ACC 491 Week 2 Quiz

ACC 491 Week 2  Quiz | Assignment Help | University Of Phoenix 

Ethics, Legal Liability, Audit Responsibilities Quiz

·         Question 1

                What are the six core ethical values described by the Josephson​ Institute?​

Question 2

                The major reason an independent auditor gathers audit evidence is to​

Question 3

The objective of an audit of the financial statements is an expression of an opinion​ on:​

Question 4

In the performance of an​ audit, a​ CPA:​

question5

​Auditors accumulate evidence​ to:

question6

________ means that a person acts according to​ conscience, regardless of the situation.​

Question 7

​Which of the following best describes the reason why an independent auditor reports on financial ​statements?

Question 8

Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an​ opinion, even though there was no intent to deceive financial statement users. This description is the legal term​ for:​

Question 9

Ethics​ are:​

Question 10.

Auditors can take the following steps to minimize potential liability:

Poorly designed internal controls may be in existence.

Question 11

One of the main reasons people act unethically is that they choose to act selfishly.​

Question 12

How does the prudent person concept affect the liability of the​ auditor?​

Question 13

​If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient​ evidence, the​ auditor:

Question 14

​Distinguish between​ "fraud" and​ "constructive fraud."

Question 15

Because of the risk of material​ misstatement, an audit should be planned and performed with an attitude of​

Question 15

Because of the risk of material​ misstatement, an audit should be planned and performed with an attitude of​

Question 17

If an auditor fails to fulfill a certain requirement in the​ contract, they may be guilty​ of:​