Auditing Chapter 2 and 3

1135 Words Jan 16th, 2015 5 Pages
Auditing Chapter 2 and 3
Chapter MC 2 2.26 - 2.29 Q 65, 70(I)
2.26) Which of the following categories of principles is most closely related to gathering audit evidence? A. Performance
2.27) Which of the following is not related to ethical requirements of auditors? D. professional judgment
2.28) One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of the achieving this objective can be obtained by the following B. Standards within a system of quality control
2.29) Which of the following best demonstrates the concepts of professional skepticism? C. Critically assessing verbal evidence received from the entity's management.
2.30) The primary
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For each deficiency, to which of the elements of the principles does it most closely related? (If the firm had fewer than five deficiencies evaluate all of the deficiencies identified in the report

f) Briefly summarize the firms' response (if any) to the pcaob inspection report

Chapter 3 MC 3.27-3.31 Q. 53, 55
3.27) When initiating communications with professor auditors, prospective auditors should expect? D. All of the above
3.28) Generally accepted auditing standards require that auditors always prepare and use: C. A written audit plan: an audit plan gives you step by step plans
3.29) When planning an audit, which of the following is not a factor that affects auditors' decisions about the quantity, type, and content of audit documentation? C. The auditors' judgment about their independence with regard to the client.
They shouldn’t be doing an audit if they are not independent.
3.30) Audit documentation that shows the detailed evidence and procedures regarding the balance in the accumulated depreciation account for the year under audit will be found in the:
A. Current file audit documentation.
3.31) An auditor's permanent file audit documentation most likely will contain: D. Excerpts of the corporate charter and bylaws. Reason is the corporate charter