Question Details

ACC 403 QUIZ 4
•  Question 1 
Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

			
•  Question 2 
To what extent do auditors typically rely on internal controls of their public company clients?

			
•  Question 3 
Inherent risk and control risk:

			
•  Question 4 
If planned detection risk is reduced, the amount of evidence the auditor accumulates will:

			
•  Question 5 
Inherent risk is ________ related to detection risk and ________ related to the amount of audit evidence.

			
•  Question 6 
As the acceptable level of detection risk increases, an auditor may change the:

			
•  Question 7 
Auditors typically rely on internal controls of their private company clients:

			
•  Question 8 
Amounts involving fraud are usually considered ________ important than unintentional errors of equal dollar amounts.

			
•  Question 9 
As the risk of material misstatement increases, detection risk should:

			
•  Question 10 
If an auditor establishes a relatively high level for materiality, then the auditor will:

			
•  Question 11 
The scope paragraph of the standard unqualified auditor's report states that "… the standards require that we plan and perform the audit to obtain ________ assurance about whether the financial statements are free of material misstatement." What type of assurance is given?

			
•  Question 12 
When allocating performance materiality:

			
•  Question 13 
________ misstatements are those where the auditor can determine the amount of the misstatement in the account.

			
•  Question 14 
Auditing standards ________ that the basis used to determine the preliminary judgment about materiality be documented in the audit files.

			
•  Question 15 
Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement they must bring it to the attention of:

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