Auditingtest bank chapter 6.docx
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Auditingtest bank chapter 6.docx
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Auditingtestbankchapter6
AuditingandAssuranceServices,15e(Arens)
Chapter6AuditResponsibilitiesandObjectives
LearningObjective6-1
1)Theobjectiveofanauditofthefinancialstatementsisanexpressionofanopinionon:
A)thefairnessofthefinancialstatementsinallmaterialrespects.
B)theaccuracyofthefinancialstatements.
C)theaccuracyoftheannualreport.
D)theaccuracyofthebalancesheetandincomestatement.
Answer:
A
Terms:
Objectiveofordinaryauditoffinancialstatements
Diff:
Easy
Objective:
LO6-1
AACSB:
Reflectivethinkingskills
2)Iftheauditorbelievesthatthefinancialstatementsarenotfairlystatedorisunabletoreachaconclusionbecauseofinsufficientevidence,theauditor:
A)shouldwithdrawfromtheengagement.
B)shouldrequestanincreaseinauditfeessothatmoreresourcescanbeusedtoconducttheaudit.
C)hastheresponsibilityofnotifyingfinancialstatementusersthroughtheauditor'sreport.
D)shouldnotifyregulatorsofthecircumstances.
Answer:
C
Terms:
Auditorbelievesthatfinancialstatementsarenorfairlypresented
Diff:
Easy
Objective:
LO6-1
AACSB:
Reflectivethinkingskills
3)Auditorsaccumulateevidenceto:
A)defendthemselvesintheeventofalawsuit.
B)determineifthefinancialstatementsarecorrect.
C)satisfytherequirementsoftheSecuritiesActsof1933and1934.
D)reachaconclusionaboutthefairnessofthefinancialstatements.
Answer:
D
Terms:
Auditorsaccumulateevidence
Diff:
Easy
Objective:
LO6-1
AACSB:
Reflectivethinkingskills
LearningObjective6-2
1)Theresponsibilityforadoptingsoundaccountingpoliciesandmaintainingadequateinternalcontrolrestswiththe:
A)boardofdirectors.
B)companymanagement.
C)financialstatementauditor.
D)company'sinternalauditdepartment.
Answer:
B
Terms:
Responsibilityforadoptingsoundaccountingpoliciesandmaintainingadequateinternalcontrols
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
2)Ifmanagementinsistsonfinancialstatementdisclosuresthattheauditorfindsunacceptable,theauditorcanwithdrawfromtheengagementor:
A)
Issueanadverseauditreport
Issueaqualifiedauditreport
Yes
Yes
B)
Issueanadverseauditreport
Issueaqualifiedauditreport
No
No
C)
Issueanadverseauditreport
Issueaqualifiedauditreport
Yes
No
D)
Issueanadverseauditreport
Issueaqualifiedauditreport
No
Yes
Answer:
A
Terms:
Auditorinsistsonfinancialstatementdisclosuresthatmanagementfindsunacceptable
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
3)Incertifyingtheirannualfinancialstatements,theCEOandCFOofapubliccompanycertifythatthefinancialstatementscomplywiththerequirementsof:
A)GAAP.
B)theSarbanes-OxleyAct.
C)theSecuritiesExchangeActof1934.
D)GAAS.
Answer:
C
Terms:
CertifyingannualfinancialstatementsbyCEOandCFO
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
Topic:
Public
4)Whichofthefollowingstatementsistrueofapubliccompany'sfinancialstatements?
A)Sarbanes-OxleyrequirestheCEOonlytocertifythefinancialstatements.
B)Sarbanes-OxleyrequirestheCFOonlytocertifythefinancialstatements.
C)Sarbanes-OxleyrequirestheCEOandCFOtocertifythefinancialstatements.
D)Sarbanes-OxleyrequiresneithertheCEOnortheCFOtocertifythefinancialstatements.
Answer:
C
Terms:
Publiccompany'sfinancialstatements
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
Topic:
SOX
5)Theresponsibilityforthepreparationofthefinancialstatementsandtheaccompanyingfootnotesbelongsto:
A)theauditor.
B)management.
C)bothmanagementandtheauditorequally.
D)managementforthestatementsandtheauditorforthenotes.
Answer:
B
Terms:
Responsibilityforpreparationofthefinancialstatementsandtheaccompanyingfootnotes
Diff:
Moderate
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
6)Becausetheyoperatethebusinessonadailybasis,acompany'smanagementknowsmoreaboutthecompany'stransactionsandrelatedassets,liabilities,andequitythantheauditors.
A)True
B)False
Answer:
A
Terms:
Responsibilityforfairpresentationoffinancialstatements
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
7)Theannualreportsofmanypubliccompaniesincludeastatementaboutmanagement'sresponsibilitiesandrelationshipwiththeCPAfirm.
A)True
B)False
Answer:
A
Terms:
Management'sresponsibilityandrelationshipwithCPAfirm
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
8)Theauditorsdeterminewhichdisclosuresmustbepresentedinthefinancialstatements.
A)True
B)False
Answer:
B
Terms:
Responsibilityforfairpresentationoffinancialstatements
Diff:
Easy
Objective:
LO6-2
AACSB:
Reflectivethinkingskills
Lea
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