Solved by verified expert :WK 6 quiz chapt 9
Question 1
scope paragraph of the standard unqualified auditor’s report states that
“… the standards require that we plan and perform the audit to obtain
________ assurance about whether the financial statements are free of material
misstatement.” What type of assurance is given?

Question 2
auditors allocate the preliminary judgment about materiality to account
balances, the materiality allocated to any given account balance is referred to

Question 3
To what
extent do auditors typically rely on internal controls of their public company
Question 4
As the risk of material
misstatement increases, detection risk should:

Question 5
As the acceptable level of
detection risk increases, an auditor may change the:

Question 6
Inherent risk is ________ related
to detection risk and ________ related to the amount of audit evidence.

Question 7

Inherent risk is often high for
an account such as:


Question 8

When dealing with audit risk:

Question 9

Auditors are ________ to document
the known and likely misstatements in the financial statements under audit.

Question 10 2 out of
2 points

Amounts involving fraud are
usually considered ________ important than unintentional errors of equal dollar

Question 11

When the auditor is attempting to
determine the extent to which external users rely on a client’s financial
statements, they may consider several factors except for:

Question 12 2 out of
2 points

Auditors are responsible for
determining whether financial statements are materially misstated, so upon
discovering a material misstatement they must bring it to the attention of:

Question 13 2 out of
2 points

If an auditor believes the chance
of financial failure is high and there is a corresponding increase in business
risk for the auditor, acceptable audit risk would likely:

Question 14 2 out of
2 points

Inherent risk and control risk:

Question 15 2 out of
2 points

If it is probable that the
judgment of a reasonable person will be changed or influenced by the omission
or misstatement of information, then that information is, by definition of FASB
Statement No. 2:

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