ACC 562 Course Great Wisdom / tutorialrank.com ACC 562 Course Great Wisdom / tutorialrank.com | Page 7

28. An auditor is concerned with materiality for which of the
following reasons? (Points: 4)
to assess internal control
to comply with the quality assurance standards of GAAS
to determine the effects of misstatements on the users of financial
information
to cut down on audit procedures and testing

29. A proper system of corporate governance is one that demands
(Points: 4)
decision making by auditors in place of management.
internal audit representation on the board of directors.
audit planning to obtain competent and sufficient audit evidence.
accountability back through the system to the shareholders.
30. In determining the types of activities, engagements and
interactions an auditor should have with a client, the CPA and the
audit firm must (select the best answer) (Points: 4)
follow the rules exactly as they are written.
assess all of their relationships with every client to ensure that
independence is intact.
focus on client satisfaction above all other considerations
realize that ethics are only guidelines and a matter of personal
judgment.
31. The AICPA Principles of Professional Conduct include (Points: 4)
due professional care and supervision.