ACC 491 FINAL EXAM
ACC 491 FINAL EXAM 1)If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be 2)The rights and obligations assertion applies to 3)Which of the following assertions is NOT made by management in placing an item in the financial statements 4)Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an items materiality 5)Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are 6)Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the 7)Within generally accepted auditing standards, general standards relate primarily to 8)Statements on auditing standards (SAS) are interpretations of what 9)Which of the following best describes the relationship that should exist between the external auditor and the management of the client company 10)Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services 11)Internal auditors are primarily involved with 12)The Government Accounting Office reports directly to the 13)With respect to audit objectives, the term validity relates to which of the assertions below 14)Which of the following procedures consists of seeking information from knowledgeable persons throughout or outside the entity 15)Specific audit objectives are normally 16)The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter 17)The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for