审计学一种整合方法AuditingAssuranceServicesAnintegratedappr.docx
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审计学一种整合方法AuditingAssuranceServicesAnintegratedappr.docx
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审计学一种整合方法AuditingAssuranceServicesAnintegratedappr
AuditingandAssuranceServices,15e(Arens)
Chapter9MaterialityandRisk
LearningObjective9-1
1)Ifitisprobablethatthejudgmentofareasonablepersonwillbechangedorinfluencedbytheomissionormisstatementofinformation,thenthatinformationis,bydefinitionofFASBStatementNo.2:
A)material.
B)insignificant.
C)significant.
D)relevant.
Answer:
A
Terms:
FASBStatementNo.2;Probablejudgmentofareasonableperson
Diff:
Easy
Objective:
LO9-1
AACSB:
Reflectivethinkingskills
2)Thescopeparagraphofthestandardunqualifiedauditor'sreportstatesthat"…thestandardsrequirethatweplanandperformtheaudittoobtain________assuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement."Whattypeofassuranceisgiven?
A)Immediate
B)Limited
C)Reasonable
D)Absolute
Answer:
C
Terms:
Typeofassuranceprovided
Diff:
Easy
Objective:
LO9-1
AACSB:
Reflectivethinkingskills
3)Auditorsareresponsiblefordeterminingwhetherfinancialstatementsaremateriallymisstated,soupondiscoveringamaterialmisstatementtheymustbringittotheattentionof:
A)regulators.
B)theauditfirm'smanagingpartner.
C)theclientshareholders.
D)theclient.
Answer:
D
Terms:
Discoveryofamaterialmisstatementmustbringittotheattention
Diff:
Easy
Objective:
LO9-1
AACSB:
Reflectivethinkingskills
4)Determiningmaterialityrequiresprofessionaljudgment.
Answer:
TRUE
Terms:
Materiality
Diff:
Easy
Objective:
LO9-1
AACSB:
Reflectivethinkingskills
LearningObjective9-2
1)Auditstandardsrequiretheauditortoconsidermaterialityearlyintheaudit.Whichstatement(s)regardingpreliminarymaterialityaretrue?
I.Preliminarymaterialitymaychangeduringtheengagement.
II.Preliminarymaterialityisthemaximumamountbywhichtheauditorbelievesthefinancialscouldbemisstatedandstillnotaffectthedecisionsofreasonableusers.
A)Ionly
B)IIonly
C)bothIandII
D)neitheraretrue
Answer:
C
Terms:
Preliminarymaterialityassessment
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
2)Whydoauditorsestablishapreliminaryjudgmentaboutmateriality?
A)Todeterminetheappropriatelevelofstafftoassigntotheaudit
B)Sothattheclientcanknowwhatrecordstomakeavailabletotheauditor
C)Tohelpplantheappropriateevidencetoaccumulate
D)Tofinalizethecontrolriskassessment
Answer:
C
Terms:
Purposetoestablishpreliminaryjudgmentaboutmateriality
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
3)Ifanauditorestablishesarelativelyhighlevelformateriality,thentheauditorwill:
A)accumulatemoreevidencethanifalowerlevelhadbeenset.
B)accumulatelessevidencethanifalowerlevelhadbeenset.
C)accumulateapproximatelythesameevidenceaswouldbethecasewerematerialitylower.
D)accumulateanundeterminedamountofevidence.
Answer:
B
Terms:
Highlevelformateriality
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
4)Thepreliminaryjudgmentaboutmaterialityandtheamountofauditevidenceaccumulatedare________related.
A)directly
B)indirectly
C)not
D)inversely
Answer:
D
Terms:
Preliminaryjudgmentaboutmaterialityandamountofevidenceaccumulated
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
5)Whichofthefollowingistheprimarybasisusedtodecidematerialityforafor-profitentity?
A)Netsales
B)Netassets
C)Netincomebeforetax
D)Alloftheabove
Answer:
C
Terms:
Primarybasistodecidematerialityforafor-profitentity
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
6)Auditingstandards________thatthebasisusedtodeterminethepreliminaryjudgmentaboutmaterialitybedocumentedintheauditfiles.
A)permit
B)donotallow
C)require
D)stronglyencourage
Answer:
C
Terms:
Auditingstandards;Preliminaryjudgmentaboutmaterialitydocumented
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
7)Amountsinvolvingfraudareusuallyconsidered________importantthanunintentionalerrorsofequaldollaramounts.
A)less
B)noless
C)nomore
D)more
Answer:
D
Terms:
Amountsinvolvingfraud
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
8)Qualitativefactorscanaffectanauditor'sassessmentofmateriality.Whichofthefollowingstatementsistrue?
I.Misstatementsthatareotherwiseimmaterialmaybematerialiftheyaffectearningstrends.
II.Misstatementsthatareotherwiseminormaybematerialiftherearepossibleconsequencesarisingfromcontractualobligations.
A)Ionly
B)IIonly
C)IandII
D)neitherInorII
Answer:
C
Terms:
Qualitativefactorscanaffectauditor'sassessmentofmateriality
Diff:
Easy
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
9)Thefivestepsinapplyingmaterialityarelistedbelowinrandomorder.
