Auding questions

Nita Campbell

wk_8__ac_450_questions.docx

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Question 1

1. What are the seven elements of a fraud?

5 points

Question 2

1. What are the three major reasons why Enron should have been discovered before it was actually exposed?

5 points

Question 3

1. How does COSO defined internal control?

5 points

Question 4

1. List and describe the three of the five components of internal control as defined by COSO:

5 points

Question 5

1. What are the five phases of the audit formulation process?

5 points

Question 6

1. What does the PCAOB stand for?

5 points

Question 7

1. Define Inherent Risk.

5 points

Question 8

1. Provide the audit risk calculation.

5 points

Question 9

1. List and describe four of the nine cycles in The Revenue Cycle.

5 points

Question 10

1. What is the criteria set forth by the SEC must take place for an organization to recognize revenue:

5 points

Question 11

1. What does LIFO stand for?

5 points

Question 12

1. What does FIFO stand for?

5 points

Question 13

1. What are the four types of controls over cash which should be present within an organization?

5 points

Question 14

1. List three methods of auditing the cash account of an organization.

5 points

Question 15

1. When auditing an organization, what as set is being audited when reviewing the Factory Overhead Account?

5 points

Question 16

1. When discussing controls of stockholders’ equity transactions, an auditor would expect to see the following control in place; all stock transactions are approved by the ______ __ _____.

5 points

Question 17

1. Define a “Judgmental Misstatement”.

5 points

Question 18

1. The American Institute of Certified Public or the AICP has developed seven principles governing audits. Which two of the seven principles specifically relate to audit reporting?

5 points

Question 19

1. The purpose of these reports is to promote clear communication between the auditor and user of the financial statement. The financial statement audit report should include what three items?

5 points

Question 20

1. Standard Unqualified Audit Reports for a United States public company may only be issued if (list three of the six criteria).

5 points

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