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Auditing Assurance Services 7th Edition By Timothy – Test Bank
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Auditing & Assurance Services 7th Edition By Timothy – Test Bank

$35.00 Original price was: $35.00.$20.00Current price is: $20.00.

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Edition: 7th Edition

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Auditing & Assurance Services 7th Edition By Timothy – Test Bank

Chapter 11 Completing the Audit

1) Which of the following events or activities may occur following the audit report release date?
A) Interim testing
B) Roll-forward work
C) Subsequent events
D) Subsequently discovered facts
Answer: D
Difficulty: 2 Medium
Topic: Subsequent Events and Subsequently Discovered Facts
Learning Objective: 11-05 Understand auditors’ responsibility for subsequent events and subsequently discovered facts.
Blooms: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

2) Interim testing normally occurs between the ________ and the ________.
A) beginning of the year under audit; audit report release date
B) date of the financial statements; audit report release date
C) beginning of the year under audit; date of the financial statements
D) end of the year under audit; date of the auditors’ report
Answer: C
Difficulty: 1 Easy
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

3) Roll-forward work normally occurs between the ________ and the ________.
A) beginning of the year under audit; audit report release date
B) date of the financial statements; audit report release date
C) beginning of the year under audit; date of the financial statements
D) date of interim work; date of the auditors’ report
Answer: D
Difficulty: 1 Easy
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

4) For which of the following objectives would auditors be least likely to use analytical procedures near the end of the audit?
A) Obtaining evidence about assertions related to account balances or classes of transactions
B) Evaluating the adequacy of evidence gathered in response to unexpected account balances
C) Identifying unusual or unexpected account balances or relationships among account balances that were not previously identified during the audit
D) Evaluating the adequacy of evidence gathered in response to unexpected relationships among account balances
Answer: A
Difficulty: 3 Hard
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Apply
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

5) Which of the following best describes the auditors’ responsibility with respect to management’s estimates?
A) Verifying the mathematical accuracy of management estimates
B) Assessing the likelihood that actual results will be consistent with management’s estimates
C) Evaluating the reasonableness of management’s estimates
D) Identifying how the failure of the entity to achieve management’s estimates will influence users’ decisions
Answer: C
Difficulty: 1 Easy
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
6) Which of the following would not ordinarily be considered when using analytical procedures to verify the overall reasonableness of revenue and expense accounts?
A) Current-year recorded (unaudited) balances
B) Expected balances using a statistical analysis or relationships among accounts
C) Internal budgets and reports
D) Prior-year balances
Answer: A
Difficulty: 3 Hard
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Apply
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

7) Why should auditors be particularly concerned with “miscellaneous,” “other,” and “clearing” accounts classified as revenues or expenses?
A) These accounts are likely to relate to going-concern matters.
B) These accounts are often more difficult to audit using normal substantive procedures.
C) These accounts may represent attempts of earnings management.
D) These accounts are likely to require the assistance of a specialist.
Answer: C
Difficulty: 2 Medium
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

8) Which of the following is the most effective method of identifying potential earnings management attempts?
A) Analytical procedures
B) Detailed substantive procedures
C) Inquiry of client management and key financial personnel
D) Scanning accounts for unusual items
Answer: D
Difficulty: 3 Hard
Topic: Procedures Performed during Fieldwork
Learning Objective: 11-01 Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Blooms: Apply
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
9) An important method used by auditors to learn of material contingencies is
A) examining documents in the client’s possession concerning contingencies.
B) inquiring and discussing them with management.
C) obtaining responses to an attorney letter.
D) confirming accounts receivable with the client’s customers.
Answer: C
Difficulty: 2 Medium
Topic: Attorney Letters
Learning Objective: 11-02 Understand the role of attorney letters in evaluating litigation, claims, and assessments.
Blooms: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

10) Which of the following procedures is not used in auditors’ examination of litigation, claims, and assessments?
A) Obtaining a description and evaluation of litigation, claims, and assessments from management
B) Examining documentary evidence regarding litigation, claims, and assessments
C) Reading minutes of meetings of stockholders, directors, and appropriate committees
D) Performing analytical procedures
Answer: D
Difficulty: 2 Medium
Topic: Attorney Letters
Learning Objective: 11-02 Understand the role of attorney letters in evaluating litigation, claims, and assessments.
Blooms: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation

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