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Question 1 (1.6 points)

Which of the following procedures ordinarily should be applied when an independent auditor conducts a review of interim financial information of an issuer?

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Question 1 options:

 
A) Verify changes in key account balances

 

 
B) Perform cutoff tests for cash receipts and disbursements.

 

 
C) Read the minutes of the board of directors’ meetings.

 

 
D) 2Inspect the open purchase order file.

 

Question 2 (1.6 points)

 

The criteria used to measure an audit’s effectiveness is/are:

Question 2 options:

 
A) whether the auditor turned out to be correct

 

 
B) the level of audit risk presented by the audit

 

 
C) generally accepted accounting principles

 

 
D) generally accepted auditing standards

 

Question 3 (1.6 points)

 

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Reporting standards for financial audits under Government Auditing Standards differ from reporting standards under generally accepted auditing standards in that Government Auditing Standards require the auditor to

Question 3 options:

 
A) Provide positive assurance that the entity’s audit committee is adequately informed about the effects of any noncompliance with laws, regulations, contracts, and grants.

 

 
B) Present the results of the auditor’s tests of economy and efficiency regarding the use of the entity’s resources.

 

 
C) Provide negative assurance that the auditor discovered no instances of noncompliance with laws, regulations, contracts, and grants

 

 
D) Describe the scope of the auditor’s tests of compliance with laws, regulations, contracts, and grants.

 

Question 4 (1.6 points)

 

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According to an additional requirement in Government Auditing Standards, the elements of a finding for a financial audit include

Question 4 options:

 
A) Condition, cause, and effect.

 

 
B) Criteria, condition, and an opinion.

 

 
C) Condition, effect, and an opinion.

 

 
D) Criteria, report distribution, and an opinion.

 

Question 5 (1.6 points)

 

Which of the following would not be a required confirmation of management responsibility when addressing fraud in the management representation letter?

Question 5 options:

 
A) To disclose to the auditor any knowledge or suspicion of fraud involving management.

 

 
B) To design, implement, and maintain a system of internal controls designed to prevent and detect fraud.

 

 
C) To report any significant fraud to the appropriate authorities.

 

 
D) To disclose to the auditor the results of management’s assessment of the risk that the financial statements may be materially misstated due to fraud.

 

Question 6 (1.6 points)

 

Inherent risk:

Question 6 options:

 
A)  is directly affected by the acceptable level of audit risk

 

 
B) may be lowered if the auditor raises the tolerable detection risk

 

 
C) is the risk the financial statements might contain material misstatements or omissions

 

 
D) is directly affected by the internal controls

 

Question 7 (1.6 points)

 

The auditor’s primary responsibility is:

Question 7 options:

 
A) to prepare the financial statements

 

 
B) to attest to the fairness of the financial statements

 

 
C) to issue the financial statements

 

 
D) to attest to the correctness of the financial statements

 

Question 8 (1.6 points)

 

Which of the following services is an attest engagement?

Question 8 options:

 
A) An examination of internal controls.

 

 
B) A review of prospective financial information.

 

 
C) A compilation engagement where the accountant lacks independence.

 

 
D) A preparation engagement.

 

Question 9 (1.6 points)

 

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Which of the following bodies issues standards for audits of recipients of federal awards?

Question 9 options:

 
A) Financial Accounting Standards Board.

 

 
B) Government Accountability Office.

 

 
C) Governmental Accounting Standards Board.

 

 
D) Governmental Auditing Standards Board.

 

Question 10 (1.6 points)

 

Each of the following is an ethical principle that should guide the work of auditors in the conduct of audits under government auditing standards, except

Question 10 options:

 
A) Poper use of Government information 

 

 
B) The public interest.

 

 
C) Integrity

 

 
D) Materiality

 

Question 11 (1.6 points)

 

According to Statements on Standards for Accounting and Review Engagements, in which of the following situations would the accountant be required to issue a report?

Question 11 options:

 
A) An accountant compiles financial statements that are reasonably expected to be used by a third party.

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