AN AUDITOR’S REPORT ON AN INTEGRATED AUDIT WILL BE UNQUALIFIED IF INTERNAL CONTROL OVER FINANCIAL REPORTING DOES NOT HAVE ANY MATERIAL WEAKNESSES AND THE FINANCIAL STATEMENTS ARE FAIRLY PRESENTED.
AN AUDITOR’S REPORT ON AN INTEGRATED AUDIT WILL BE UNQUALIFIED IF INTERNAL CONTROL OVER FINANCIAL REPORTING DOES NOT HAVE ANY MATERIAL WEAKNESSES AND THE FINANCIAL STATEMENTS ARE FAIRLY PRESENTED.
Part 1 of 1 – Final Exam 45.0/ 50.0 Points
The Final Exam has 50 true/false questions, covers Chapters 1 & 2, and 6 through 11, and has a 4 hour time limit.
Question 1 of 50 1.0/ 1.0 Points
oType I subsequent events are always referenced in the audit report.
A. True
B. False
Question 2 of 50 1.0/ 1.0 Points
Regardless of the specific form, documentary evidence shows that the receiving process occurred.
A. True
B. False
Question 3 of 50 1.0/ 1.0 Points
Preliminary time budget information is compared to actual time worked and is used for purposes of billing, performance evaluation, and future bidding.
A. True
B. False
Question 4 of 50 1.0/ 1.0 Points
Sales returns and allowances remain constant in their magnitude and never need differing levels of control and approval.
A. True
B. False
Question 5 of 50 0.0/ 1.0 Points
All assertions apply to every account.
A. True
B. False
Question 6 of 50 1.0/ 1.0 Points
Failure to provide the auditor information regarding pending litigation is grounds for a scope limitation.
A. True
B. False
Question 7 of 50 1.0/ 1.0 Points
Detail schedules need to tie to the lead schedule.
A. True
B. False
Question 8 of 50 1.0/ 1.0 Points
Sampling risk is the risk that your sample is not representative of the population.
A. True
B. False
Question 9 of 50 1.0/ 1.0 Points
An auditor’s report on an integrated audit will be unqualified if internal control over financial reporting does not have any material weaknesses and the financial statements are fairly presented.
A. True
B. False
Question 10 of 50 0.0/ 1.0 Points
If a transaction is paid for by credit card, the seller processes the sales transaction with the credit card issuer when the item is received.
A. True
B. False
Question 11 of 50 1.0/ 1.0 Points
The last steps of an integrated audit are to understand the industry and contract with the client to do the audit.
A. True
B. False
Question 12 of 50 1.0/ 1.0 Points
Cash received for sales comes in through several channels.
A. True
B. False
Question 13 of 50 1.0/ 1.0 Points
Recalculation is a form of reperformance.
A. True
B. False
Question 14 of 50 1.0/ 1.0 Points
When the mail is opened and checks are received, a document called a daily remittance list is immediately prepared.
A. True
B. False
Question 15 of 50 1.0/ 1.0 Points
All transactions in the sales and collection cycle need not be recorded at the correct amounts.
A. True
B. False
Question 16 of 50 1.0/ 1.0 Points
The audit report must contain explanatory language if there is a going concern issue.
A. True
B. False
Question 17 of 50 1.0/ 1.0 Points
One of the first concerns regarding the revenue cycle is that all recorded sales entries are the result of real transactions that do not meet the criteria for revenue recognition.
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