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Audit 2011

Midterm Galantine Fall 2011

QuestionAnswer
What are the 3 fundamental concepts of a financial statement audit? (ch. 1) Audit Risk: risk that auditor may knowingly fail to appropriately modify his opinion on FS that are materially misstated. Materiality: magnitude of an omission/misstatement that judgement may be changed. Evidence: underlying accounting data
List the 3 standards of fieldwork and give an example of each.(ch. 1)
What are the 3 general standards of GAAS? (ch. 1)
List and briefly explain the management assertions. (ch. 2)
What are the different types of auditors and briefly explain each.(ch. 2)
What are the five business processes that relate to business transactions?(ch. 2)
What are the elements of the fraud triangle? Give an example of a risk factor for each.
List the steps in applying materiality on an audit.
What are the 3 general types of audit tests? Define and give an example of each.
What is the difference between substantive and reliance strategies, and why would you be able to use reliance strategy?
List 3 of the 5 components of internal control and give a description of them.
List the different assertions and an example of a control activity associated with it. (p. 200)
Discuss the difference between control deficiency, significant deficiency, and material weakness. Discuss auditor's responsibility to report on each.
On figure 7-1 (p. 230), discuss the three types of control deficiencies and give an example of the effects of each.
What is a material weakness and what are the indicators of material weaknesses? (Table 7-7 p. 244)
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