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ACCT 444 DeVry Week 3 Complete Work Latest

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ACCT 444 DeVry Week 3 Complete Work Latest

ACCT 444 DeVry Week 3 Complete Work Latest

ACCT444

 

ACCT 444 DeVry Week 3 Complete Work Latest

ACCT 444 DeVry Week 3 Discussion 1

Audit Evidence (graded)

Please review Case 7-38 (Grande Stores) in your textbook. Identify the management assertions related to each of the fictitious supplier credits and unrecorded amounts in accounts payable using the facts presented.

ACCT 444 DeVry Week 3 Discussion 2

Risk and Materiality (graded)

Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?

ACCT 444 DeVry Week 3 Homework Latest

Solve the following questions

Chapter 7: 7-27, 7-30,7-31

Chapter 8: 8-22, 8-33

Chapter 9: 9-33

Name your document, and include your first and last initials of your name. For example, if your name is Jane Smith, the file name will be ACCT444_W1_HW.

Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these step-by-step instructions.

See the Syllabus section “Due Dates for Assignments & Exams” for due date information.

ACCT 444 DeVry Week 3 Quiz Latest

1. Question : (TCO 6) The distinction between physical examination of assets and examination of documents is dependent on the item being examined. If the object being examined has no inherent value, the evidence is called

documentation.

physical examination.

confirmation.

none of the above.

Question 2. Question : (TCO 6) Analytical procedures are

diagnostic tests of financial information that may not be classified as evidential matter.

calculations of financial information made by a computer.

substantive tests of financial information made by a study and comparison of relationships among data.

statistical tests of financial information designed to identify areas requiring intensive investigation.

Question 3. Question : (TCO 6) Which of the following statements regarding analytical procedures is not correct?

The definition of analytical tests emphasizes a comparison of client’s data to GAAP.

Analytical procedures are required on all audits.

Analytical procedures can be used as substantive tests.

For certain accounts with small balances, analytical procedures alone may be sufficient evidence.

Question 4. Question : (TCO 6) Which of the following statements about confirmation is true?

Confirmations are expensive and so are often not used.

Confirmations may inconvenience those asked to supply them, but they are widely used.

Confirmations are sometimes not reliable and so auditors use them only as necessary.

None of the above statements are true.

Question 5. Question : (TCO 7) Analytical procedures used in planning an audit should focus on identifying

material weaknesses of internal control.

the predictability of financial data from individual transactions.

the various assertions that are embodied in the financial statements.

areas that may represent specific risks relevant to the audit.

Question 6. Question : (TCO 7) A measure of the auditor’s assessment of the likelihood that there are material misstatements in an account before considering the effectiveness of the client’s internal control is

acceptable audit risk.

control risk.

inherent risk.

statistical risk.

Question 7. Question : (TCO 7) Which of the following is not correct regarding the communications between successor and predecessor auditors?

The burden of initiating the communication rests with the predecessor auditor.

The burden of initiating the communication rests with the successor auditor.

The predecessor auditor must receive their former client’s permission prior to divulging information to the successor auditor.

The predecessor auditor may choose to provide a limited response to a successor auditor.

Question 8. Question : (TCO 8) The preliminary judgment about materiality is the _____ amount by which the auditor believes the statements could be misstated and still not affect the decisions of reasonable users.

minimum

maximum

mean average

median average

Question 9. Question : (TCO 8) When auditors allocate the preliminary judgment about materiality to account balances, the materiality allocated to any given account balance is referred to as

the materiality range.

the error range.

tolerable materiality.

tolerable misstatement.

Question 10. Question : (TCO 8) Why do auditors establish a preliminary judgment about materiality?

To determine the appropriate level of audit experience required for the work

So that the client can know what records to make available to the auditor

To plan the appropriate audit evidence to accumulate and develop an overall audit strategy

None of the above

ACCT 444 DeVry Week 3 Complete Work Latest

ACCT 444 DeVry Week 3 Complete Work Latest

 

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