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45. An audit program is created to specify: (Points: 4)
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.