strayer acc403 week 6 quiz 4

| November 29, 2016

Question
Question 1

2 out of 2 points

Correct

When allocating performance materiality:

Question 2

2 out of 2 points

Correct

Inherent risk is often high for an account such as:

Question 3

2 out of 2 points

Correct

Inherent risk is ________ related to detection risk and ________ related to the amount of audit evidence. Question 4

2 out of 2 points

Correct

When taken together, the concepts of risk and materiality in auditing:

Question 5

2 out of 2 points

Correct

If it is probable that the judgment of a reasonable person will be changed or influenced by the omission or misstatement of information, then that information is, by definition of FASB Statement No. 2:

Question 6

2 out of 2 points

Correct

________ misstatements are those where the auditor can determine the amount of the misstatement in the account.

Question 7

2 out of 2 points

Correct

If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:

Question 8

2 out of 2 points

Correct

When management has an adequate level of integrity for the auditor to accept the engagement but cannot be regarded as completely honest in all dealings, auditors normally:

Question 9

2 out of 2 points

Correct

The measurement of the auditor’s assessment of the likelihood that there are material misstatements due to error or fraud in a segment before considering the effectiveness of internal controls is defined as:

Question 10

2 out of 2 points

Correct

If an auditor establishes a relatively high level for materiality, then the auditor will:

Question 11

2 out of 2 points

Correct

An auditor who audits a business cycle that has low inherent risk should:

Question 12

2 out of 2 points

Correct

When the auditor is attempting to determine the extent to which external users rely on a client’s financial statements, they may consider several factors except for:

Question 13

2 out of 2 points

Correct

The risk that audit evidence for a segment will fail to detect misstatements exceeding performance materiality levels is: Question 14

2 out of 2 points

Correct

As the risk of material misstatement increases, detection risk should:

Question 15

2 out of 2 points

Correct

To what extent do auditors typically rely on internal controls of their public company clients?

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