Which one of the following is not a reason why the users of financial statements desire for an independent assessment of the financial statement presentation? a. Complexity of transactions affecting the financial statements b. Lack of criteria on which to base information c. Remoteness of the user from the organization d. All of them are potential reasons

Which one of the following is not a reason
why the users of financial statements desire
for an independent assessment of the
financial statement presentation?
a. Complexity of transactions affecting the
financial statements
b. Lack of criteria on which to base
information
c. Remoteness of the user from the
organization
d. All of them are potential reasons
by

1 Answer

Answer :

Lack of criteria on which to base
information
by

Related questions

The need for independent audits of financial statements can be attributed to all of the following conditions except: a. Validity b. Remoteness c. Consequence d. Complexity of subject matter

Description : The need for independent audits of financial statements can be attributed to all of the following conditions except: a. Validity b. Remoteness c. Consequence d. Complexity of subject matter

Last Answer : Validity

The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance of interests of the preparer and the user of the financial statements. d. Most users today have access to the system that generates the financial statements they use

Description : The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance ... . d. Most users today have access to the system that generates the financial statements they use

Last Answer : There is a potential bias in providing information

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Which of the following factors most likely would influence an auditor’s determination of the auditability of an entity’s financial statements? a. The complexity of the accounting system. b. The existence of related-party transactions. c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Last Answer : The adequacy of the accounting records.

Independent auditors of financial statements perform audits that reduce and control a. Business risk faced by investors b. Information risk faced by investors c. Complexity of financial statements d. Timeliness of financial statements

Description : Independent auditors of financial statements perform audits that reduce and control a. Business risk faced by investors b. Information risk faced by investors c. Complexity of financial statements d. Timeliness of financial statements

Last Answer : Information risk faced by investors

Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Description : Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Last Answer : Remoteness of users

The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance b. Comply with government regulatory requirements c. Assure management that the financial statements are unbiased and free from material error d. Provide users with an unbiased opinion about the fairness of information reported in the financial statements

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Last Answer : Provide users with an unbiased opinion about the fairness of information reported in the financial statements

Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS are the standards for presentation of financial statements and underlying transactions. b. GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit. c. When GAAP are violated, sufficiently strong GAAS may make up for most GAAP deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

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The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. Philippine Standards on Auditing b. Philippine Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

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The auditor gives an audit opinion on the fair presentation of the financial statements and associates his or her name with them when, on the basis of adequate evidence, the auditor concludes that the financial statements are unlikely to mislead a. A prudent user. b. Management. c. The reader. d. Investors

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The phrase in our opinion in the auditor’s report is intended to inform users that auditors a. Guarantee fair presentation of the financial statements. b. Act as insurers of the accuracy of the financial statements. c. Certify the material presented in the statements by management. d. Based their conclusions about the statements on professional judgment

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The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework. c. Enhance the degree of confidence of intended users in the financial statements. d. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

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Last Answer : Enhance the degree of confidence of intended users in the financial statements.

Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

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Last Answer : Obtaining and examining evidential matter

Unlike consulting services, in assurance services: a. There is confirmation that financial statement assertions are accurate. b. Misstated account balances are generally corrected by an independent audit. c. Ineffective internal controls may exist. d. Competing interests may exist between management and the users of statements

Description : Unlike consulting services, in assurance services: a. There is confirmation that financial statement assertions are accurate. b. Misstated account balances are generally corrected by an independent audit. ... may exist. d. Competing interests may exist between management and the users of statements

Last Answer : Competing interests may exist between management and the users of statements

The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. Users separated from accounting records by distance and time. d. Financial decisions that are important to investors and users

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A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended users or the practitioner. c. The subject matter is in the form of financial information. d. The criteria to be used are not available to the intended users

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Last Answer : The practitioner's conclusion is to be contained in a written report.

Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users

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Last Answer : The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner

Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users.

Description : Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. ... be established by law. d. The responsible party may also be one of the intended users.

Last Answer : The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner

Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

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Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.

When a CPA who is not independent is associated with financial statements, he would be precluded from expressing an opinion becausea. The public would be aware of his lack ofindependence and would place little orno faith in his opinion.b. He would place himself in the position ofsuffering an adverse decision in apossible liability suit.c. He would be in the position of auditinghis own work.d. Any auditing procedures he mightperform would not be in accordancewith generally accepted auditingstandards

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Last Answer : Any auditing procedures he might perform would not be in accordance with generally accepted auditing standards

To be independent, the auditor: a. Must be impartial when dealing with the client. b. Cannot place any reliance on the client's verbal and written assertions. c. Is responsible only to third-party users of the financial statements. d. Cannot perform any consulting servicesfor an audit client.

Description : To be independent, the auditor: a. Must be impartial when dealing with the client. b. Cannot place any reliance on the client's verbal and written assertions. c. Is responsible only to third-party users of the financial statements. d. Cannot perform any consulting servicesfor an audit client.

Last Answer : Must be impartial when dealing with the client

There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. Users of the statements may not fully understand the consequences of their actions. b. Auditor must anticipate all possible consequences of the report issued. c. Impact of using different accounting methods may not be fully understood by the users of the statements. d. Financial statements are used for important decisions

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Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, whereas internal auditors report directly to management. b. Internal auditors are employees of the auditee, whereas independent auditors are independent contractors. c. The internal auditor's span of coverage goes beyond financial auditing to encompass operational and performance auditing. d. Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

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Last Answer : Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial statements. b. Test the adequacy of internal control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Description : Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial ... control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Last Answer : Gather corroborative evidence

A basic premise underlying analytical procedures is that a. The study of financial ratios is an acceptable alternative to the investigation of unusual fluctuations. b. Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary. c. These procedures cannot replace tests of details of transactions and balances. d. Statistical tests of financial information may lead to the detection of material misstatements in the financial statements.

