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ACC 575 AUDIT AND ASSURANCE SERVICES

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ACC 575 AUDIT AND ASSURANCE SERVICES1. The audit objective that all transactions and accounts that should be presented in the financial statements are in fact included is related to which of the PCA ... OB assertions? A. Existence B. Rights and obligations C. Completeness D. Valuation 2. To be proficient as an auditor, a person must first be able to accomplish which of these tasks in a decision-making process? A. Identify audit evidence relevant to the verification of assertions management makes in its unaudited financial statements and notes. B. Formulate evidence-gathering procedures (audit plan) designed to obtain sufficient, competent evidence about assertions management makes in financial statements and notes. C. Recognize the financial assertions made in management's financial statements and footnotes. D. Evaluate the evidence produced by the performance of procedures and decide whether management's assertions conform to generally accepted accounting principles and reality. 3. Which of the following is an underlying condition that in part creates the demand by users for reliable information? A. Economic transactions that are numerous and complex. B. Decisions are time-sensitive. C. Users separated from accounting records by distance and time. D. Financial decisions that are important to investors and users. E. All of the abov [Show More]

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