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Devry ACCT591 all
unit quiz latest 2016 july
Question
Devry ACCT591 quiz 1 latest 2016 july
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The
auditor is unable to determine the amounts associated with an employee fraud
scheme.
Management does not provide reasonable justification for a change in accounting principles. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify his or her balances. The chief executive officer is unwilling to sign the management representation letter. |
Disclaimer
Disclaimer
Unqualified Disclaimer Disclaimer Adverse Unqualified Adverse |
Plan
the work and properly supervise any assistants.
Obtain absolute assurance that the financial statements are not misstated due to fraud on the part of management. Determine the applicable financial reporting framework and prepare an adequate description of the framework for inclusion in the financial statements Exercise his or her specific legal powers and authority in investigating suspicious activities of the entity's employees, including management. |
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Designing
additional auditing procedures to obtain more reliable evidence in support of
a particular financial statement assertion
Obtaining corroboration of management's explanations through consultation with a specialist Inquiring of prior year engagement personnel regarding their assessment of management's honesty and integrity Using third-party confirmations to provide support for management's representations |
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Is
considered an "except for" qualification of the opinion.
Violates generally accepted auditing standards if this information is already disclosed in footnotes to the financial statements. Necessitates a revision of the opinion paragraph to include the phrase "with the foregoing explanation.” Is appropriate and would not negate the unqualified opinion. |
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Wishes
to emphasize that the entity had significant transactions with related
parties.
Concurs with the entity's change in its method of computing depreciation. Discovers that supplementary information required by FASB has been omitted. Believes that there is a probable likelihood of a material loss resulting from an uncertainty that is sufficiently supported and disclosed. |
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A
technological development that could affect the entity's future ability to
continue as a going concern
The discovery of information regarding a contingency that existed before the financial statements were issued The entity's sale of a subsidiary that accounts for 30% of the entity's consolidated sales The final resolution of a lawsuit explained in a separate paragraph of the auditor's report |
Devry ACCT591 quiz 2 latest 2016 july
Question 1.1. (TCO E) (CPA-06360.B) Which of the following statements is true regarding
analytical procedures in a review engagement? (Points : 10)
Analytical procedures are not required to be used as a substantive test.
Analytical procedures do not involve comparisons of recorded amounts to
expected amounts.
Analytical procedures are required to be used in the final review stage.
Analytical procedures involve the use of both financial and nonfinancial
data.
Question 2.2. (TCO E) (CPA-05719.B) A CPA is engaged to examine an entity's financial forecast. The CPA
believes that several significant assumptions do not provide a reasonable basis
for the forecast. Under these circumstances, the CPA should issue a(an): (Points : 10)
Adverse opinion.
Pro forma opinion.
Qualified opinion.
Unmodified opinion with an explanatory paragraph.
Question 3.3. (TCO E) ) (CPA-06290.B) If requested to perform a review engagement for a
nonissuer in which an accountant has an immaterial direct financial interest,
the accountant is: (Points : 10)
Not independent and, therefore, may not be associated with the financial
statements.
Not independent and, therefore, may not issue a review report.
Not independent and, therefore, may issue a review report, but may not
issue an auditor's opinion.
Independent because the financial interest is immaterial and, therefore,
may issue a review report.
Question 4.4. (TCO E) (CPA-03400.B) In which case would the accountant be least likely to perform
a review of interim financial information under PCAOB standards? (Points : 10)
Quarterly reports are required to be filed with the SEC.
Selected quarterly financial data is included in an annual report.
Quarterly financial data is included in the financial statements of a
nonissuer.
The accountant is performing an initial audit of financial statements
that include selected quarterly data.
Question 5.5. (TCO E) (CPA-06328.B) Baker, CPA, was engaged to review the financial statements
of Hall Company, a nonissuer. Evidence came to Baker's attention that indicated substantial doubt as
to Hall's ability to continue as a going concern. The principal
conditions and events that caused the substantial doubt have been fully
disclosed in the notes to Hall's financial statements. Which of the following
statements best describes Baker's reporting responsibility concerning this
matter? (Points : 10)
Baker is not required to modify the accountant's review report.
Baker is not permitted to modify the accountant's review report.
Baker should issue an accountant's compilation report instead of a
review report.
Baker should express a qualified opinion in the accountant's review
report.
Question 6.6. (TCO E) (CPA-06724.B) Which of the following procedures should an accountant
perform during an engagement to compile prospective financial statements?
