| 54. | The accounting, auditing, and investigating agency of the U.S. Congress, headed by the U.S. Comptroller General is known as
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| AACSB: Analytic AICPA: BB Legal AICPA: FN Research Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-06 Describe the audits and auditors in governmental; internal; and operational auditing. Source: Original Topic: Other Kinds of Engagements and Information Professionals |
Short Answer Questions
| 55. | Which of the PCAOB assertions (A-E) are best verified by the following audit procedures (1-4)? A. Existence or occurrence B. Rights and obligations C. Valuation or allocation D. Completeness E. Presentation and disclosure 1. Confirming inventory held on consignment by the client with independent third party. 2. Consulting the Wall Street Journal for year-end prices of securities held by the client. 3. Physically examine all major property and equipment additions. 4. Review the aged trial balance for significant past due accounts. 1. B, 2. C, 3. A, 4. C |
| AACSB: Analytic AICPA: BB Legal AICPA: FN Research Blooms: Understand Difficulty: 3 Hard Learning Objective: 01-03 Describe and define the assertions that management makes about the recognition; measurement; presentation; and disclosure of the financial statements and explain why auditors use them as the focal point of the audit. Source: Original Topic: Management's Financial Statement Assertions |
| 56. | ABC Company had a major sale to XYZ Company. This sale accounted for 20% of the revenue of ABC Company. The auditors performed the audit procedures listed 1-3. For each audit procedure select the ASB transaction assertion that is most likely being tested. A. Occurrence B. Completeness C. Cutoff D. Accuracy E. Classification 1. The auditor reviewed the shipping documents to check the date that product was shipped to XYZ Company. 2. The auditor reviewed the shipping documents to ensure that all product included in the sales revenue to XYZ had been shipped. 3. The auditor reviewed the invoice sent to XYZ Company to ensure that XYZ had been properly billed. 1. C, 2. B, 3. D |
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