ACG 4651 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED
ANSWERS |LATEST VERSION |ALREADY GRADED A+
1. An auditor is most likely to
The auditor encountered significant diflculties
commu- nicate to those charged
dur- ing the audit
with gover- nance that
2. Which of the following is a true
state- ment concerning an The management evaluates the ettectiveness of
engagement to examine the in- ternal control.
effectiveness of an enti- ty's
internal control over financial
re- porting?
3. An auditor should communicate If they are uncorrected
mis- statements to those
charged with governance
4. Which of the following checks #202 and #404
might indicate kiting?
5. Which of the following checks 101 and #303
illus- trate deposits or transfers in
transit at December 31, Year 1?
6. Normally, the financial statement The client has foreign currency accounts
as- sertion about valuation is
of mini- mum concern during
the audit of cash. However, the
auditor's concern about the
valuation assertion will most
likely increase when
Seek information about other deposit and
7. An auditor ordinarily sends a
loan amounts that come to the attention of the
stan- dard confirmation
request to all banks with which institution in the process of completing the
the client has done business confirmation.
during the year under audit,
1/
14
, ACG 4651 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED
ANSWERS |LATEST VERSION |ALREADY GRADED A+
regardless of the year-end
balance. A purpose of this audit
procedure is to
The ettects of significant accounting policies
8. Which of the following matters will adopt- ed by management in emerging
an auditor most likely areas for which no authoritative guidance
communicate to those charged exists.
with governance?
Ditterent, Similar, Ditterent
9. For a nonissuer, how do the
scope, procedures, and
purpose of an en- gagement to
examine the effective- ness of
an entity's internal control
compare with those for the
consider- ation of internal
control in a financial statement
Prior-year checks listed in the cutott statement to
audit?
the year-end outstanding checklist
10. On receiving a client's bank
cutoff statement, an auditor will
most likely trace
11. Articulation & cycle-based auditing Financial statements are all linked together
Double entry to facilitate audit eflciency
Auditors spend more time auditing balance
sheet Test cash and AR to verify that revenue
is good Auditors still have to document
evidence
12. Existence Risk Internal controls over recording of sales, credit,
ship- ping, billing, and receipts
13. Substantive testing gather evidence to understand how company
2/
14
ANSWERS |LATEST VERSION |ALREADY GRADED A+
1. An auditor is most likely to
The auditor encountered significant diflculties
commu- nicate to those charged
dur- ing the audit
with gover- nance that
2. Which of the following is a true
state- ment concerning an The management evaluates the ettectiveness of
engagement to examine the in- ternal control.
effectiveness of an enti- ty's
internal control over financial
re- porting?
3. An auditor should communicate If they are uncorrected
mis- statements to those
charged with governance
4. Which of the following checks #202 and #404
might indicate kiting?
5. Which of the following checks 101 and #303
illus- trate deposits or transfers in
transit at December 31, Year 1?
6. Normally, the financial statement The client has foreign currency accounts
as- sertion about valuation is
of mini- mum concern during
the audit of cash. However, the
auditor's concern about the
valuation assertion will most
likely increase when
Seek information about other deposit and
7. An auditor ordinarily sends a
loan amounts that come to the attention of the
stan- dard confirmation
request to all banks with which institution in the process of completing the
the client has done business confirmation.
during the year under audit,
1/
14
, ACG 4651 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED
ANSWERS |LATEST VERSION |ALREADY GRADED A+
regardless of the year-end
balance. A purpose of this audit
procedure is to
The ettects of significant accounting policies
8. Which of the following matters will adopt- ed by management in emerging
an auditor most likely areas for which no authoritative guidance
communicate to those charged exists.
with governance?
Ditterent, Similar, Ditterent
9. For a nonissuer, how do the
scope, procedures, and
purpose of an en- gagement to
examine the effective- ness of
an entity's internal control
compare with those for the
consider- ation of internal
control in a financial statement
Prior-year checks listed in the cutott statement to
audit?
the year-end outstanding checklist
10. On receiving a client's bank
cutoff statement, an auditor will
most likely trace
11. Articulation & cycle-based auditing Financial statements are all linked together
Double entry to facilitate audit eflciency
Auditors spend more time auditing balance
sheet Test cash and AR to verify that revenue
is good Auditors still have to document
evidence
12. Existence Risk Internal controls over recording of sales, credit,
ship- ping, billing, and receipts
13. Substantive testing gather evidence to understand how company
2/
14
