ACCT 555 DeVry Midterm Exam


1. (TCO F) which of the following procedures should an auditor generally perform regarding subsequent events?

2. (TCO A) An auditor reads the letter of transmittal accompanying a county’s comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take?

3. (TCO F) An auditor’s independence is considered impaired if the auditor has

4. (TCO B) When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):

5. (TCO F) which is not a characteristic of the reliability of evidence?

6. (TCO C) According to PCAOB standards, the nature and extent of required planning activities for an issuer audit are influenced by all of the following factors, except for:

7. (TCO F) Analytical procedures must be used during which phase(s) of the audit?

Test of controls OR planning OR completion

8. (TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following?

9. (TCO F) The primary purpose of performing analytical procedures in the planning phase of an audit ACCT 555 DeVry Midterm Exam is to

10. (TCO G) The most widely used profitability ratio is

11. (TCO G) which ratio is best used to assess a company’s ability to meet its long-term debt obligations?

12. (TCO A) Match the following definitions to the appropriate terms.

13. (TCO B) The following is a portion of a qualified audit report issued for a private company.

To the shareholders of Tamarak Corporation,

We have audited the accompanying balance sheet of Tamarak Corporation as of October 31, 2009, and the related statements of income, retained earnings, and cash flows for the past year. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform ACCT555MidtermExam the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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