Description : A basic premise underlying analytical procedures is that a. The study of financial ratios is an acceptable alternative to the investigation of unusual fluctuations. b. Plausible relationships ... financial information may lead to the detection of material misstatements in the financial statements.

Last Answer : Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary.

An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. Understand the events and transactions that may have an effect on the client's financial statements. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Description : An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. ... misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Last Answer : Understand the events and transactions that may have an effect on the client's financial statements

While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of misstatements due to noncompliance to laws and regulations. b. Consider the complexity of the transactions involved. c. Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Description : While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of ... Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Last Answer : Consider the likelihood that the risks could result in material misstatements

The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing standards. b. Acceptable financial reporting framework c. Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Description : The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing ... Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Last Answer : Acceptable financial reporting framework

Which of the following is a cause of information risk? a. Voluminous data. b. Biases and motives of the provider of information. c. Remoteness of the information. d. Each of the above is a cause of information risk.

Description : Which of the following is a cause of information risk? a. Voluminous data. b. Biases and motives of the provider of information. c. Remoteness of the information. d. Each of the above is a cause of information risk.

Last Answer : Each of the above is a cause of information risk.

As used in auditing, which of the following statements best describes "assertions”? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are found only in the notes to the financial statements. c. Assertions are the representations of management as to the reliability of the information system. d. Assertions are the representations of management as to the fairness of presentation of the financial statements

Description : As used in auditing, which of the following statements best describes "assertions ? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are ... Assertions are the representations of management as to the fairness of presentation of the financial statements

Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited

Which of the following statements does not describe a condition that creates a demand for auditing? a. Users can directly assess the quality of information. b. Information can have substantial economic consequences for a decision maker. c. Expertise is often required for information preparation and verification. d. Conflict between an information preparer and a user can result in biased information

Description : Which of the following statements does not describe a condition that creates a demand for auditing? a. Users can directly assess the quality of information. b. Information can have substantial ... verification. d. Conflict between an information preparer and a user can result in biased information

Last Answer : Users can directly assess the quality of information.

The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The limitation of financial statement audit scope. c. Job qualification specifications that include added emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Description : The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The ... emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Last Answer : Increased complexity and sophistication of business operations.

The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Description : The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Last Answer : Understanding the entity's internal control structure.

The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Description : The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Last Answer : Understanding the entity's internal control structure

For what reason does an independent auditor gather evidence? a. To assess management performance b. To detect fraud c. To detect misstatements d. To form an opinion on the financial statements

Description : For what reason does an independent auditor gather evidence? a. To assess management performance b. To detect fraud c. To detect misstatements d. To form an opinion on the financial statements

Last Answer : To form an opinion on the financial statements

The reason an independent auditor gathers evidence is to a. Detect fraud b. Evaluate management c. Evaluate internal controls d. Form an opinion on the financial statements

Description : The reason an independent auditor gathers evidence is to a. Detect fraud b. Evaluate management c. Evaluate internal controls d. Form an opinion on the financial statements

Last Answer : Form an opinion on the financial statements

An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of financial statements of listed entitiesd. For all types of audits, regardless of the subject matter of the engagement..

Description : An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of ... listed entities. d. For all types of audits, regardless of the subject matter of the engagement.

Last Answer : For all audits of financial statements of listed entities

Which of the following methods is most commonly used to reduce information risk? a. Allow all users to prepare the statements. b. Allow users to verify information. c. Have the financial statements audited. d. Users share information risk with management.

Description : Which of the following methods is most commonly used to reduce information risk? a. Allow all users to prepare the statements. b. Allow users to verify information. c. Have the financial statements audited. d. Users share information risk with management.

Last Answer : Have the financial statements audited

The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Last Answer : Determine whether the client's financial statements are fairly stated.

Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of a. Loans to officers during the year which had been repaid before the balance sheet date. b. The nature of the related-party relationship. c. A description of transactions, including peso amounts. d. The amounts due from and to related parties

Description : Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of ... transactions, including peso amounts. d. The amounts due from and to related parties

Last Answer : Loans to officers during the year which had been repaid before the balance sheet date

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

The auditor of financial statements must make very difficult interpretations regarding authoritative literature. Additionally, the auditor must a. Proceed beyond PFRS to assess how the economic activity is portrayed in the financial statements. b. Force management to make certain decisions regarding their financial statements. c. Disregard independence in order to find the underlying truth of the evidenced. Establish new criteria by which financialstatements may be compared.

Description : The auditor of financial statements must make very difficult interpretations regarding authoritative literature. Additionally, the auditor must a. Proceed beyond PFRS to assess how the economic activity is ... of the evidence d. Establish new criteria by which financial statements may be compared.

Last Answer : Proceed beyond PFRS to assess how the economic activity is portrayed in the financial statements

In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established criteria? a. International Accounting Standards b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Description : In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established ... . Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Last Answer : Philippine Standards on Auditing

An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management's financial statements c. Reports on the accuracy of information in the financial statements d. Measures and communicates the financial data included in financial statements

Description : An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management' ... the financial statements d. Measures and communicates the financial data included in financial statements

Last Answer : Objectively examines and reports on management's financial statements