1.Estimatethecombinedmisstatement.
2.Estimatethetotalmisstatementinthesegment.
3.Setmaterialityforthefinancialstatementsasawhole.
4.Determineperformancemateriality.
5.Comparecombinedestimatewithpreliminaryjudgmentaboutmateriality.
Thefirstthreestepsincorrectsequencewouldbe:
A)1,2,5
B)3,4,2
C)2,1,5
D)3,2,4
Answer:
B
Terms:
Fivestepsinapplyingmateriality
Diff:
Moderate
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
10)Whichofthefollowingstatementsisnotcorrect?
A)Materialityisarelativeratherthananabsoluteconcept.
B)Themostimportantbaseusedasthecriterionfordecidingmaterialityistotalassets.
C)Qualitativefactorsaswellasquantitativefactorsaffectmateriality.
D)Givenequaldollaramounts,fraudsareusuallyconsideredmoreimportantthanerrors.
Answer:
B
Terms:
Materiality
Diff:
Moderate
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
11)Certaintypesofmisstatementsarelikelytobemoreimportantthanothertypestousers,evenifthedollaramountsarethesame.Whichofthefollowingdemonstratesthis?
A)
Amountsinvolvingfraudsareconsideredmoreimportantthan
errorsofequalamount
Misstatementsthatareotherwiseimmaterialmaybematerialiftheyaffectatrendinearnings
Yes
Yes
B)
Amountsinvolvingfraudsareconsideredmoreimportantthan
errorsofequalamount
Misstatementsthatareotherwiseimmaterialmaybematerialiftheyaffectatrendinearnings
No
No
C)
Amountsinvolvingfraudsareconsideredmoreimportantthan
errorsofequalamount
Misstatementsthatareotherwiseimmaterialmaybematerialiftheyaffectatrendinearnings
Yes
No
D)
Amountsinvolvingfraudsareconsideredmoreimportantthan
errorsofequalamount
Misstatementsthatareotherwiseimmaterialmaybematerialiftheyaffectatrendinearnings
No
Yes
Answer:
A
Terms:
Certaintypesofmisstatementsarelikelymoreimportantthanothertypes
Diff:
Moderate
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
12)Whensettingapreliminaryjudgmentaboutmateriality:
A)moreevidenceisrequiredforalowdollaramountthanforahighdollaramount.
B)lessevidenceisrequiredforalowdollaramountthanforahighdollaramount.
C)thesameamountofevidenceisrequiredforeitherloworhighdollaramounts.
D)thereisnorelationshipbetweenitandthedollaramountofevidenceneeded.
Answer:
A
Terms:
Settingpreliminaryjudgmentaboutmateriality
Diff:
Challenging
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
13)LewisCorporationhasafewlargeaccountsreceivablethattotalonemilliondollarswhereas
ClarkCorporationhasmanysmallaccountsreceivablethattotalonemilliondollars.MisstatementinanyoneaccountismoresignificantforLewiscorporationbecauseoftheconceptof:
A)materiality.
B)auditrisk.
C)reasonableassurance.
D)comparativeanalysis.
Answer:
A
Terms:
Misstatements
Diff:
Challenging
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
14)Auditstandardsrequiretheauditortoconsiderthecombinedamountofmisstatementearlyintheaudit.Thisisknownaspreliminarymaterialityjudgment.Listanddiscussthethreemainfactorsthataffectanauditor'spreliminaryjudgmentaboutmateriality.
Answer:
Thethreemainfactorsthataffectanauditor'sjudgmentaboutmaterialityare:
•Materialityisarelativeratherthananabsoluteconcept.Amisstatementofagivensizemightbematerialforasmallcompany,whereasthesamedollarmisstatementcouldbeimmaterialforalargerone.
•Benchmarksareneededforevaluatingmateriality.Becausematerialityisrelative,itisnecessarytohavebenchmarksforestablishingwhethermisstatementsarematerial.Netincomebeforetaxesisnormallythemostcommonlyusedbenchmark,butotherpossiblebenchmarksincludecurrentassets,totalassets,currentliabilities,andowners'equity.
•Qualitativefactorsalsoaffectmateriality.Certaintypesofmisstatementsarelikelytobemoreimportanttousersthanothers,evenifthedollaramountsarethesame,suchasmisstatementsinvolvingfrauds.
Terms:
Factorsthataffectauditor'spreliminaryjudgment
Diff:
Moderate
Objective:
LO9-2
AACSB:
Reflectivethinkingskills
15)Duetoqualitativefactors,certaintypesofmisstatementsarelikelytobemoreimportanttousersthanothers,evenifthedollaramountsarethesame.Identifytwoqualitativefactorsthatmightsignificantlyaffectanauditor'smaterialityjudgment,andgiveanexampleofeach.
Answer:
Qualitativefactorsthataffectanauditor'smaterialityjudgmentinclude:
•Amountsinvolvingfraud.Amountsinvolvingfraudareusuallyconsideredmoreimportantthanunintentionalerrorsofequaldollaramountsbecausefraudreflectsonthehonestyandreliabili
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