(Points : 10)
Test the entity's internal controls to determine if adequate controls
exist so that financial projections can be reasonably achieved.
Make inquiries prior to the date of the report about possible future
transactions that may impact the forecast once the report is issued.
Make inquiries about the accounting principles used in the preparation
of the prospective financial statements.
Compare the prospective financial statements with the entity's
historical results for the prior year.
Question 7.7. (TCO E) (CPA-06335.B) An accountant performing a compilation or review of the
financial statements of a nonissuer should: (Points : 10)
Be able to justify departures from SSARS.
Never depart from SSARS guidelines.
Exercise professional judgment in applying SSARS, since they are
considered recommendations as opposed to standards.
Not depart from Statements on Auditing Standards.
Question 8.8. (CPA-03417.B) The objective of a review of interim financial information
of a public entity is to provide an accountant with a basis for reporting
whether: (Points : 10)
A reasonable basis exists for expressing an updated opinion regarding
the financial statements that were previously audited.
Material modifications should be made to conform with generally accepted
accounting principles.
The financial statements are presented fairly in accordance with
standards of interim reporting.
The financial statements are presented fairly in accordance with
generally accepted accounting principles.
Question 9.9. (TCO E) (CPA-04741.B) Which of the following activities would most likely be
considered an attestation engagement? (Points : 10)
Consulting with management representatives of a firm to provide advice.
Issuing a report about a firm's compliance with laws and regulations.
Advocating a client's position on tax matters that are being reviewed by
the IRS.
Preparing a client's tax returns.
Question 10.10. (TCO E) (CPA-06301.B) Which of the following procedures would an accountant
least likely perform during an engagement to review the financial statements of
a nonissuer? (Points : 10)
Observing the safeguards over access to and use of assets and records.
Comparing the financial statements with anticipated results in budgets
and forecasts.
Inquiring of management about actions taken at the board of directors'
meetings.
Studying the relationships of financial statement elements expected to
conform to predictable patterns.
Devry ACCT591 quiz 3 latest 2016 july
Quiz 3
Question 1.1. (TCO A) (CPA-05360.B) Prior to commencing field work, an auditor usually
discusses the general audit strategy with the client's management. Which of the
following details do management and the auditor usually agree upon at this
time? (Points : 10)
The specific matters to be included in the communication with those
charged with governance.
The minimum amount of misstatements that may be considered to be
significant deficiencies in internal control.
The schedules and analyses that the client's staff should prepare.
The effects that inadequate controls may have over the safeguarding of
assets.
Question 2.2. (TCO A) (CPA-06834.B) Under PCAOB standards, which one of the following would
not be considered by the auditor when determining the procedures to perform to
obtain an understanding of the nature of the company? (Points : 10)
Become an investor of the company in order to get access to the same
information that other investors would have.
Read public information about the company relevant to the evaluation of
the likelihood of material financial statement misstatement and the
effectiveness of the company's internal control over financial reporting.
Obtain information from SEC filings and other sources about trading
activity in the company's securities and holdings of significant shareholders.
Observe or read transcripts of earnings calls and other publicly
available meetings with investors and ratings agencies.
Question 3.3. (TCO A) (CPA-02803.B) Which of the following is required documentation in an
audit in accordance with generally accepted auditing standards? (Points : 10)
A flowchart or narrative of the information system relevant to financial
reporting describing the recording and classification of transactions for
financial reporting.
An audit plan setting forth in detail the procedures necessary to
accomplish the engagement's objectives.
A planning memorandum establishing the timing of the audit procedures
and coordinating the assistance of entity personnel.
An internal control questionnaire identifying controls that assure
specific objectives will be achieved.
Question 4.4. (TCO A) (CPA-05716.B) In a financial statement audit, inherent risk is evaluated
to help an auditor assess which of the following? (Points : 10)
The internal audit department's objectivity in reporting a material
misstatement of a financial statement assertion it detects to the audit
committee.
The risk that the internal control system will not detect a material
misstatement of a financial statement assertion.
The risk that the audit procedures implemented will not detect a
material misstatement of a financial statement assertion.
The susceptibility of a financial statement assertion to a material
misstatement assuming there are no related controls.
Question 5.5. (TCO A) (CPA-02712.B) Which of the following relatively small misstatements most
likely could have a material effect on an entity's financial statements?
(Points : 10)
An illegal payment to a foreign official that was not recorded.
