?
4. In the standard audit report, the auditor’s opinion on fairness pertains:
5. Auditor liability under the 1933 Securities Act extends to the:
6. An auditor may be liable to a client for breach of contract under which of the following?
7. Which of the following would be an example of a foreseeable party?
8. Which of the following would not be considered an analytical procedure?
9. The subject of the auditing procedure observing is least likely to be:
10. An auditor can use computer audit software to do all of the following except:
11. The title of a certain working paper is “Proposed Adjusting Entries.” The use of the word “proposed” indicates that:
12. The importance of the accept/reject decision for a particular client is reflected in the inclusion of “acceptance and continuation of clients” as:
13. When considering whether to accept an engagement, the auditor should consider the implications for accepting the engagement if:
14. A typical engagement letter should contain the following comment: Because of the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, there is a risk that:
15. Which of the following best describes the auditor’s responsibilities concerning related parties?
16. In planning the audit, the auditor should assess materiality at two levels:
17. Professional standards recognize that a misstatement...
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