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You can change your ad preferences anytime. Auditing 1 pass master questions. Upcoming SlideShare. Like this document? Why not share! Embed Size px. Start on. Show related SlideShares at end. WordPress Shortcode. Jem Vales Follow. Full Name Comment goes here. Are you sure you want to Yes No. No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Auditing 1 pass master questions 1. All rights reserved. Which of the following should the auditor consider the most authoritative?

CPA Explanation Choice "a" is correct. Choice "b" is incorrect. Choice "c" is incorrect. Choice "d" is incorrect. CPA Au Nov 91 23 Page 3 For an entity's financial statements to be presented fairly in conformity with generally accepted accounting principles, the principles selected should: a.

Be applied on a basis consistent with those followed in the prior year. Be approved by the Auditing Standards Board or the appropriate industry subcommittee. Reflect transactions in a manner that presents the financial statements within a range of acceptable limits. Match the principles used by most other entities within the entity's particular industry. CPA Explanation Choice "c" is correct. Financial statements are presented fairly in conformity with GAAP when there are no material misstatements included therein.

The fact that there may occasionally be immaterial misstatements means that the financial statements are correct "within a range of acceptable limits. Accounting principles may change from year to year. As long as such changes are properly accounted for, the financial statements are still in conformity with GAAP. There is no requirement that an entity's financial statements be prepared in accordance with prevalent industry practices in order to be in conformity with GAAP.

CPA Au R04 8 Page 3 Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? An auditor may not draft an entity's financial statements based on information from management's accounting system.

The adoption of sound accounting policies is an implicit part of an auditor's responsibilities. An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. Making suggestions that are adopted about an entity's internal control environment impairs an auditor's independence.

An auditor's responsibility is to express an opinion on financial statements based on an audit. Choice "a" is incorrect. An auditor may draft an entity's financial statements based on information from management's financial system. This would be referred to as a compilation engagement. The adoption of sound accounting policies is an implicit part of management's responsibilities, not the auditor's responsibilities.

An auditor often makes suggestions that are adopted about an entity's internal control environment. An AICPA audit and accounting guide that provides specific guidance with respect to the accounting practices in the client's industry. A Journal of Accountancy article discussing implementation of a new standard.

General guidance provided by a Statement on Auditing Standards. Specific guidance provided by an interpretation of a Statement on Auditing Standards. General guidance provided by a Statement on Auditing Standards is the most authoritative of level of auditing guidance. Auditors are required to comply with SASs, and should be prepared to justify any departures therefrom. Choices "a" and "d" are incorrect. They are not as authoritative as SASs.

Journal of Accountancy articles have no authoritative status but may be helpful to the auditor. The auditor is required to follow the guidance provided by the Standards, without exception.

The auditor is generally required to follow the guidance provided by Standards with which he or she is familiar, but will not be held responsible for departing from provisions of which he or she was unaware. The auditor is generally required to follow the guidance provided by the Standards, unless following such guidance would result in an audit that is not cost-effective. The auditor is generally required to follow the guidance provided by the Standards, and should be able to justify any departures.

CPA Explanation 4. Choice "d" is correct. On rare occasions, the auditor may depart from the guidance provided by the SASs, but he or she must justify such departures.

Lack of familiarity with a SAS is not a valid reason for departing from its guidance. The auditor is expected to have sufficient knowledge of the SASs to identify those that are applicable to a given audit engagement.

The cost associated with following the guidance provided by a SAS is not an acceptable reason for departing from its guidance. CPA Au Nov 95 74 Page 11 In the first audit of a new client, an auditor was able to extend auditing procedures to gather sufficient evidence about consistency. Under these circumstances, the auditor should: a. Not report on the client's income statement. Not refer to consistency in the auditor's report. State that the consistency standard does not apply.

State that the accounting principles have been applied consistently. CPA Explanation Choice "b" is correct. The auditor's standard report implies that the auditor is satisfied that the comparability of financial statements between periods has not been materially affected by changes in accounting principles and that such principles have been consistently applied between or among periods.

Since the auditor has gathered sufficient evidence about consistency, no reference need be made in the report. If the auditor is able to obtain sufficient evidence about consistency, the auditor may report on the entity's financial statements.

The consistency standard is one of the ten GAAS, and it does apply to this audit. If the auditor is able to obtain sufficient evidence about consistency, no mention of consistency need be made.

Consistency is implied in the standard report. CPA Au May 95 23 Page 8 The third general standard states that due care is to be exercised in the performance of an audit. This standard is ordinarily interpreted to require: a. Thorough review of the existing safeguards over access to assets and records.

Limited review of the indications of employee fraud and illegal acts. Objective review of the adequacy of the technical training and proficiency of firm personnel. Critical review of the judgment exercised at every level of supervision.

CPA Explanation Choice "d" is correct. The third general standard of due care is ordinarily interpreted to require critical review of the judgment exercised at every level of supervision, and the judgment exercised by those assisting in the audit. The third general standard of due care does not require a thorough review of the existing safeguards over access to assets and records.

The standard of due care does not specifically require a limited review of the indications of employee fraud and illegal acts. The standard of due care does not require a review of audit staff training and proficiency. CPA Au May 91 52 Page 8 The concept of materiality would be least important to an auditor when considering the: a.

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