ACC 599 FINAL EXAM VERSIONS 1 & 2

Jul 25th, 2016
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VERSIONS 1 Question 1 The first general standard of the PCAOB requires that an audit be performed by which type of person? Answer An auditor with seasoned judgment in varying degrees of supervision and review. An auditor with appropriate technical training and proficiency. An auditor with adequate knowledge of the standards of field work and reporting. An auditor satisfying the independence standards Question 2 Which assertion addresses whether all transactions and accounts that should be included in the financial statements are included? Answer Existence. Valuation. Completeness. Rights and Obligations Question 3 Which one of the following attributes is not required of an auditor? Answer Independence. Bias. Integrity. Technical competence Question 4 Which one of the following is a reporting standard requirement? Answer The auditor will state explicitly whether the financial statements are fairly presented in accordance with the applicable financial repo

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ACC 599 FINAL EXAM VERSIONS 1 & 2VERSIONS 1Question 1The first general standard of the PCAOB requires that an audit be performed by which type ofperson?AnswerAn auditor with seasoned judgment in varying degrees of supervision and review.An auditor with appropriate technical training and proficiency.An auditor with adequate knowledge of the standards of field work and reporting.An auditor satisfying the independence standardsQuestion 2Which assertion addresses whether all transactions and accounts that should be included in thefinancial statements are included?AnswerExistence.Valuation.Completeness.Rights and ObligationsQuestion 3Which one of the following attributes is not required of an auditor?AnswerIndependence.Bias.Integrity.Technical competenceQuestion 4Which one of the following is a reporting standard requirement?AnswerThe auditor will state explicitly whether the financial statements are fairly presented inaccordance with the applicable financial reporting framework.The auditor will identify in the auditors report, those circumstances in which auditing principleshave not been consistently observed in the current period in comparison to the preceding period.The auditor will review adjusting journal entries for accuracy, and if the auditor concludes thoseentries are not reasonable accurate, the auditor must so state in the auditors report.The auditor will express an unqualified opinion on the financial statements, or will conduct

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