ACCT 320 FINAL EXAM 2025
QUESTIONS AND ANSWERS
Generally Accepted Standards of Auditing - ANS 1.The auditor must have adequate technical
training and proficiency.
2.The auditor must have independence of mental attitude
3.The auditor must exercise due professional care in the performance of the audit and the
preparation of the report.
Auditing Standards of Field Work - ANS 1.Audit work must be adequately planned.
2.The auditor must gain a sufficient understanding of the internal control structure.
3.The auditor must obtain sufficient, competent evidence.
Auditing Reporting Standards - ANS 1.The auditor must state in the report whether financial
statements were prepared in accordance with generally accepted accounting principles.
2.The report must identify those circumstances in which generally accepted accounting
principles were not applied.
3.The report must identify any items that do not have adequate informative disclosures.
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, 4.The report shall contain an expression of the auditor's opinion on the financial statements as
a whole.
Phases of an Audit - ANS Audit Planning Phase
1. Review of organization's policies, practices, and structure.
2. Review general controls and application controls
3. Plan tests of controls and substantive testing procedures
Test of Controls Phase
4. Perform tests on controls
5. Evaluate test results
6. Determine degree of reliance on controls
Substantive Testing Phase
7. Perform substantive tests
8. Evaluate results and issue auditor's report
9. Audit Report
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QUESTIONS AND ANSWERS
Generally Accepted Standards of Auditing - ANS 1.The auditor must have adequate technical
training and proficiency.
2.The auditor must have independence of mental attitude
3.The auditor must exercise due professional care in the performance of the audit and the
preparation of the report.
Auditing Standards of Field Work - ANS 1.Audit work must be adequately planned.
2.The auditor must gain a sufficient understanding of the internal control structure.
3.The auditor must obtain sufficient, competent evidence.
Auditing Reporting Standards - ANS 1.The auditor must state in the report whether financial
statements were prepared in accordance with generally accepted accounting principles.
2.The report must identify those circumstances in which generally accepted accounting
principles were not applied.
3.The report must identify any items that do not have adequate informative disclosures.
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, 4.The report shall contain an expression of the auditor's opinion on the financial statements as
a whole.
Phases of an Audit - ANS Audit Planning Phase
1. Review of organization's policies, practices, and structure.
2. Review general controls and application controls
3. Plan tests of controls and substantive testing procedures
Test of Controls Phase
4. Perform tests on controls
5. Evaluate test results
6. Determine degree of reliance on controls
Substantive Testing Phase
7. Perform substantive tests
8. Evaluate results and issue auditor's report
9. Audit Report
2 COPYRIGHT © 2025 SIRJOEL ALL RIGHTS RESERVED