A piece of obsolete office equipment that was not retired.
A petty cash fund disbursement that was not properly authorized.
An uncollectible account receivable that was not written off.
Question 6.6. (TCO A) (CPA-02888.B) After performing risk assessment procedures, an auditor
decided not to perform tests of controls. The auditor
most likely decided that: (Points : 10)
The available evidence obtained through tests of controls would not
support an increased level of control risk.
A reduction in the assessed level of control risk is justified for
certain financial statement assertions.
It would be inefficient to perform tests of controls that would result
in a reduction in planned substantive tests.
The assessed level of inherent risk exceeded the assessed level of
control risk.
Question 7.7. (TCO A) (CPA-04739.B) When an auditor is to conduct an audit of a service
organization, what considerations should the auditor make in the planning
stages regarding internal controls of the organization? (Points : 10)
The auditor should assess the control risk before obtaining an
understanding of internal controls.
The auditor should obtain an understanding of the entity's internal
controls after performing substantive procedures.
The auditor should obtain an understanding of the effect of the user
organization upon the service organization.
The auditor should be engaged to perform agreed-upon procedures.
Question 8.8. (TCO A) (CPA-02911.B) As the acceptable level of detection risk increases, an
auditor may change the: (Points : 10)
Assessed level of control risk from low to high.
Assurance provided by tests of controls by using a larger sample size
than planned.
Timing of substantive tests from year-end to an interim date.
Nature of substantive tests from a less effective to a more effective
procedure.
Question 9.9. (TCO A) (CPA-03010.B) Which of the following controls is least likely to be relevant
to a financial statement audit? (Points : 10)
Procedures that prevent the excess use of materials in production.
Policies that relate to compliance with income tax regulations.
Use of computer passwords to limit access to data files.
Generation of production statistics used to evaluate variances.
Question 10.10. (TCO A) (CPA-04709.B) Which of the following statements is correct concerning an
auditor's responsibility to report fraud? (Points : 10)
The auditor is required to communicate to those charged with governance
all minor fraudulent acts perpetrated by low-level employees, even if the
amounts involved are inconsequential.
The disclosure of material management fraud to principal stockholders is
required when both senior management and the board of directors fail to
acknowledge the fraudulent activities.
Fraudulent activities involving senior management of which the auditor
becomes aware should be reported directly to the SEC.
The disclosure of fraudulent activities to parties other than the
client's senior management and those charged with governance is not ordinarily
part of the auditor's responsibility.
Devry ACCT591 quiz 4 latest 2016 july
Increased
Decreased
Increased No effect Decreased Increased Decreased No effect |
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The
assumptions used in developing the prior year's accounting estimates have
changed.
Differences between reconciliations of control accounts and subsidiary records are not investigated. Negative confirmation requests yield fewer responses than in the prior year's audit. Management consults with another CPA firm about complex accounting matters. |
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The
accounts receivable bookkeeper receives a list of payments prepared by the
cashier and personally makes entries in the customers' accounts receivable
subsidiary ledger.
Each vendor invoice is matched with the related purchase order and receiving report by the vouchers payable bookkeeper who personally approves the voucher for payment. Access to blank checks and signature plates is restricted to the cash disbursements bookkeeper who personally reconciles the monthly bank statement. Vouchers and supporting documentation are examined and then canceled by the treasurer who personally mails the checks to vendors. |
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Add
a separate paragraph to the auditor's standard report to explain the
transaction.
Perform analytical procedures to verify whether similar transactions occurred, but were not recorded. Obtain an understanding of the business purpose of the transaction. Substantiate that the transaction was consummated on terms equivalent to an arm's-length transaction. |
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Vouch
a sample of accounts payable entries recorded just before year-end to the
unmatched receiving report file.
Compare a sample of purchase orders issued just after year-end with the year-end accounts payable trial balance. Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. |
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An
acknowledgment by a client representative that the securities were returned
intact.
An analysis of realized gains and losses from the sale of securities during the year. An evaluation of the client's internal control concerning physical access to the securities. A description of the client's procedures that prevent the negotiation of securities by just one person. |
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Reassessing
the factors that assisted the auditor in deciding on preliminary materiality
levels and audit risk.
