ACC504 Mid Term � Advanced Auditing

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ACC504 Mid Term–Advanced AuditingQuestion1. What is the term used to identify the risk that the client's financial statements may bematerially false and misleading?A. Business risk.B. Information risk.C. Client risk.D. Riskassessment.2. The audit objective that all transactions are recorded in the proper account is related mostclosely to which one of the ASB transaction assertions?A. Occurrence.B. Completeness.C. Accuracy.D. Classification.3. Assurance services involve all of the following exceptA. Relevance as well as the reliability of information.B. Nonfinancial information as well as traditional financial statements.C. Providing absolute rather than reasonable assurance.D. Electronic databases as well as printed reports.4. An attestation engagement is one in which a CPA is engaged toA. Issue a report on subject matter or an assertion about the subject matter that is theresponsibility of another party.B. Provide tax advice or prepare a tax return based on financial information the CPA has notaudited or reviewed.C. Testify as an expert witness in accounting, auditing, or tax matters, given certain stipulatedfacts.D. Assemble prospective financial statements based on the assumptions of the entity'smanagement without expressing any assurance.5. The process by which a CPA obtains a certificate and license in a state other than the state inwhich the CPA's certificate was originally obtained is referred to asA. Substantial equivalency.B. Quid pro quo.C. Relicensing.D. Re-examination6. Which of the following would be considered an assurance engagement?A. Giving an opinion on a prize promoter's claims about the amount of sweepstakes prizesawarded in the past.B. Giving an opinion on the conformity ofthe financial statements of a university with generallyaccepted accounting principles.C. Giving an opinion on the fair presentation of a newspaper's circulation data.D. Giving assurance about the average drive length achieved by golfers with a client's golf balls.E. All of the above.7. Bankers who are processing loan applications from companies seeking large loans willprobably ask for financial statements audited by an independent CPA because

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