Acc 576 Midterm Questions Acc576 Midterm Questions Essay
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Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures.
An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment …show more content…
Which of the following statements is correct about an auditor's required communication with those charged with governance of an audit client? Any matters communicated to the entity's audit committee also are required to be communicated to the entity's management. The auditor is required to inform those charged with governance about significant misstatements discovered by the auditor and subsequently corrected by management. Disagreements with management about the application of accounting principles are required to be communicated in writing to those charged with governance. Weaknesses in internal control previously reported to those charged with governance need not be recommunicated.
Comfort letters ordinarily are signed by the client's Independent auditor. Underwriter of securities. Audit committee. Senior management.
Following the Professional Standards which of the following is not one of the assertions made by management for account balances? Completeness. Existence. Valuation and allocation. Relevance and reliability.
Under Statements on Auditing Standards, which of the following would be classified as an