ACCT 555 Midterm Exam - Part 1

Date Taken:

1/31/2016

Time Spent:

1 h , 40 min , 36 secs

Question Type:

# Of Questions:

Multiple Choice

11

Matching

-

Short

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Question 1.

Question :

(TCO F) Which of the following procedures should an auditor generally perform regarding subsequent events?

Question 2.

Question :

(TCO A) An auditor reads the letter of transmittal accompanying a county's comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take?

Question 3.

Question :

(TCO F) An auditor's independence is considered impaired if the auditor has:

Question 4.

Question :

(TCO B) When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):

Question 5.

Question :

(TCO F) Which is not a characteristic of the reliability of evidence?

Question 6.

Question :

(TCO C) According to PCAOB standards, the nature and extent of required planning activities for an issuer audit are influenced by all of the following factors, except for:

Question 7.

Question :

(TCO F) Analytical procedures must be used during which phase(s) of the audit?
Test of controls OR planning OR completion

Question 8.

Question :

(TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following?

Question 9.

Question :

(TCO F) The primary purpose of performing analytical procedures in the planning phase of an audit is to

Question 10.

Question :

(TCO G) The most widely used profitability ratio is

Question 11.

Question :

(TCO G) Which ratio is best used to assess a company's ability to meet its long-term debt obligations?