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Audit Latest Final Exam Questions with Correct Answers

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Audit (Final Exam) 2022 Solved Correctly What is audit evidence? -Ans- Defining characteristic between positive and negative assurance What are the five assertions when evaluating financial statements? -Ans- Existence C ...

Audit (Final Exam) 2022 Solved Correctly What is audit evidence? -Ans- Defining characteristic between positive and negative assurance What are the five assertions when evaluating financial statements? -Ans- Existence Completeness Valuation Rights and Obligations Disclosure What are the four steps of audit? -Ans- Assess risks Test internal controls/Planning audit Substantive audit evidence Form conclusions Which provides stronger evidence: Internal or External sources? -Ans- External A lack of external evidence is considered to be...? -Ans- Unfavorable evidence Why do auditors spend a lot of time in balance sheet? Does this detect fraudulent expenditures or unearned revenue? -Ans- -Change(A-L) = Change(OE) -No -Not necessarily, example = gift cards (Liability) Name an account at risk for over/under statement. What population should you select for sample? -Ans- -Accounts Receivable (Test recorded AR balance) -Accounts Payable (Look at companies you'' be paying them to, even if account is at zero) What was the point of the tangled giraffe's heads? -Ans- Looking at heads, down to the bodies. What is vouching? Purpose? -Ans- From account to entries to source documents, only validity. What is tracing? Purpose? -Ans- From source documents to account entries, tests completion. Name the seven types of audit evidence. -Ans- Observation Physical examination Inquires and interviews Confirmations Recalculations Inspecting supporting documents (Vouching/Tracing) Analytical procedures Going through the motions is pointless, unless exercising what three character traits? -Ans- Judgement Common sense Professional Skepticism What is appropriateness? Example? -Ans- Doing the right thing Vouching vs. Tracing What is sufficiency? Example? -Ans- Doing enough Sample size MUST KNOW AUDITING ESTIMATES. Chapter 14. -Ans- What factors should be considered when making auditing estimates. (3) -Ans- Reasonableness of assumptions Consistency with industry standards Consistency with actual experience over time is often the most reliable indicator

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