CPA Audit Review Module 4 - 5

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Joens1313
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CPA Audit Review Module 4 - 5
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2015-01-27 23:26:14
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CPA Audit Review Module 4 - 5
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  1. ---------------------------------------- deal with measures of the quality of the performance of the audit.
    Generally accepted auditing standards deal with measures of the quality of the performance of the audit.
  2. Generally accepted auditing standards deal with ------------------------------------------
    Generally accepted auditing standards deal with measures of the quality of the performance of the audit.
  3. What are the assertions for the classes of transactions

    1. ----------------
    2. --------------
    3. -------------------
    4. -------------------
    • 1. occurrence
    • 2. completeness
    • 3. accuracy
    • 4. cutoff and classifications
  4. What are the assertions for the classes of transactions
    1. ------------------------
    2. completeness
    3. accuracy
    4. cutoff and classifications
    • 1. occurrence
    • 2. completeness
    • 3. accuracy
    • 4. cutoff and classifications
  5. What are the assertions for the classes of transactions
    1. occurrence
    2. ------------------
    3. accuracy
    4. cutoff and classifications
    • 1. occurrence
    • 2. completeness
    • 3. accuracy
    • 4. cutoff and classifications
  6. What are the assertions for the classes of transactions

    1. occurrence
    2. completeness
    3. -------------------
    4. cutoff and classifications
    • 1. occurrence
    • 2. completeness
    • 3. accuracy
    • 4. cutoff and classifications
  7. What are the assertions for the classes of transactions

    1. ------------------
    2. completeness
    3. accuracy
    4. cutoff and classifications
    • 1. occurrence
    • 2. completeness
    • 3. accuracy
    • 4. cutoff and classifications
  8. to be appropriate, evidence must be both ---------------- and -------------.
    to be appropriate, evidence must be both reliable and relevant.
  9. as higher levels of assurance are desired from analytical procedures, more predictable relationships are required to develop the --------------------------------------.
    as higher levels of assurance are desired from analytical procedures, more predictable relationships are required to develop the auditors expectation.
  10. as higher levels of assurance are desired from analytical procedures, ---------------------- are required to develop the auditors expectation.
    as higher levels of assurance are desired from analytical procedures, more predictable relationships are required to develop the auditors expectation.
  11. the overall review stage includes reading the financial statements and notes and considering the ------------------------------ in response to unusual or unexpected balances
    the overall review stage includes reading the financial statements and notes and considering the adequacy of evidence gathered in response to unusual or unexpected balances
  12. the overall review stage includes reading the --------------------- and ---------------- and considering the adequacy of evidence gathered in response to unusual or unexpected balances
    the overall review stage includes reading the financial statements and notes and considering the adequacy of evidence gathered in response to unusual or unexpected balances
  13. relationships involving income statement accounts tend to be more predictable than relationships involving only -------------------------accounts
    relationships involving income statement accounts tend to be more predictable than relationships involving only balance sheet accounts
  14. relationships involving ----------------------------------------- tend to be more predictable than relationships involving only balance sheet accounts
    relationships involving income statement accounts tend to be more predictable than relationships involving only balance sheet accounts
  15. when unexpected relationships exist additional ----------------------- are generally required to determine whether misstatements exist.
    when unexpected relationships exist additional tests of details are generally required to determine whether misstatements exist.
  16. when -------------------------- relationships exist additional tests of details are generally required to determine whether misstatements exist.
    when unexpected relationships exist additional tests of details are generally required to determine whether misstatements exist.
  17. when unexpected relationships exist additional tests of details are generally required to determine whether ----------------------- exist.
    when unexpected relationships exist additional tests of details are generally required to determine whether misstatements exist.
  18. the objective of tests of details of transactions performed as substantive procedures is to detect ------------------------------------- in the financial statements.
    the objective of tests of details of transactions performed as substantive procedures is to detect material misstatements in the financial statements.
  19. the objective of ---------------------------- of transactions performed as substantive procedures is to detect material misstatements in the financial statements.
    the objective of tests of details of transactions performed as substantive procedures is to detect material misstatements in the financial statements.
  20. what are substantive procedures defined as

    1. -------------------------
    2. ---------------------------
    3. ------------------------
    • 1. tests of transactions
    • 2. direct tests of financial balances
    • 3. analytical procedures
  21. what are substantive procedures defined as
    1. -------------------------
    2. direct tests of financial balances
    3. analytical procedures
    • 1. tests of transactions
    • 2. direct tests of financial balances
    • 3. analytical procedures
  22. what are substantive procedures defined as
    1. tests of transactions
    2. ------------------------------
    3. analytical procedures
    • 1. tests of transactions
    • 2. direct tests of financial balances
    • 3. analytical procedures
  23. what are substantive procedures defined as

    1. tests of transactions
    2. direct tests of financial balances
    3. -------------------------------
    • 1. tests of transactions
    • 2. direct tests of financial balances
    • 3. analytical procedures
  24. identify the point at which no deletions of audit documentation is allowed
    the documentation competition date.
  25. how is inventory turnover calculated
    average inventory is divided by cost of goods sold
  26. What information does the inventory turnover rate provide?
    it will provide the auditor with evidence on slow moving, excess, defective and obsolete items included in inventories.
  27. When testing for unrecorded retirements, testing from the accounting records to the items to locate items that have not been recorded as retired, and cannot be located.
    When testing for --------------------------, testing from the accounting records to the items to locate items that have not been recorded as retired, and cannot be located
  28. Why does a auditor analyze the repairs and maintenance account
    clients often erroneously charge expenditures for property and equipment expenditures for property and equipment acquisitions as expenses rather then capitalize them.
  29. What substantive procedure will be preformed to verify the existence and valuation of recorded accounts payable
    vouching of various payable accounts to purchase orders and receiving reports will provide evidence that the debt was incurred and the related goods received thereby providing evidence on the existence of the debt and its amount or valuation.
  30. What management account assertion should the auditor primary focus on?
    risk of overstatement of income.
  31. identify the assertion to which determining whether there are restrictions on retained earnings relates most directly
    The presentation and disclosure assertion

    such restriction will result in disclosures and thus the presentation and disclosure assertion is most directly being verified.
  32. what is the most likely risk involved in a bill and hold sale?
    because the bill and hold sale results in the recording of a sale prior to delivery of the goods - accordingly , sales may be appropriately recorded.
  33. the ------------------------------ should be dated as of the date of the auditors report
    the clients representation letter should be dated as of the date of the auditors report
  34. the clients representation letter should be dated as of the date of the ---------------------
    the clients representation letter should be dated as of the date of the auditors report
  35. which parties should reach an understanding on the limits of materiality for purposes of a lawyers response to an auditors inquiry concerning litigation, claims, and assessments.
    the response may be limited to material items provided the lawyer and the auditor have reached an understanding on the limits of materiality for this purpose.
  36. what audit procedure would most likely identify related party transactions
    reviewing confirmation of loans receivable and payable for indication of guarantees may reveal unusual transactions involving related parties.
  37. for related party transactions, the auditor should place primary emphasis on the -----------------------------.
    for related party transactions, the auditor should place primary emphasis on the adequacy of disclosure.

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