Posted: April 23rd, 2024

emphasize the importance of integrity and ethical values, 22 Multiple Qs, accounting homework help

Question description

Please highlight the correct answers in red within an hour, no later than one hour.
22. To emphasize the importance of integrity and
ethical values among all personnel or an organization, the chief executive
officer and other top managers should do all of the following EXCEPT
communicate to all
employees.send e-mail messages to all
employees, promoting ethical values.reduce or eliminate
incentives and temptations.set the tone by example.23. Auditor changes result from a variety of
factors EXCEPT
mergers between CPA firms.mergers between corporations
with different independent auditors.satisfaction with a firm.a desire to reduce the audit fee.24. Anyone identified to the auditor by name
prior to the audit who is the principal recipient of the auditor’s report is a
foreseen beneficiary.foreseeable party.third party.primary beneficiary.25. Which of the following requires managing
public companies to assess the adequacy of internal controls over financial
reporting and further requires auditors to audit management’s assessment of
internal controls over financial reporting and the actual effectiveness of the
system of internal controls?
Securities Exchange Act of
1934Section 404 of
Sarbanes-OxleySAS 55Foreign Corrupt Practices Act26. Which of the following is NOT one of the
factors that make up the control environment?
Board of directors and
audit committeeOrganizational structureAccounting personnelHuman resource policies and practices27. With respect to audit objectives, the term
validity relates to which of the assertions below?
Existence and occurrenceCompletenessPresentation and disclosureValuation or allocation28. Statements on auditing standards (SAS) are
interpretations of what?
Generally accepted auditing
standardsGenerally accepted
accounting principlesGenerally accepted
accounting policiesGenerally accepted auditing services29. “A significant deficiency, or combination of
significant deficiencies, that results in more than a remote likelihood that a
material misstatement of the annual or interim financial statements will not be
prevented or detected” is the definition of a
material weakness.material misstatement.significant deficiency.control deficiency.30. Which of the following is NOT one of the four
basic functions of every transaction?
ConsiderationRecordingDelivery and receiptInitiation31. The Foreign Corrupt Practices Act is
administered by the
IRS.SEC.Central Intelligence
Agency.National Commission on Fraudulent Financial
Reporting.32. Which of the following is an INCORRECT
quotation from the second field work standard?
“A sufficient
understanding...”“determine the nature,
timing, and extent of compliance tests...”“of the internal control
structure is...”“to be obtained to...”33. In a normal audit, the relationship between
the level of materiality used to plan the engagement and the level of
materiality used to evaluate evidence is that
the former may be higher or
lower than the latter.the former is higher than
the latter.they must be identical.the former is lower than the latter.34. In performing tests of details of balances,
the auditor would obtain the bank statement directly from the bank, prepare the
bank reconciliation, and verify all reconciling items and mathematical accuracy
if detection risk was
high.very high.very low.moderate.35. Internal auditors are primarily involved with
financial statement audits.compliance audits and
operational audits.compliance audits.operational audits.36. Which of the following is NOT an example of
incompatible duties?
The individual who prepares
the bank deposit also takes it to the bank.The individual who approves
the vouchers signs and mails the checks.The warehouse manager
maintains the perpetual inventory records.The authorized check signer prepares the bank
reconciliation.37.  Which of
the following necessary controls would address a potential misstatement arising
from a voucher being paid twice?
Electronic cancellation of
vouchers and supporting information when a check is issuedA computer comparing the
sum of checks issued with the entry to cash disbursementsPeriodic independent bank
reconciliationsSeparate duties for approving payment
vouchers and sighing checks38. The five management assertions outlined in
generally accepted auditing standards include all of the following EXCEPT
rights and obligations.presentation and
disclosure.materiality.existence and occurrence.39. The susceptibility of an assertion to a
material misstatement, assuming there are no controls, is
analytical procedures risk.audit risk.control risk.inherent risk.40. The Securities Act of 1933 is also known as
the
Truth in Lending Act.Truth in Securities Act.Sale of Securities Act.Great Depression Act.41. In planning the audit, the auditor should
assess materiality at two levels:
preliminary and final.account balance and
detailed item.company and divisional.financial statement and account balance.42. Audit sampling is involved whenever an
auditor
makes an inference about a
population characteristic based on a partial examination of that population.examines 100% of the
population.performs tests of controls.performs tests of details.

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