Exam 4

Quiz

Question 1 (10 points)

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The major components of internal control include all of the following, except:
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Question 2 (10 points)

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Which is most likely when the assessed level of control risk increases?
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Question 3 (10 points)

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On financial statement audits, it is required that the auditors obtain an understanding of internal control, including:
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Question 4 (10 points)

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When performing tests of controls over authorization of cash receipts, which of the following sampling methods would be most appropriate?
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Question 5 (10 points)

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Which of the following is generally not true about statistical sampling as compared to nonstatistical sampling?
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Question 6 (10 points)

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The auditor using nonstatistical attributes sampling, but who nevertheless has chosen the sample in conformity with random selection procedures:
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Question 7 (10 points)

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A control deficiency that is less severe than a material weakness, but important enough to merit attention by those responsible for oversight of the company’s financial reporting is referred to as a(n):
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Question 8 (10 points)

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Which statement is correct concerning the relevance of various types of controls to a financial statement audit?
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Question 9 (10 points)

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If the projected misstatement in a nonstatistical sampling is $8,000, while the tolerable misstatement is $9,000, what would an auditor likely conclude?
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Question 10 (10 points)

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Which of the following may be used to reduce the risk of nonsampling errors?
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