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ACC 562 Exam PART 1

An assessment testing corporate financial reporting principles.

Sophia Lee
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ACC 562 EXAM PART 11.What analysis best considers the economic relationships among account balances?AnswerAltman "Z" AnalysisRatio analysis.Vertical analysis.Horizontal analysis.2.The risk that financial statements are likely to bemisstated materially without regard to theeffectiveness of internal control is which type of risk?AnswerInherent riskAudit riskClient riskControl risk3.Audit risk in the audit risk model concerns the risk that the auditor may issue an unqualifiedopinion on financial statements that are materially misstated. What is the manner in which theauditor assesses audit risk in using the audit risk model to determine the nature, extent andtiming of audit evidence to collect in an audit.Answerassessed to maintain low level of audit risk given residual riskassessed to maintain low level of audit risk given financial statement riskassessed to maintain a low level of audit risk given engagement riskassessed to maintain a low level of audit risk given enterprise risk4.The preliminary use of analytical review procedures by the auditor isAnswerrequired to identify areas of heightened riskoptional in accordance with auditor judgment.only used when other planning procedures cannot be applied.used to assist the auditor in documenting internal control.

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Document Details

University
Strayer University
Course
ACC 562
Subject
Accounting

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