CPA Audit Review Module 4 - 2

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CPA Audit Review Module 4 - 2
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2015-01-25 18:50:58
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CPA Audit Review Module
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CPA Audit Review Module 4 - 2
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  1. What are the 3 presumptions that relate to the validity of evidence.

    1. ------------------------

    2. -------------------------

    3. -----------------------
    1. evidence from independent sources provides more assurance than evidence secured solely from within the entity

    2. information from direct personal knowledge is more persuasive than information obtained indirectly.

    3. assertions developed under effective internal control are more reliable than those developed in the absence of internal control.
  2. What are the 3 presumptions that relate to the validity of evidence.

    1. ---------------------------

    2. information from direct personal knowledge is more persuasive than information obtained indirectly.

    3. assertions developed under effective internal control are more reliable than those developed in the absence of internal control.
    1. evidence from independent sources provides more assurance than evidence secured solely from within the entity
  3. What are the 3 presumptions that relate to the validity of evidence.

    1. evidence from independent sources provides more assurance than evidence secured solely from within the entity

    2. ---------------------------------

    3. assertions developed under effective internal control are more reliable than those developed in the absence of internal control.
    information from direct personal knowledge is more persuasive than information obtained indirectly.
  4. What are the 3 presumptions that relate to the validity of evidence.

    1. evidence from independent sources provides more assurance than evidence secured solely from within the entity

    2. information from direct personal knowledge is more persuasive than information obtained indirectly.

    3. --------------------------
    3. assertions developed under effective internal control are more reliable than those developed in the absence of internal control.
  5. Audit evidence is ordinarily more reliable when it is

    1. ---------------------------- 

    2.-------------------------------

    3. -----------------------------

    4. ------------------------------

    5. ---------------------------
    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources. 

    2.generated internally through a system of effective controls rather then ineffective controls

    3. obtained directly by the auditor rather than indirectly or by inference

    4. documentary in form rather than oral

    5. provided by original documents rather than copies or facsimiles.
  6. Audit evidence is ordinarily more reliable when it is

    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources. 

    2.generated internally through a system of effective controls rather then ineffective controls

    3. obtained directly by the auditor rather than indirectly or by inference

    4. documentary in form rather than oral

    5. ----------------------------
    5. provided by original documents rather than copies or facsimiles.
  7. Audit evidence is ordinarily more reliable when it is

    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources. 

    2.generated internally through a system of effective controls rather then ineffective controls

    3. obtained directly by the auditor rather than indirectly or by inference

    4. ----------------------------

    5. provided by original documents rather than copies or facsimiles.
    4. documentary in form rather than oral
  8. Audit evidence is ordinarily more reliable when it is

    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources. 

    2.generated internally through a system of effective controls rather then ineffective controls

    3. ------------------------------

    4. documentary in form rather than oral

    5. provided by original documents rather than copies or facsimiles.
    3. obtained directly by the auditor rather than indirectly or by inference
  9. Audit evidence is ordinarily more reliable when it is

    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources. 

    2.--------------------------

    3. obtained directly by the auditor rather than indirectly or by inference

    4. documentary in form rather than oral

    5. provided by original documents rather than copies or facsimiles.
    2.generated internally through a system of effective controls rather then ineffective controls
  10. Audit evidence is ordinarily more reliable when it is

    1. ----------------------- 

    2.generated internally through a system of effective controls rather then ineffective controls

    3. obtained directly by the auditor rather than indirectly or by inference

    4. documentary in form rather than oral

    5. provided by original documents rather than copies or facsimiles.
    1. obtained from knowledgeable independent sources outside the client company rather than nondependent sources.
  11. risk assessment procedures are used to obtain-----------------------------------
    risk assessment procedures are used to obtain an understanding of the entity and its environment including its internal control.
  12. ----------------------- procedures are used to obtain an understanding of the entity and its environment including its internal control.
    risk assessment procedures are used to obtain an understanding of the entity and its environment including its internal control.
  13. Tests of controls are done when ----------------------
    Tests of controls are done when necessary or when the auditor has decided to do so, used to test the operating effectiveness of controls at the relevant assertion level.
  14. ----------------------- are done when necessary or when the auditor has decided to do so, used to test the operating effectiveness of controls at the relevant assertion level.
    Tests of controls are done when necessary or when the auditor has decided to do so, used to test the operating effectiveness of controls at the relevant assertion level.
  15. substantive procedures are used to --------------------------------------------
    substantive procedures are used to detect material misstatements in transactions, account balances, and disclosures.  Substantive procedures include substantive analytical procedures  and test of details of accounts balances, transactions, disclosures.
  16. -----------------------------are used to detect material misstatements in transactions, account balances, and disclosures.  Substantive procedures include substantive analytical procedures  and test of details of accounts balances, transactions, disclosures.
    substantive procedures are used to detect material misstatements in transactions, account balances, and disclosures.  Substantive procedures include substantive analytical procedures  and test of details of accounts balances, transactions, disclosures.
  17. Substantive procedures are designed to ------------------------------------------
    Substantive procedures are designed to assist the auditor in determining whether the specific balances of financial statements accounts, transactions, and disclosures are in conformity with GAAP.
  18. -------------------------------- are designed to assist the auditor in determining whether the specific balances of financial statements accounts, transactions, and disclosures are in conformity with GAAP.
    Substantive procedures are designed to assist the auditor in determining whether the specific balances of financial statements accounts, transactions, and disclosures are in conformity with GAAP.
  19. what are the two types of substantive procedures

    1. --------------------------

    2. --------------------------------
    1. substantive analytical procedures

    2. tests of details of transactions, account balances, and disclosures.
  20. what are the two types of substantive procedures

    1. substantive analytical procedures

    2. ---------------------------------
    2. tests of details of transactions, account balances, and disclosures.
  21. what are the two types of substantive procedures

    1. ---------------------------------

    2. tests of details of transactions, account balances, and disclosures.
    1. substantive analytical
  22. An audit program is a---------------------------
    An audit program is a detailed list of the audit procedures to be performed in the course of an audit.
  23. An ------------------- is a detailed list of the audit procedures to be performed in the course of an audit.
    An audit program is a detailed list of the audit procedures to be performed in the course of an audit.
  24. Relevant assertions are ------------------------------------------
    Relevant assertions are those that without regard to the effect of controls have a reasonable possibility of containing a misstatement that could cause the financial statements to be materially misstated.
  25. ------------------ assertions are those that without regard to the effect of controls have a reasonable possibility of containing a misstatement that could cause the financial statements to be materially misstated.
    Relevant assertions are those that without regard to the effect of controls have a reasonable possibility of containing a misstatement that could cause the financial statements to be materially misstated.

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