ACCT 562 WEEK 2 QUIZ ANSWERS.

ACCT 562 WEEK 2 QUIZ ANSWERS



1. Question : (TCO B) One of the primary purposes of the planning phase is to:

Student Answer:
interview senior management on risk.

identify competitive pressures.

identify unaddressed action plans from previous audits.

gather information about the operational area.


Instructor Reider, Chapter 2, page 60
Explanation:


Points Received: 3 of 3

Comments:



Question 2. Question : (TCO B) Information obtained during the course of planning
includes:

Student Answer:
management stock trading activity.

previous auditor credentials.

information from Motley Fool message boards.

financial information.


Instructor Reider, Chapter 2, page 60
Explanation:


Points Received: 3 of 3

Comments:



Question 3. Question : (TCO B) Sources of planning information comes from all of the
following EXCEPT:

Student Answer:
interviews

, physical inspection

anonymous tips

financial data


Instructor Reider Chapter 2, page 61
Explanation:


Points Received: 3 of 3

Comments:



Question 4. Question : (TCO B) Problem areas should be identified. The auditor is
encouraged to chase the ___________, not the
_________________.

Student Answer:
elephant; mice

cat; rat

shark; tuna

dog; bone


Instructor Reider, Chapter 2, page 60
Explanation:


Points Received: 3 of 3

Comments:



Question 5. Question : (TCO F) According to a study by COSO, which of the following
groups is the most likely to commit financial statement fraud?

Student Answer:
Organized criminals

Mid-level employees

Senior management

Lower-level employees


Instructor Wells, Chapter 11, page 270
Explanation: