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ACC 403 Week 11 FINAL EXAM PART 1 An auditor who audits a business cycle that has low inherent risk should: The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement they must bring it to the attention of: As the acceptable level of detection risk increases, an auditor may change the: The scope paragraph of the standard unqualified auditor’s report states that “… the standards require that we plan and perform the audit to obtain ________ assurance about whether the financial statements are free of material misstatement.” What type of assurance is given? A five-step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is: When considering internal controls, an important point to consider is that: In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because: Which of the following is responsible for establishing a private company’s internal control? Internal controls: Misappropriation of assets is normally perpetrated by: Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain: Two of the most useful warning signals that can indicate that revenue fraud is occurring are: When analyzing accounts for fraud risk: Who is most likely to perpetrate fraudulent financial reporting? Controls that are designed for each software application and are intended to help a company satisfy the transaction-related audit objectives are: Which of the following is a component of general controls? A control that relates to all parts of the IT system is called a(n): The approach to auditing where the auditor does not test automated controls to reduce assessed control risk is called: Which of the following computer-assisted auditing techniques inserts an audit module in the client’s application system to identify specific types of transactions? Collectively, procedures performed to obtain an understanding of the entity and its environment, including internal controls, represent the auditor’s: An increased extent of tests of controls is most likely to occur when: When the auditor has completed the tests of details of balances and enters phase 4 of the audit process, she must still perform audit procedures for which of the following? Analytical procedures must be performed in: An exception or deficiency found in a test of controls:


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