ACC 599 Final Exam â€¢ Question 1 6 out of 6 points The Standards of the PCAOB can be broken up into three categories, i.e., general, fieldwork, and reporting. Which of the following is considered in the fieldwork standards? Correct Answer: Internal control. â€¢ Question 2 6 out of 6 points To satisfy the fieldwork standards, what must an auditor do? â€¢ Question 3 6 out of 6 points Which document is used by auditors to formally accept a new client? â€¢ Question 4 6 out of 6 points What is the scope of applicability of the auditing standards of the AICPA? â€¢ Question 5 6 out of 6 points Which of the following documents will an auditor use to demonstrate an understanding of internal control? â€¢ Question 6 6 out of 6 points The PCAOBâ€™s AS No. 5 states that internal controls may be preventive or detective. Which of the following controls is preventive? â€¢ Question 7 6 out of 6 points Which of the following services does the PCAOB require auditors of public companies to perform? â€¢ Question 8 6 out of 6 points Which of the following is an example of a physical control to safeguard assets? â€¢ Question 9 6 out of 6 points Which of the following represents a situation in which auditors may disclose client information to outside parties? â€¢ Question 10 6 out of 6 points The auditor is normally not permitted to divulge confidential information obtained from a client. Which of the following situations would be a violation of this standard? â€¢ Question 11 6 out of 6 points Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley’s five-year-old daughter owns shares of stock in McBurgers Corporation, then what is Pulley considered to have? â€¢ Question 12 6 out of 6 points In determining the types of activities, engagements and interactions an auditor should have with a client, what must the CPA and the audit firm do? â€¢ Question 13 6 out of 6 points Which of the following must exist prior to the recognition of revenue by a company from the sale of a product? â€¢ Question 14 6 out of 6 points Unreturned positive confirmations for accounts receivable warrant which of the following actions? â€¢ Question 15 6 out of 6 points Sales transactions should be documented at initiation in order to accomplish which of the following objectives? â€¢ Question 16 6 out of 6 points Calculating the turnover of receivables is often used in testing the sales cycle by auditors when performing which of the following? â€¢ Question 17 6 out of 6 points The following are examples of specific assets except â€¢ Question 18 6 out of 6 points Inherent risk â€¢ Question 19 6 out of 6 points All of the following are recommended features of a fire protection system for a computer center except â€¢ Question 20 6 out of 6 points Which organizational structure is most likely to result in good documentation procedures? â€¢ Question 21 6 out of 6 points _______ is a performance evaluation method that focuses on both financial and nonfinancial indicators of performance such as customer satisfaction. â€¢ Question 22 6 out of 6 points What are special purpose entities (SPEs)? â€¢ Question 23 6 out of 6 points What is the meaning of â€œshort sellâ€? â€¢ Question 24 6 out of 6 points In liability fraud, liabilities are most often: â€¢ Question 25 6 out of 6 points Recognizing unearned revenue as earned revenue is an example of which type of fraud?
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