Considering the adequacy of the evidence gathered in response to unexpected balances identified in planning. Summarizing uncorrected misstatements specifically identified through tests of details of transactions and balances. Calculating projected uncorrected misstatements estimated through audit sampling techniques. |
Devry ACCT591 quiz 5 latest 2016 july
Question 1.1. (TCOs B and C) (CPA-05615.B) Jackson is auditing the financial statements of Saffer
Company, an issuer. Which of the following is true? (Points : 10)
Jackson is not required to audit internal control, but should report any
significant deficiencies or material weaknesses noted.
Saffer is required to obtain an audit of its internal control, but a
professional other than Jackson may be hired for this purpose.
Jackson is required to audit and report on Saffer's internal control.
If Jackson provides an adverse opinion on the financial statements, an
audit of Saffer's internal control is not permitted.
Question 2.2. (TCOs B and C) (CPA-06853.B) An auditor discovers that an account balance believed not
to be materially misstated based on an audit sample was materially misstated
based on the total population of the account balance. This is an
example of which of the following sampling types of risks? (Points : 10)
Incorrect rejection.
Incorrect acceptance.
Assessing control risk too low.
Assessing control risk too high.
Question 3.3. (TCOs B and C) (CPA-02600.B) An advantage of statistical sampling over nonstatistical
sampling is that statistical sampling helps an auditor to: (Points : 10)
Eliminate the risk of nonsampling errors.
Reduce the level of audit risk and materiality to a relatively low
amount.
Measure the sufficiency of the audit evidence obtained.
Minimize the failure to detect errors and fraud.
Question 4.4. (TCOs B and C) (CPA-02617.B) Which of the following sample planning factors would
influence the sample size for a substantive test of details for a specific
account?
Expected Measure of
amount of tolerable
misstatements misstatement (Points : 10)
No No
Yes Yes
No Yes
Yes No
Question 5.5. (TCOs B and C) (CPA-02733.) Should an auditor communicate the following matters to
those charged with governance of a public entity?
Management's
consultation with
Significant audit other accountants
adjustments recorded about significant
by the entity accounting matters (Points : 10)
Yes Yes
Yes No
No Yes
No No
Question 6.6. (TCOs B and C) (CPA-06723.B) Which of the following disagreements between the auditor
and management do not have to be communicated by the auditor to those charged
with governance? (Points : 10)
Disagreements regarding management's judgment about accounting estimates
for goodwill.
Disagreements about the scope of the audit.
Disagreements in the application of accounting principles relating to
software development costs.
Disagreements of the amount of the LIFO inventory layer based on
preliminary information.
Question 7.7. (TCOs B and C) (CPA-02882.B) In a probability-proportional-to-size sample with a
sampling interval of $5,000, an auditor discovered that a selected account
receivable with a recorded amount of $10,000 had an audit amount of $8,000. If this were
the only error discovered by the auditor, the projected error of this sample
would be: (Points : 10)
$1,000
$2,000
$4,000
$5,000
Question 8.8. (TCOs B and C) (CPA-02894.B) An auditor may decide to decrease the acceptable level of
risk when: (Points : 10)
Increased reliability from the sample is desired.
Many differences (audit value minus recorded value) are expected.
Initial sample results do not support the planned level of control risk.
The cost and effort of selecting additional sample items is low.
Question 9.9. (TCOs B and C) (CPA-02542.B) An auditor's letter issued on significant deficiencies
relating to a nonissuer's internal control observed during a financial
statement audit should: (Points : 10)
Include a brief description of the tests of controls performed in
searching for significant deficiencies and material weaknesses.
Indicate that the significant deficiencies should be disclosed in the
annual report to the entity's shareholders.
Include a paragraph describing management's assertion concerning the
effectiveness of internal control.
Indicate that the audit's purpose was to report on the financial
statements and not to provide assurance on internal control.
Question 10.10. (TCOs B and C) (CPA-02585.B) An auditor established a $60,000 tolerable misstatement
for an asset with an account balance of $1,000,000. The auditor
selected a sample of every twentieth item from the population that represented
the asset account balance and discovered overstatements of $3,700 and
understatements of $200. Under these circumstances, the auditor most likely would conclude that:
(Points : 10)
There is an unacceptably high risk that the actual misstatements in the
population exceed the tolerable misstatement because the total projected
misstatement is more than the tolerable misstatement.
There is an unacceptably high risk that the tolerable misstatement
exceeds the sum of actual overstatements and understatements.
The asset account is fairly stated because the total projected
misstatement is less than the tolerable misstatement.
The asset account is fairly stated because the tolerable misstatement
exceeds the net of projected actual overstatements and understatements.
