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ACC 403 Final Assessment Comprehensive Auditing and Internal Control Exam

Final assessment covering auditing and internal control concepts.

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ACC 403 Final Assessment Comprehensive Auditing and Internal Control ExamQuestion 1When taken together, the concepts of risk and materiality in auditing:Answermeasure the uncertainty of amounts of a given magnitude.measure uncertainty only.measure magnitude only.measure inherent risk.Question 2Auditing standards ________ that the basis used to determine the preliminary judgment aboutmateriality be documented in the audit files.Answerpermitdo not allowrequirestrongly encourageQuestion 3Auditors are ________ to document the known and likely misstatements in the financialstatements under audit.Answerpermittedrequirednot allowedstrongly encouragedQuestion 4________ misstatements are those where the auditor can determine the amount of themisstatement in the account.AnswerPotentialLikelyKnownProjectedQuestion 5Inherent risk is ________ related to detection risk and ________ related to the amount of auditevidence.Answerdirectly, inverselydirectly, directlyinversely, inversely

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Document Details

University
Strayer University
Course
ACC 403
Subject
Accounting

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