ACC 562 Course Great Wisdom / tutorialrank.com ACC 562 Course Great Wisdom / tutorialrank.com | Page 12

the type of audit opinion to be rendered based upon procedures
performed.
the audit procedures that will be performed each year for the
client.
how an auditor should think while performing audit procedures.
objectives and procedures to be followed during the audit
process.
46. Which one of the following is primary reason for documenting
audit work? (Points: 4)
to prevent litigation by other parties that question the audit
performance.
to provide a stand-alone medium that gives audit conclusions and
supports the opinion.
to supply a point of reference for all auditors performing the work
subsequently.
to supply a point of reference for all auditors performing the work
subsequently.
47. Which of the following would most likely be considered
intentional misapplication of accounting principles on financial
statements? (Points: 4) A capital lease is presented as periodic rent
expense rather than interest and depreciation.
A deferred tax asset is reduced to zero with a valuation
allowance.
A stock option is expensed even though the fair value of the
underlying stock on the date of grant was the same as the option's
exercise price.