{"id":25830,"date":"2021-01-14T13:20:50","date_gmt":"2021-01-14T13:20:50","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=25830"},"modified":"2021-01-14T13:20:50","modified_gmt":"2021-01-14T13:20:50","slug":"for-audit-evidence-to-be-compelling-to-the-auditor-it-must-be-sufficient-and-appropriate-which-statement-below-is-not-correct-regarding-the-appropriateness-of-audit-evidence","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2021\/01\/14\/for-audit-evidence-to-be-compelling-to-the-auditor-it-must-be-sufficient-and-appropriate-which-statement-below-is-not-correct-regarding-the-appropriateness-of-audit-evidence\/","title":{"rendered":"For audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the appropriateness of audit evidence?"},"content":{"rendered":"<style type=\"text\/css\"><\/style><h4>For audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the appropriateness of audit evidence?<br \/>\nFINAL EXAM (46 QUESTIONS)<br \/>\n1<br \/>\n\u200bFor audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the appropriateness of audit evidence?<\/h4>\n<p>\u200bThe more effective the internal control system, the more assurance it provides the auditor about the reliability of financial reporting by the client.<\/p>\n<p>\u200bAn auditor\u2019s opinion, to be economically useful and profitable to the auditing firm needs to be formed within a reasonable time and based on evidence obtained that assures profits for the auditing firm.<\/p>\n<p>\u200bThe independent auditor\u2019s direct personal knowledge, obtained through inquiry, observation and inspection, is generally more persuasive than information obtained indirectly.<\/p>\n<p>\u200b Evidence obtained from independent sources outside the entity is generally more reliable than evidence secured solely within the entity.<br \/>\n2<br \/>\n\u200bThe final step in the evaluation of the audit results is the decision to:<\/p>\n<p>\u200bproject the point estimate.<\/p>\n<p>\u200bdetermine sampling error and calculate the estimated total population error.<\/p>\n<p>\u200bdetermine the error in each sample.<\/p>\n<p>\u200baccept the population as fairly stated or to require further action.<br \/>\n3<br \/>\n\u200bThe word below that best explains the relationship between required sample size and the acceptable risk of incorrect acceptance is:<\/p>\n<p>\u200binverse.<\/p>\n<p>\u200bproportional.<\/p>\n<p>\u200bdirect.<\/p>\n<p>\u200bindeterminate.<br \/>\n4<br \/>\n\u200bThe introductory paragraph of the standard audit report for a non-public company performs which functions?<br \/>\nI. It states the CPA has performed an audit.<br \/>\nII. It lists the financial statements being audited.<br \/>\nIII. It states the financial statements are the responsibility of the auditor.<\/p>\n<p>\u200bI and III<\/p>\n<p>\u200bI, II and III<\/p>\n<p>\u200bI and II<\/p>\n<p>\u200bII and III<br \/>\n5<br \/>\n\u200bMaster files, spreadsheets, and reports that accumulate material, labor, and overhead as the costs are incurred are:<\/p>\n<p>\u200bfinished goods inventory records.<\/p>\n<p>\u200baccounting systems.<\/p>\n<p>\u200bstoreroom documents.<\/p>\n<p>\u200bcost accounting records.<br \/>\n6<br \/>\n\u200bWhich of the following balance-related audit objectives typically is assessed as having high inherent risk for cash?<\/p>\n<p>\u200bPresentation and disclosure<\/p>\n<p>\u200bCutoff<\/p>\n<p>\u200bExistence<\/p>\n<p>\u200bDetail tie-in<br \/>\n7<br \/>\n\u200bIn addition to confirming bank balances of your audit client, a bank confirmation would normally contain:<\/p>\n<p>\u200bthe client\u2019s credit history as regards to paying back loans.<\/p>\n<p>\u200bthe client\u2019s managements bank account information.<\/p>\n<p>\u200bthe client\u2019s bank loans with due date, interest rate, and collateral requested.<\/p>\n<p>\u200bthe client\u2019s business prospects.<\/p>\n<p>8<br \/>\n\u200bA commitment is best described as:<\/p>\n<p>\u200ban agreement to commit the firm to a set of fixed conditions in the future that depends on current market conditions.<\/p>\n<p>\u200ban agreement to commit the firm to a set of fixed conditions in the future.<\/p>\n<p>\u200ban agreement to commit the firm to a set of fixed conditions in the future that depends on company profitability.<\/p>\n<p>\u200ba potential future obligation to an outside party for an as yet to be determined amount.<br \/>\n9<br \/>\n\u200bThe management\u2019s responsibility section of the standard audit report for a non-public company states that the financial statements are:<\/p>\n<p>\u200bthe responsibility of management.<\/p>\n<p>\u200bthe joint responsibility of management and the auditor.<\/p>\n<p>\u200bnone of the above.<\/p>\n<p>\u200bthe responsibility of the auditor.<br \/>\n10<br \/>\n\u200bWhich of the following audit procedures would be the most correct in determining the audit objective of existence for the equipment account in the fixed asset master file?<\/p>\n<p>\u200bReview transactions near the balance sheet date.<\/p>\n<p>\u200bExamine vendor invoices and receiving reports.<\/p>\n<p>\u200bExamine vendor invoices for correct accounting treatment.<\/p>\n<p>\u200bRecalculate vendor invoices.<br \/>\n11<br \/>\n\u200bWhich of the following is not explicitly stated in the standard unqualified audit report?<\/p>\n<p>\u200bThe audit was conducted in accordance with generally accepted accounting principles.<\/p>\n<p>\u200bThe auditors believe that the audit evidence provides a reasonable basis for their opinion.<\/p>\n<p>\u200bThe financial statements are the responsibility of management.<\/p>\n<p>\u200bAn audit includes assessing the accounting estimates used.<br \/>\n12<br \/>\n\u200bThe ________ is a contract between a carrier (e.g., a trucking company) and the seller of goods that dictates the details surrounding the shipment of goods.<\/p>\n<p>\u200bpicking ticket<\/p>\n<p>\u200bbill of lading<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>For audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the appropriateness of audit evidence? FINAL EXAM (46 QUESTIONS) 1 \u200bFor audit evidence to be compelling to the auditor it must be sufficient and appropriate. Which statement below is not correct regarding the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25830","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>For audit evidence to be compelling to the auditor it must be sufficient and appropriate. 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