Acc 576 Midterm Questions Acc576 Midterm Questions

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ACC 576 MIDTERM QUESTIONS ACC576 MIDTERM QUESTIONS Click Link for the Answer: Download Answer Download Answer Question 1 Which of the following is least likely to be considered a risk assessment procedure? Analytical procedures. Confirmation of ending accounts receivable. Inspection of documents. Observation of the performance of certain accounting procedures. Question 2 An auditor’s engagement letter most likely would include a statement regarding Management’s responsibility to provide certain written representations to the auditor. Conditions under which the auditor may modify the preliminary judgment…show more content…
Question 6 A CPA is reporting on comparative financial statements of a nonissuer. The CPA audited the prior year's financial statements and compiled those of the current year in accordance with Statements on Standards for Accounting and Review Services (SSARS). The CPA has added a separate paragraph to the review report to describe the responsibility assumed for the prior year's audited financial statements. This separate paragraph should indicate The type of opinion expressed previously. That the CPA did not update the assessment of control risk. The reasons for the change from an audit to a review. That the audit report should no longer be relied on. Question 7 Individuals who commit fraud are ordinarily able to rationalize the act and also have an Incentive Opportunity Yes Yes Yes No No Yes No No Question 8 An engagement in which a CPA considers security, availability, processing integrity, online privacy, and/or confidentiality over any type of defined electronic system is most likely to considered which of the following types of engagements? Internal control over financial reporting. SysTrust. Web-site Associate. WebTrust Question 9 Which of the following questions would most likely be included in an internal control questionnaire concerning the completeness assertion for purchases? Is an authorized purchase order required before the receiving department can accept a shipment or

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