CPA Audit Review module 4 - 1

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Joens1313
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293852
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CPA Audit Review module 4 - 1
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2015-01-25 18:05:30
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CPA Audit Review module
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CPA Audit Review module 4 - 1
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  1. After assessing the risks of material misstatement, the auditors design and perform further audit procedures - _______________ and ________________.
    After assessing the risks of material misstatement, the auditors design and perform further audit procedures - test of controls and substantive procedures.
  2. For account balance assertions, what is checked for the existence assertion?
    If Assets, liabilities, and equity interests exist
  3. For Account balances, when you check if assets, liabilities, and equity interests exist, what assertion are you checking?
    The Existence Assertion.
  4. For account balance assertions, what is checked for the Rights and Obligations assertion?
    Whether the entity holds or controls the rights to assets and liabilities are the obligation of the entity.
  5. For account balance assertions, what is checked for the Completeness assertion?
    That all assets, liabilities, and equity interest have been recorded.
  6. For account balance assertions, what is checked for the Valuation and allocation assertion?
    Assets, liabilities and equity interests are included at appropriate amounts.
  7. For Account balances, when you check if the entity holds or controls the rights to assets and liabilities are the obligation or the entity, what assertion are you checking?
    Rights and obligations
  8. For Account balances, when you check if all assets, liabilities, and equity interests have been recorded, what assertion are you checking?
    The Completeness assertion.
  9. For Account balances, when you check if Assets liabilities and equity interests are included at appropriate amounts, what assertion are you checking?
    Valuation and allocation
  10. For Transaction classes assertions, what is checked for the Occurence assertion?
    That transactions and events that have been recorded have occurred and pertain to the entity.
  11. For Transaction classes assertions, what is checked for the Completeness assertion?
    All transactions and events have been recorded.
  12. For Transaction classes assertions, what is checked for the Accuracy assertion?
    Amounts and other data relating to recorded transactions have been recorded appropriately.
  13. For Transaction classes assertions, what is checked for the Cutoff assertion?
    Transactions and events have been recorded in the correct accounting period.
  14. For Transaction classes assertions, what is checked for the Classification assertion?
    Transactions and events have been recorded in the proper accounts.
  15. For Transaction classes, when you check if transactions and events that have been recorded have occurred and pertain to the entity, what assertion are you checking?
    The occurrence assertion.
  16. For Transaction classes, when you check if all transactions and events have been recorded, what assertion are you checking?
    completeness assertion
  17. For Transaction classes, when you check if amounts and other data relating to recorded transactions have been recorded appropriately, what assertion are you checking?
    Accuracy assertation
  18. For Transaction classes, when you check if transactions and events have been recorded in the correct accounting period, what assertion are you checking?
    cutoff assertion
  19. For Transaction classes, when you check if transactions and events have been recorded in the proper accounts, what assertion are you checking?
    Classification assertion
  20. For Disclosure assertions, what is checked for the Occurence assertion?
    Disclosed events and transactions have occurred.
  21. For Disclosure assertions, what is checked for the Rights and obligations assertion?
    Disclosed events pertain to the entity
  22. For Disclosure assertions, what is checked for the Completeness assertion?
    All disclosures that should have been included have been included.
  23. For Disclosure assertions, what is checked for the Accuracy and valuation assertion?
    information is disclosed fairly and at appropriate amounts
  24. For Disclosure assertions, what is checked for the Classification and understandability assertion?
    Information is presented and described clearly
  25. For Disclosures, when you check if disclosed events and transaction have occured, what assertion are you checking?
    Occurence
  26. For Disclosures, when you check if disclosed events pertain to the entity, what assertion are you checking?
    Rights and obligations
  27. For Disclosures, when you check if all disclosures that should have been included have been included, what assertion are you checking?
    completeness
  28. For Disclosures, when you check if information is disclosed fairly and at appropriate amounts, what assertion are you checking?
    accuracy and valuation
  29. For Disclosures, when you check if information is presented and described clearly, what assertion are you checking?
    classification and understandability
  30. For the ------------------------------------, accounts are described and classified in accordance with generally accepted accounting principles and financial statement disclosures are complete, appropriate, and clearly expressed.
    For the presentation and disclosure assentation, accounts are described and classified in accordance with generally accepted accounting principles and financial statement disclosures are complete, appropriate, and clearly expressed.
  31. For the presentation and disclosure assentation, accounts are described and classified in accordance with -------------------------------------------------- and financial statement disclosures are complete, appropriate, and clearly expressed.
    For the presentation and disclosure assentation, accounts are described and classified in accordance with generally accepted accounting principles and financial statement disclosures are complete, appropriate, and clearly expressed.
  32. For the --------------------------- assentation's, assets, liabilities, and equity interests exist, and recorded transactions and events have occurred.
    For the Existence and occurrence assentation's, assets, liabilities, and equity interests exist, and recorded transactions and events have occurred.
  33. For the ----------------------------- assentation's, the company holds rights to the assets and liabilities are the obligations of the company.
    For the rights and obligations assentation's, the company holds rights to the assets and liabilities are the obligations of the company.
  34. For the ---------------------------- assentation's all assets, liabilities, equity interest and transactions that should have been recorded, and all transactions and events recorded in the appropriate accounting period.
    For the completeness and cut-off assentation's all assets, liabilities, equity interest and transactions that should have been recorded, and all transactions and events recorded in the appropriate accounting period.
  35. For the -----------------------------------assentation's, all transactions, assets, liabilities, and equity interests are included in the financial statements at proper amounts.
    For the valuation, allocation, and accuracy assentation's, all transactions, assets, liabilities, and equity interests are included in the financial statements at proper amounts.
  36. The ------------------------------relates to whether the recorded amount is bona fide.
    The existence assentation relates to whether the recorded amount is bona fide.
  37. The ---------------------- assentation addresses the issue of whether all transactions have been recorded
    The completeness assentation addresses the issue of whether all transactions have been recorded
  38. The statement on attestation standards suggest 2 basic types of evidence collection procedures

    1.

    2. internal inquires
    1. search and verification
  39. The statement on attestation standards suggest 2 basic types of evidence collection procedures

    1. search and verification

    2.
    2. internal inquires
  40. The statement on attestation standards suggest 2 basic types of evidence collection procedures

    1.

    2.
    1. search and verification

    2. internal inquires

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