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Acct 555 Midterm

In: Business and Management

Submitted By jnofinnj
Words 644
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1. | Question : | (TCO F) The objective of the ordinary audit of financial statements is the expression of an opinion on: |
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| Student Answer: | | the fairness of the financial statements |
| | | the accuracy of the financial statements |
| | | the accuracy of the annual report |
| | | the balance sheet and income statement |
| Instructor Explanation: | Chapter 6, p. 134. |
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| Points Received: | 5 of 5 |
| Comments: | |
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2. | Question : | (TCO F) If the auditor believes that the financial statements are not fairly stated or is unable to reach an conclusion because of insufficient evidence, the auditor: |
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| Student Answer: | | should withdraw from the engagement |
| | | should request an increase in audit fees so that more resources can be used to conduct the audit |
| | | has the responsibility of notifying financial statement users through the auditor's report |
| | | should notify regulators of the circumstances |
| Instructor Explanation: | Chapter 6, p. 135. |
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| Points Received: | 5 of 5 |
| Comments: | |
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3. | Question : | (TCO F) Which of the following statements is true of a public company's financial statements? |
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| Student Answer: | | Sarbanes-Oxley requires only the CEO to certify the financial statements. |
| | | Sarbanes-Oxley requires only the CFO to certify the financial statements. |
| | | Sarbanes-Oxley requires the CEO and CFO to certify the financial statements. |
| | | Sarbanes-Oxley requires neither the CEO nor the CFO to certify the financial statements. |
| Instructor Explanation: | Chapter 6, p. 136. |
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| Points Received: | 5 of 5 |
| Comments: | |
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4. | Question : | (TCO F) The auditor's best defense when material misstatements are not uncovered is to have conducted the audit: |
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| Student Answer: | | in accordance with auditing…...

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