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ACC 410 QUIZ 3 (3)



ACC 410 QUIZ 3 (3) A broad interpretation of the rights of third-party beneficiaries holds that users that the auditor should have been able to foresee as being likely users of financial statements have the same rights as those with privity of contract. This is known as the concept of: The standard of due care to which the auditor is expected to adhere to in the performance of the audit is referred to as the: An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive certain benefits from the contract is known as: To succeed in an action against the auditor, the client must be able to show that: The assessment against a defendant of the full loss suffered by a plaintiff regardless of the extent to which other parties shared in the wrongdoing is called: While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal control provisions have been largely superseded by which of the following? In the auditing environment, failure to meet auditing standards is often: Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an opinion, even though there was no intent to deceive financial statement users. This description is the legal term for: A common way for a CPA firm to demonstrate a lack of duty to perform is by use of a(n): In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if: The preferred defense in third party suits is: Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include: Which of the following most accurately describes constructive fraud? The expectation gap: Fraud occurs when: The cycle approach to auditing: Which of the following is not one of the three categories of assertions? Which of the following would most likely be deemed a direct-effect illegal act? Fraudulent financial reporting is most likely to be committed by whom? The posting and summarization audit objective is the auditor’s counterpart to management’s assertion of: In testing for cutoff, the objective is to determine: “The auditor should not assume that management is dishonest, but the possibility of dishonesty must be considered.” This is an example of: When an auditor believes that an illegal act may have occurred, the auditor should first: When dealing with laws and regulations that do not have a direct effect on the financial statements, the auditor: Management assertions are: If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor: Which of the following assertions is described as “this assertion addresses whether all transactions that should be included in the financial statements are in fact included”? Which of the following is the auditor least likely to do when aware of an illegal act? The concept of reasonable assurance indicates that the auditor is: The auditor’s best defense when material misstatements are not uncovered is to have conducted the audit:


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