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ACC 562 Final Exam Guide

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1. Developing an understanding of the client's business and
industry is essential to proficiency as discussed in the general
standards of GAAS. (Points: 4)
True
False
2. Ratio analysis only involves a year-to-year comparison of account
balances. (Points: 4)
True
False
3. Control is considered to be part of corporate governance. (Points: 4)
True
False
4. When control risk is assessed at a maximum level, the auditor
assumes that the internal controls are reliable in preventing or
detecting material misstatements. (Points: 4)
True
False
5. Accounting subsystems are accounting cycles composed of one or
more accounting applications. (Points: 4)