ACCT 303 / ACCT303 / ACCT/303 / Week 8 Final exam NEW
2016
Complete
course guide available here – http://class-tutor.com/downloads/acct-303-acct303-acct303-week-8-final-exam-new-2016/
HOMEWORK Description
1. (TCO 4) In connection
with the audit of financial statements, an independent auditor could be
responsible for failure to detect a material fraud if
2. (TCO 4) “Absence of
reasonable care that can be expected of a person is a set of circumstances”
defines
3. (TCO 4) While performing
services for their clients, professionals have a duty to provide a level of
care that is
4. (TCO 4) The objective of
the ordinary audit of financial statements is the expression of an opinion on
5. (TCO 4) The auditor’s
best defense when material misstatements are not uncovered is to have conducted
the audit
6. (TCO 3) Which of the
following is not one of the reasons that auditors
provide only reasonable assurance on the financial
statements?
7. (TCO 3) In the fraud
triangle, fraudulent financial reporting and misappropriation of assets
8. (TCO 3) After fraud
risks are identified and documented, the auditor should evaluate factors that
_____ fraud risk, before developing an appropriate response to the risk of
fraud
9. (TCO 3) Which of the
following statements describes circumstances that underlie employee incentives
to misappropriate assets?
1. (TCO 4) If a CPA firm is
being sued for common law fraud by a third party based on materially false
financial statements, which of the following is the best defense the
accountants could assert?
2. (TCO 4) “Absence of
reasonable care that can be expected of a person is a set of circumstances”
defines
3. (TCO 4) A third-party
beneficiary is one that
4. (TCO 4) In the auditing
environment, failure to meet auditing standards is often
5. (TCO 4) The
responsibility for adopting sound accounting policies and maintaining adequate
internal control rests with the
6. (TCO 3) The element that
distinguishes an error from fraud is
7. (TCO 3) Which of the
following is not one of the factors of the fraud triangle?
8. (TCO 3) After fraud
risks are identified and documented, the auditor should evaluate factors that
_____ fraud risk, before developing an appropriate response to the risk of
fraud.
9. (TCO 3) Which of the
following statements describes circumstances that underlie employee incentives
to misappropriate assets?
10. (TCO 3) Which of the
following characteristics is most likely to heighten an auditor’s concern about
the risk of material misstatements, due to fraud in an entity’s financial
statements?
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