Devry ACCT 444 Week 2 Quiz Latest

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Devry ACCT 444 Week 2 Quiz Latest

Question 1

3 / 3 pts

(TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if

statistical sampling techniques were not used on the audit engagement.

the auditor planned the audit in a negligent manner.

accountants performing important parts of the work failed to discover a close relationship between the treasurer and the cashier.

the fraud was perpetrated by one employee who circumvented the existing internal controls.

Question 2

3 / 3 pts

(TCO 4) “Absence of reasonable care that can be expected of a person is a set of circumstances” defines

pecuniary negligence.

gross negligence.

extreme negligence.

ordinary negligence.

Question 3

3 / 3 pts

(TCO 4) The prudent person concept establishes that

the CPA firm is not expected to make only perfect judgments.

an audit in accordance with GAAS is subject to limitations and cannot be relied upon for complete assurance that all errors and irregularities will be found.

the courts do not require that the auditor become the insurer or guarantor of the accuracy of the statements.

all three of the above are true.

Question 4

3 / 3 pts

(TCO 4) Tort actions against CPAs are more common than breach of contract actions because

there are more torts than contracts.

the burden of proof is on the auditor rather than on the person suing.

the person suing need prove only negligence.

the amounts recoverable are normally larger.

Question 5

3 / 3 pts

(TCO 4) If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor

should withdraw from the engagement.

should request an increase in audit fees so that more resources can be used to conduct the audit.

has the responsibility of notifying financial statement users through the auditor’s report.

should notify regulators of the circumstances.

 

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Devry ACCT 444 Week 2 Quiz Latest

Best Devry ACCT 444 Week 2 Quiz Latest

Devry ACCT 444 Week 2 Quiz Latest