Devry ACCT591 quiz 6 latest 2016 july
Unit 6
Question 1.1. (TCO D) (CPA-06736.B) In which of the following situations is there a violation
of client confidentiality under the AICPA Code of Professional Conduct? (Points
: 10)
A member discloses confidential client information to a court in
connection with arbitration proceedings relating to the client.
A member discloses confidential client information to a professional
liability insurance carrier after learning of a potential claim against the
member.
A member whose practice is primarily bankruptcy discloses a client's
name.
A member uses a records retention agency to store clients' records that
contain confidential client information.
Question 2.2. (CPA-02429) The primary purpose of establishing quality control policies
and procedures for deciding whether to accept a new client is to:
(Points : 10)
Enable the CPA firm to attest to the reliability of the client.
Satisfy the CPA firm's duty to the public concerning the acceptance of
new clients.
Minimize the likelihood of association with clients whose management
lacks integrity.
Anticipate before performing any fieldwork whether an unmodified opinion
can be expressed.
Question 3.3. (TCO D) (CPA-01502.B) According to the profession's ethical standards, which of
the following events may justify a departure from GAAP?
Evolution of
a new form
New of business
legislation transaction (Points : 10)
No Yes
Yes No
Yes Yes
No No
Question 4.4. (TCO D) (CPA-06038.B) Detection risk of noncompliance is inversely related to:
(Points : 10)
Audit risk of noncompliance.
Risk of material noncompliance.
Inherent risk of noncompliance.
Control risk of noncompliance.
Question 5.5. (TCO D) (CPA-02925.B) When an auditor tests a computerized accounting system,
which of the following is true of the test data approach? (Points : 10)
Several transactions of each type must be tested.
Test data are processed by the client's computer programs under the
auditor's control.
Test data must consist of all possible valid and invalid conditions.
The program tested is different from the program used throughout the year
by the client.
Question 6.6. (CPA-05904) Quality control policies and procedures that are established
to decide whether to accept a new client should provide the CPA firm with
reasonable assurance that: (Points : 10)
The CPA firm's duty to the public concerning the acceptance of new
clients is satisfied.
The likelihood of associating with clients whose management lacks
integrity is minimized.
Client-prepared schedules that are necessary for the engagement are
completed on a timely basis.
Sufficient corroborating evidence to support the financial statement
assertions is available.
Question 7.7. (TCO D)(CPA-06110.B) Under the ethical standards of the profession in the
United States, which of the following circumstances would impair independence
in the audit of an issuer but would not impair independence in the audit of a
nonissuer? (Points : 10)
The firm performing the financial statement audit also designed and
implemented the client's financial information system.
The audit firm provided a loan to the client during the prior year.
The lead partner has worked on the audit engagement of a client for ten
years.
The audit firm has an immaterial direct financial interest in the client.
Question 8.8. (TCO D) (CPA-03065.B) The two requirements crucial to achieving audit efficiency
and effectiveness with a computer are selecting: (Points : 10)
The appropriate audit tasks for computer applications and the
appropriate software to perform the selected audit tasks.
The appropriate software to perform the selected audit tasks and client
data that can be accessed by the auditor's computer.
Client data that can be accessed by the auditor's computer and audit
procedures that are generally applicable to several clients in a specific
industry.
Audit procedures that are generally applicable to several clients in a
specific industry and the appropriate audit tasks for computer applications.
Question 9.9. (TCO D) (CPA-03482.B) An audit performed in accordance with 2 CFR 200 single
audit will expand the auditor's responsibilities beyond generally accepted
auditing standards. The auditor's expanded responsibilities include: (Points : 10)
Performance of additional procedures to test and report on compliance
with laws, rules, regulations and provisions of contracts or grant agreements
that have any effect on federal award programs.
Performance of additional procedures to test for noncompliance with
laws, rules and regulations targeted for review by the Office of the Inspector
General.
Performance of additional procedures to test and report on compliance
with laws, rules, regulations and provisions of contracts or grant agreements
that have a direct and material effect on major federal award programs.
Performance of additional procedures to test and report on achievement
of program objectives.
Question 10.10. (TCO D) (CPA-05961.B) Under the ethical standards of the profession, which of
the following investments by a CPA in a corporate client is an indirect
financial interest? (Points : 10)
An investment held in a retirement plan.
An investment held in a blind trust.
An investment held through a regulated mutual fund.
An investment held through participation in an investment club.
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