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Dr. Amit
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Auditing mulitple choice

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1. In which case might an auditor of an issuer render a qualified opinion on internal control? a. when there is a scope limitation b. when there is a material weakness in internal control c. both a and be d. neither a or b 2. which of the following sample planning factors would influence the sample size for a substantive test of details specific account? Expected amount of misstatements Measure of tolerbale misstatement a. no no b. yes yes c. no yes d. yes no 3. To which of the following matters would materiality limits not apply in obtaining written management representations? a. The availability of minutes of stockholders and directors meetings b. Losses from purchase commitments at prices in excess of market value c. The disclosure of compensating balance arragements involving related parties. d. Reductions of obsolete inventory to net realizable value 4. An auditor is determing the size for an inventory observation using mean-per-unit estimation, which is a variables sampling plan. To calculate the require sample size, the auditor usually determines the: Variability in the $ amounts of inventory Risk of incorrect acceptance a. yes yes b. yes no c. no yes d. no no 5. An auditor would least likely initiate a discussion with governance concerning" a. The methods used to account for significant unusual transactions. b. The maximum dollar amount of misstatements that could exist without causing the financial statemengts to be materially misstated. c. Indications of fraud and illegals acts committed by a corporate officier that were discovered by the auditor. d. Disagreements with management as to accounting principles that were resolved during the current years audit. 6. In performing a finaincial statement audit in accordance with givernement auditing standards, an auditor is required to report on the entitys compliance with laws and regulations. This report should include: a. State that the audit should be planned to obtain resonable assurance about whether noncompliance could have a material effect on the entitys program. b. Describe the laws and regulations that thge entity must comply with. c. Provide an opinion on overall compliance with laws and regulaitons. d. Provide negative assurance of the entity's legal compliance.
Submitted: 5 years ago.
Category: Homework
Expert:  Dr. Amit replied 5 years ago.

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