ACC 564 FINAL EXAM PART 2 NEW SPRING 2016

Aug 5th, 2016
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1. In the ________ stage of an operational audit, the auditor measures the actual system against an ideal standard. evidence collection evidence evaluation testing internal control 2. An auditor finds that employee absentee rates are significantly higher on Mondays and Fridays than on other work days. This is an example collecting audit evidence by confirmation. reperformance. vouching. analytical review 3. The ________ to auditing provides auditors with a clear understanding of possible errors and irregularities and the related risks and exposures. risk-based approach risk-adjusted approach financial audit approach information systems approach 4. According to the risk-based auditing approach, when a control deficiency is identified, the auditor should inquire about tests of controls. the feasibility of a systems review. materiality and inherent risk factors. compensating controls. 5. Control risk is defined as the susceptibility to material risk in the absence of

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ACC 564 Final Exam Part 2 NEW Spring 20161. In the ________ stage of an operational audit, the auditor measures the actual system againstan ideal standard.evidence collectionevidence evaluationtestinginternal control2. An auditor finds that employee absentee rates are significantly higher on Mondays and Fridaysthan on other work days. This is an example collecting audit evidence byconfirmation.reperformance.vouching.analytical review3. The ________ to auditing provides auditors with a clear understanding of possible errors andirregularities and the related risks and exposures.risk-based approachrisk-adjusted approachfinancial audit approachinformation systems approach4. According to the risk-based auditing approach, when a control deficiency is identified, theauditor should inquire abouttests of controls.the feasibility of a systems review.materiality and inherent risk factors.compensating controls.5. Control risk is defined as thesusceptibility to material risk in the absence of controls.risk that a material misstatement will get through the internal control structure and into thefinancial statements.risk that auditors and their audit procedures will not detect a material error or misstatement.risk auditors will not be given the appropriate documents and records by management who wantsto control audit activities and procedures.6. During the sales order entry process, a ________ is performed to verify that each transactionrecord contains all a

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