________ is an unintentional misstatement that can be found in a financial statement during the audit. Question 9 options: a) Fraud b) Excess detail c) Assessment d) Error
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- 3. Fraud is an _____________ misstatement of which any amount found during the audit will be considered material. Question 3 options: a) Unintentional b) Planned c) Proposed d) Intentionalwhich of the following regarding errors is correct Select one: a. it is easier for the auditor to detect because it is not intentional b. misappropriation of assets is an kind of errors c. it is more difficult for the auditor to detect because it is not intentional d. intentional misstatement of the financial statements,12. The audit of revenue and receivables is of significant audit risk because Select one:a. The understatement of revenue results in a corresponding overstatement of net incomeb. Understatement of revenue has been a factor in many instances of fraudulent financial reportingc. Overstatement of revenue has been a factor in many instances of fraudulent financial reporting,d. The overstatement of revenue results in a corresponding understatement of net income
- which of the following regarding errors is correct Select one: a. intentional misstatement of the financial statements, b. misappropriation of assets is an kind of errors c. a mistake in recording the date of a sale invoice is an example of the errors d. it is more difficult for the auditor to detect because it is not intentionalwhich of the following regarding errors is not correct Select one: a. unintentional misstatement of the financial statements, b. mistake in recording the date of a sale invoice is error c. it is easier for the auditor to detect because it is not intentional d. Fraudulent Financial Reporting is kind of error5 The auditor cannot find all immaterial errors and fraud due to reasons like: Question 5 options: a) Time b) Cost c) Impracticable d) All of the above
- 19. An auditor conducting an audit in accordance with ______________is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. a. ISAs b. None of the options c. IFRS d. IAS3. An auditor should perform alternative procedures to substantiate the existence of accounts receivable when a. Pledging of the receivables is probable b. No reply to a negative confirmation request is received c. No reply to a positive confirmation request is received d. Collectibility of the receivable sis in doubtFinancial statement audits performed to provide which type(s) of assurance with respect to the detection of material misstatements due to errors or fraud? Reasonable Absolute (1) Yes Yes (2) Yes No (3) No Yes (4) No No Select one: a. (3) b. (4) c. (1) d. (2)
- 3 Analytical procedures are not used at the planning of the audit, during the audit and at the completion of the audit in order to avoid material misstatement in the financial statements. Question 3 options: a) True b) False5. Which of the following statements is false regarding fraud risk factors related to long-lived assets, tangible and intangible? a. A potential fraud scheme involves not removing sold assets from the books. b. Because long-lived assets are typically an audit area of low risk, auditors do not need to perform brainstorming activities related to long-lived assets. c. Management might use unreasonably long depreciable lives in an effort to reduce expenses. d. None of the above statements is false.Question 19 If an auditor believes that a misstatement might be intentional and the effect on the financial statements could be material the auditor should do which of the following? Resign from the engagement Discuss with the audit committee what should be done to prevent possible future future misstatements. Perform additional procedures to obtain additional evidence to determine whether fraud has occurred or is likely to have occurred and whether there is a material impact on the financial statements. Contact local authorities.