STRAYER ACC 562 FINAL EXAM PART 2 ANSWERS (SUMMER 2018)

STRAYER ACC 562 FINAL EXAM PART 2 ANSWERS (SUMMER 2018)



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Strayer ACC 562 FINAL EXAM Part 2 Answers (Summer 2018)
1. After an audit report is issued, the auditor discovers through a peer review that an important audit procedure has been omitted. The auditor should do which of the following?
2. Management of Megadile, Inc. refuses to sign the management representation letter given to them in the course of the audit on the grounds that it invades the company's privacy. Such actions will be considered by the auditors to be
3. When a subsequent event provides evidence about conditions that did not exist at the balance sheet date, the auditor should do which of the following?
4. If the audit team encounters difficulties in performing an audit, such matters must be communicated to which party?
5. An auditor passes on several errors discovered during the audit. Which of the following represents the best reason for the auditor not requesting that the adjustments be made by management?
6. If the auditor concludes that there may be a going concern problem, the auditor should do which of the following?
7. The refusal of an attorney who provided significant litigation counsel to a client to furnish information requested in an audit is considered by the auditor to be which of the following?
8. The auditor is responsible for evaluating the likelihood of a client not going bankrupt for the next 12 months. What basis will the auditor use to assess this issue?
9. Who may sue an auditor under common law for breach of contract?
10. Who may sue an auditor under common law for a tort?
11. Which of the following factors have to be proved by a plaintiff against an auditor under 1933 Securities Act?
12. The failure to use even minimal care in the conduct of the audit is called
13. An example of a case that subjected an auditor to criminal charges is
14. The primary objective of the Securities Act of 1933 is the regulation of which of the following?
15. The Securities Exchange Act of 1934 places the burden of proof on which of the following parties?
16. Common law is based upon which of the following?
17. Which of the following is considered a failure to perform a contractual duty that has not been excused?
18. The primary scope of services performed in external auditing (CPA) is:
19. If the acquired company remains intact after the acquisition, it is defined as the:
20. Which of the following best describes the nature of discontinued assets?
21. The two general types of assurance that can be provided to sustainability reports include which of the following:
22. When implementing sustainability reporting, companies determine what to report and how to report it by using various available guidelines, the most prominent of which includes:
23. The discovery of an intentional misstatement, even if immaterial, could impact the auditor’s opinion on the effectiveness of the client’s:
24. Which is the international body that sets standards for the practice of internal auditing across the world?
25. Almost every asset and liability account requires significant judgments. Which of the following accounts is subject to allowance for noncollectibility?

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