Test Bank for Auditing A Risk-Based Approach to Conducting a Quality Audit 12th Edition by Karla Johnstone-Zehms, ISBN 9780357721872.pdf

TEST BANK Auditing A Risk-Based Approach to Conducting a Quality Audit 12e by Zehms
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Chapterm-m01
1. Themneed mformindependent massurancemarisesmbecausemtheminterestsmof mthemusersmof minformationmmaymbemdiffer
ent mfrommtheminterestsmof mthosemresponsiblemformprovidingminformation.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:


5/26/2023 m4:48 mAM
DATEmMODIFIED: 5/26/2023 m4:49 mAM

2. A mfinancialmstatement maudit mismamsystematicmprocessmof mobjectivelymobtainingmand mevaluatingmevidence.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:

5/26/2023 m4:59 mAM
DATEmMODIFIED: 5/26/2023 m5:00 mAM

3. A mbankmusingmMiltonmCompany'smfinancialmstatementsmtomevaluatemMilton’smloanmapplicationmismanmexamplemo
f mamuser’smneed mformunbiased mreporting.
a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
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,mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:


5/26/2023 m5:01 mAM
DATEmMODIFIED: 5/26/2023 m5:02 mAM

4. Anmintegrated maudit mrequiresmthemauditormtomassessmthemeffectivenessmof minternalmcontrols.




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,Chapterm01

a. True
b. False
ANSWER: True
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:


5/26/2023 m5:02 mAM
DATEmMODIFIED: 5/26/2023 m5:03 mAM

5. Auditorsmobtainmand mevaluatemevidencemregardingmassertionsmabout meconomicmactionsmand meventsmtomverifymt
hemaccuracymof mthosemassertions.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:


5/26/2023 m5:03 mAM
DATEmMODIFIED: 5/26/2023 m5:04 mAM

6. Auditingmismthemprocessmof mverifyingmand massuringmthemcompletemaccuracymof mthemfinancialmstatements.
a. True
b. False
ANSWER: False
POINTS: 1
QUESTIONmTYPE: Truem/mFalse
HAS mVARIABLES: False
LEARNINGmOBJECTIVES:m AUD.ZEHMS.24.01.01 m-
mDefine mfinancialmstatementmauditingmin mrelation mtomdecisionmmakers’mdemands mformreliable mfinan

cialmand minternalmcontrolminformation
NATIONALmSTANDARDS:m United mStatesm-
mBUSPROG:mComprehension mSTATEmSTANDARDS: United mStatesm-
a.m True
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, Chapterm01
mAKm-mAICPA mBB-CriticalmthinkingmDATEmCREATED:


5/26/2023 m5:04 mAM
DATEmMODIFIED: 5/26/2023 m5:05 mAM

7. Management mmaymhavemincentivesmtompresent mbiased mfinancialminformation,mbut mthemvariousmusersmof mt
hemstatementsmaremlikelymtomhavemthemsameminterest minmthemfinancialm information.




a.m True
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