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DEVRY ACCT 555 Week 3 Homework
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ACCT 555 Week 3 Homework Assignment
6-19 (Objective 6-1) The following questions concern the reasons auditors do audits.
Choose the best response.
Which of the following best describes the reason why an independent auditor
reports on financial statements?
Because of the risk of material misstatement, an audit should be planned and
performed with an attitude of
The major reason an independent auditor gathers audit evidence is to
6-20 (Objective 6-3) The following questions deal with errors and fraud. Choose the
An independent auditor has the responsibility to design the audit to provide
reasonable assurance of detecting errors and fraud that might have a material effect
on the financial statements. Which of the following, if material, is a fraud as defined
in auditing standards?
What assurance does the auditor provide that errors, fraud, and direct-effect illegal
acts that are material to the financial statements will be detected?
6-27 (Objectives 6-6, 6-7) The following are specific transaction-related audit
objectives applied to the audit of cash disbursement transactions (a through f),
management assertions about classes of transactions (1 through 5), and general
transaction-related audit objectives (6 through 11).
Specific Transaction-Related Audit Objective
Recorded cash disbursement transactions are for the amount of goods or services
received and are correctly recorded.
7-25 (Objectives 7-3, 7-4) The following questions concern persuasiveness of
evidence. Choose the best response.
Which of the following types of documentary evidence should the auditor consider to
be the most reliable?
Which of the following statements concerning audit evidence is true?
Audit evidence can come in different forms with different degrees of persuasiveness.
Which of the following is the least persuasive type of evidence?
Which of the following presumptions is correct about the reliability of audit
7-26 (Objectives 7-5, 7-6) The following questions concern audit documentation.
Choose the best response.
Which of the following isnota primary purpose of audit documentation?
During an audit engagement, pertinent data are compiled and included in the audit
files. The audit files primarily are considered to be
Although the quantity, type, and content of audit documentation will vary with the
circumstances, audit documentation generally will include the
The permanent file of an auditor’s working papers most likely would include copies
7-27 (Objective 7-4) The following are examples of documentation typically obtained
7-28 (Objective 7-4) The following are examples of audit procedures:
8-25 (Objectives 8-1, 8-3) The following questions concern the planning of the
engagement. Select the best response.
Which of the following is an effective audit planning procedure that helps prevent
misunderstandings and inefficient use of audit personnel?
8-28 (Objectives 8-2, 8-3, 8-4, 8-5) The following are various activities an auditor
does during audit planning.