ACCT 444 Week 2 Quiz
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1 . ( TCO 4 ) In connection with the audit of financial statements , an independent auditor could be responsible for failure to detect a material fraud if
2 . ( TCO 4 ) " Absence of reasonable care that can be expected of a person is a set of circumstances " defines
3 . ( TCO 4 ) While performing services for their clients , professionals have a duty to provide a level of care that is
4 . ( TCO 4 ) The objective of the ordinary audit of financial statements is the expression of an opinion on
5 . ( TCO 4 ) The auditor ' s best defense when material misstatements are not uncovered is to have conducted the audit
6 . ( TCO 3 ) Which of the following is not one of the reasons that auditors provide only reasonable assurance on the financial statements ?
7 . ( TCO 3 ) In the fraud triangle , fraudulent financial reporting and misappropriation of assets
8 . ( TCO 3 ) After fraud risks are identified and documented , the auditor should evaluate factors that _____ fraud risk , before developing an appropriate response to the risk of fraud .
9 . ( TCO 3 ) Which of the following statements describes circumstances that underlie employee incentives to misappropriate assets ?
1 . ( TCO 4 ) If a CPA firm is being sued for common law fraud by a third party based on materially false financial statements , which of the following is the best defense the accountants could assert ?