ACC544 ACC/544 Final Exam (27 questions and answers)

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1.Which is NOT one of the AICPA’s Code of Professional Conduct principles?

2. The ethical philosophy that considers the consequences of similar persons acting under similar circumstances is called

3. The fundamental issues in independence require that the auditor avoid

4. Auditors have greater liability under the Securities Act of 1933. Which is the reason that this greater liability exists?

 5. The legal doctrine that states that a successful plaintiff may recover the full amount of damages from any defendant that has the ability to pay is called

6. The SEC regulation that governs disclosures in annual reports other than financial statements is the

7. Inspection of tangible assets provides evidence for which assertion?

 8. The risk that the auditor may provide an inappropriate opinion based on their review of materially misstated financial statements is referred to as

 9. Auditors perform the steps in which order?

10. An internal control questionnaire (ICQ) contains the question: “Does a single individual receive and list cash receipts and perform posting to sales and general ledgers?” What action must an auditor take if the manager of accounting responds yes to the

 11. In addition to gaining an understanding of the internal controls, an external auditor, at minimum, is expect

12. Which method provides the auditor with the best visual grasp of a system and a means for analyzing complex o

13) Which of the accounts is NOT included in the revenue and collection cycle?

14) The most reliable evidence comes from

15) Custody is transferred from the warehouse to the shipping department upon authorization of the

16) An enlightened management may decrease the probability of fraud in the company best by

17) A proof of cash is normally used

18) Which is an appropriate audit program step for the review of canceled checks for authorized signatures?

19) The production authorization starts with a

20) Which is NOT recognized by GAAP as appropriate for determining inventory cost?

21) Inventory must be recorded when

22) Canceling invoices with a paid stamp after payment is a control that relates to which assertion?

23) Which is NOT a step in the search for unrecorded liabilities?

24) Which control question relates to the existence and occurrence objective in purchasing and accounts payable?

25) Which audit objective is related to the assertion that all transactions and accounts must be included in the

26) Which best describes the main reason independent auditors report on management’s financial statements?

27) The audit objective that all footnotes have been included in the financial statements is related most closel

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    ACC544 ACC/544 Final Exam (27 questions and answers)

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