Question Details

ACC 599 Final Exam
 
•	Question 1
6 out of 6 points
	
	The Standards of the PCAOB can be broken up into three categories, i.e., general, fieldwork, and reporting. Which of the following is considered in the fieldwork standards?			
		
Correct Answer:	  
Internal control.
			
•	Question 2
6 out of 6 points
	
	To satisfy the fieldwork standards, what must an auditor do?			
		

			
•	Question 3
6 out of 6 points
	
	Which document is used by auditors to formally accept a new client?			
		

			
•	Question 4
6 out of 6 points
	
	What is the scope of applicability of the auditing standards of the AICPA?			
		

			
•	Question 5
6 out of 6 points
	
	Which of the following documents will an auditor use to demonstrate an understanding of internal control?			
		

			
•	Question 6
6 out of 6 points
	
	The PCAOB- AS No. 5 states that internal controls may be preventive or detective.
Which of the following controls is preventive?			
		

			
•	Question 7
6 out of 6 points
	
	Which of the following services does the PCAOB require auditors of public companies to perform?			
		

			
•	Question 8
6 out of 6 points
	
	Which of the following is an example of a physical control to safeguard assets?			
		

			
•	Question 9
6 out of 6 points
	
	Which of the following represents a situation in which auditors may disclose client information to outside parties?			
		

			
•	Question 10
6 out of 6 points
	
	The auditor is normally not permitted to divulge confidential information obtained from a client. Which of the following situations would be a violation of this standard?			
		

			
•	Question 11
6 out of 6 points
	
	Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley's five-year-old daughter owns shares of stock in McBurgers Corporation, then what is Pulley considered to have?			
		

			
•	Question 12
6 out of 6 points
	
	In determining the types of activities, engagements and interactions an auditor should have with a client, what must the CPA and the audit firm do?			
		

			
•	Question 13
6 out of 6 points
	
	Which of the following must exist prior to the recognition of revenue by a company from the sale of a product?			
		

			
•	Question 14
6 out of 6 points
	
	Unreturned positive confirmations for accounts receivable warrant which of the following actions?			
		

			
•	Question 15
6 out of 6 points
	
	Sales transactions should be documented at initiation in order to accomplish which of the following objectives?			
		

			
•	Question 16
6 out of 6 points
	
	Calculating the turnover of receivables is often used in testing the sales cycle by auditors when performing which of the following?			
		

•	Question 17
6 out of 6 points
	
	The following are examples of specific assets except			
		

			
•	Question 18
6 out of 6 points
	
	Inherent risk			
		

			
•	Question 19
6 out of 6 points
	
	All of the following are recommended features of a fire protection system for a computer center except			
		

			
•	Question 20
6 out of 6 points
	
	Which organizational structure is most likely to result in good documentation procedures?			
		

			
•	Question 21
6 out of 6 points
	
	_______ is a performance evaluation method that focuses on both financial and nonfinancial
indicators of performance such as customer satisfaction.			
		

			
•	Question 22
6 out of 6 points
	
	What are special purpose entities (SPEs)?			
		

			
•	Question 23
6 out of 6 points
	
	What is the meaning of “short sell”?			
		

			
•	Question 24
6 out of 6 points
	
	In liability fraud, liabilities are most often:			
		

			
•	Question 25
6 out of 6 points
	
	Recognizing unearned revenue as earned revenue is an example of which type of fraud?