CPA audit review module 4-3

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Joens1313
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CPA audit review module 4-3
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2015-01-25 23:14:30
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CPA audit review module
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CPA audit review module 4-3
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  1. What is a typical procedure for Presentation and Disclosure.
    Consider completeness of disclosures
  2. What is a typical procedure for Existence or Occurence.
    • Confirmation
    • Inspection
    • Vouch Transactions
  3. What is a typical procedure for Rights and Obligations.
    • Vouch Transactions
    • Authorizations
  4. What is a typical procedure for Completeness and Cut-off.
    Trace from source documents to recorded entries

    Analytical Procedures

    Omissions

    Cutoff
  5. What is a typical procedure for Valuation, Allocation, and Accuracy.
    • Foot Schedules
    • Agree schedules balances to general ledger balances

    Agree Financial statement balances to schedules

    Consider valuation method of account

    consider related accounts
  6. If you use the follow procedures, what assertion are you working toward

    Consider completeness of disclosures
    Presentation and disclosure
  7. If you use the follow procedures, what assertion are you working toward

    Confirmation

    Inspection

    Vouch transactions
    Existence or Occurence
  8. If you use the follow procedures, what assertion are you working toward

    Vouch transactions

    Authorizations
    Rights and Obligations
  9. If you use the follow procedures, what assertion are you working toward

    Trace from source documents to recorded entries

    analytical procedures

    omissions

    cutoff
    Completeness and cutoff
  10. If you use the follow procedures, what assertion are you working toward

    foot schedules
    agree schedules balances to general ledger balances
    agree financial statement balances to schedules
    consider valuation method of account
    consider related accounts
    valuation, allocation, and accuracy
  11. The overall objective of audit documentation is to provide

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

    2. --------------------------------
  12. The overall objective of audit documentation is to provide

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

    2. evidence that the audit was planned and performed in accordance with GAAS.
    a sufficient and appropriate record of the basis for the auditors report and
  13. The overall objective of audit documentation is to provide

    1. a sufficient and appropriate record of the basis for the auditors report and

    2. -------------------
    evidence that the audit was planned and performed in accordance with GAAS.
  14. Audit documentation should include a ----------------------------- for every audit.
    Audit documentation should include a written audit program for every audit.
  15. ---------------is a form of fraud that overstates cash by causing it to be simultaneously included in two or more bank accounts.
    kiting is a form of fraud that overstates cash by causing it to be simultaneously included in two or more bank accounts.
  16. kiting is a form of ---------------------------------------------------.
    kiting is a form of fraud that overstates cash by causing it to be simultaneously included in two or more bank accounts.
  17. kiting is possible because ------------------------.
    kiting is possible because a check takes several days to clear the bank on which it is drawn.
  18. Kiting may be detected by

    1.-----------------------------------
    2. a four column bank reconciliation 
    3.by obtaining a cutoff statement.
  19. Kiting may be detected by
    1.preparing a bank transfer schedule
    2. --------------------------------- 
    3.by obtaining a cutoff statement.
  20. Kiting may be detected by

    1.preparing a bank transfer schedule
    2. a four column bank reconciliation 
    3.-----------------------------------
  21. ------------- is an embezzlement scheme in which cash collections from customers are stolen and the shortage is concealed by delaying the recording of subsequent cash receipts
    Lapping is an embezzlement scheme in which cash collections from customers are stolen and the shortage is concealed by delaying the recording of subsequent cash receipts
  22. Lapping is -----------------------
    Lapping is an embezzlement scheme in which cash collections from customers are stolen and the shortage is concealed by delaying the recording of subsequent cash receipts
  23. Lapping most frequently occurs when -----------------------------------------------.
    Lapping most frequently occurs when one individual has responsibility for both recordkeeping and custody of cash
  24. Receivable confirmations primary test the -------------------assertion.
    Receivable confirmations primary test the existence assertion.
  25. When the client uses statistical methods in determining inventory quantities the auditor should be satisfied that the sampling plan has -------------------.
    When the client uses statistical methods in determining inventory quantities the auditor should be satisfied that the sampling plan has statistical validity.
  26. When the client uses statistical methods in determining inventory quantities the auditor should be satisfied that the sampling plan has ------------------------.
    When the client uses statistical methods in determining inventory quantities the auditor should be satisfied that the sampling plan has statistical validity.
  27. When the client uses --------------------- in determining inventory quantities the auditor should be satisfied that the sampling plan has statistical validity.
    When the client uses statistical methods in determining inventory quantities the auditor should be satisfied that the sampling plan has statistical validity.
  28. The ----------------- assertion is obtained by inspecting any securities that are held by a client and by confirming securities held by a custodians.
    The existence assertion is obtained by inspecting any securities that are held by a client and by confirming securities held by a custodians
  29. The ------------------ assertion is obtained by inspecting any securities that are held by a client and by confirming securities held by a custodians
    The existence assertion is obtained by inspecting any securities that are held by a client and by confirming securities held by a custodians
  30. The ---------------- assertion may be obtained for long term investments for an investee by examining the

    audited financial statements
    unaudited financial statements
    market quotations
    other evidence
    The valuation assertion may be obtained for long term investments for an investee by examining the

    audited financial statements

    unaudited financial statements

    market quotations

    other evidence
  31. The valuation assertion may be obtained for long term investments for an investee by examining the

    audited financial statements
    -------------------------
    market quotations
    other evidence
    The valuation assertion may be obtained for long term investments for an investee by examining the

    • audited financial statements
    • unaudited financial statements
    • market quotations
    • other evidence
  32. The valuation assertion may be obtained for long term investments for an investee by examining the

    audited financial statements

    unaudited financial statements
    ---------------------
    other evidence
    The valuation assertion may be obtained for long term investments for an investee by examining the

    • audited financial statements
    • unaudited financial statements
    • market quotations
    • other evidence
  33. The valuation assertion may be obtained for long term investments for an investee by examining the

    ------------------
    unaudited financial statements
    market quotations
    other evidence
    The valuation assertion may be obtained for long term investments for an investee by examining the

    • audited financial statements
    • unaudited financial statements
    • market quotations
    • other evidence
  34. Assets constructed by a company for its own use should be recorded at the ----------------------------------------------------------------.
    Assets constructed by a company for its own use should be recorded at the cost of direct material, direct labor, and applicable overhead.
  35. Assets constructed by a company for its own use should be recorded at the --------------------------------------------------------------------.
    Assets constructed by a company for its own use should be recorded at the cost of direct material, direct labor, and applicable overhead.

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