ACCT 555 External Auditing Complete Class

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ACCT 555 External Auditing Complete Class

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ACCT 555 External Auditing Complete Class



ACCT 555 Week 1 Homework


Chapter 2, pages 41–44: Problems 2-16, 2-17, 2-19, and 2-20

Chapter 3, pages 67–69: Problems 3-23, 3-25, and 3-26



ACCT 555 Week 2 Homework


4-18, 4-21, 4-22, 5-17, 5-19, 5-21, 5-26, 11-19, 11-20



ACCT 555 Week 3 Homework Assignment


Week 3 Homework

6-19 (Objective 6-1) The following questions concern the reasons auditors do audits. Choose the best response.

  1. Which of the following best describes the reason why an independent auditor reports on financial statements?


  1. Because of the risk of material misstatement, an audit should be planned and performed with an attitude of


  1. The major reason an independent auditor gathers audit evidence is to


6-20 (Objective 6-3) The following questions deal with errors and fraud. Choose the best response.

  1. An independent auditor has the responsibility to design the audit to provide reasonable assurance of detecting errors and fraud that might have a material effect on the financial statements. Which of the following, if material, is a fraud as defined in auditing standards?


  1. What assurance does the auditor provide that errors, fraud, and direct-effect illegal acts that are material to the financial statements will be detected?


6-27 (Objectives 6-6, 6-7) The following are specific transaction-related audit objectives applied to the audit of cash disbursement transactions (a through f), management assertions about classes of transactions (1 through 5), and general transaction-related audit objectives (6 through 11).

Specific Transaction-Related Audit Objective

  1. Recorded cash disbursement transactions are for the amount of goods or services received and are correctly recorded.

7-25 (Objectives 7-3, 7-4) The following questions concern persuasiveness of evidence. Choose the best response.

  1. Which of the following types of documentary evidence should the auditor consider to be the most reliable?


  1. Which of the following statements concerning audit evidence is true?


  1. Audit evidence can come in different forms with different degrees of persuasiveness. Which of the following is the least persuasive type of evidence?


  1. Which of the following presumptions is correct about the reliability of audit evidence?


7-26 (Objectives 7-5, 7-6) The following questions concern audit documentation. Choose the best response.

  1. Which of the following isnota primary purpose of audit documentation?


  1. During an audit engagement, pertinent data are compiled and included in the audit files. The audit files primarily are considered to be


  1. Although the quantity, type, and content of audit documentation will vary with the circumstances, audit documentation generally will include the


  1. The permanent file of an auditor’s working papers most likely would include copies of the


7-27 (Objective 7-4) The following are examples of documentation typically obtained by auditors:

7-28 (Objective 7-4) The following are examples of audit procedures:

8-25 (Objectives 8-1, 8-3) The following questions concern the planning of the engagement. Select the best response.

  1. Which of the following is an effective audit planning procedure that helps prevent misunderstandings and inefficient use of audit personnel?


8-28 (Objectives 8-2, 8-3, 8-4, 8-5) The following are various activities an auditor does during audit planning.




ACCT 555 Week 4 Homework Assignment


9-22 (Objectives 9-1, 9-2) The following questions deal with materiality. Choose the best response.

9-23 (Objectives 9-6, 9-8) The following questions concern audit risk. Choose the best response.

  • Some account balances, such as those for pensions and leases, are the result of complex calculations. The susceptibility to material misstatements in these types of accounts is defined as

9-24 (Objective 9-9) The following questions deal with audit risk and evidence. Choose the best response.

10-30 (Objectives 10-1, 10-2, 10-7) The following are general questions about internal control. Choose the best response.

  • When considering internal control, an auditor must be aware of the concept of reasonable assurance, which recognizes that the




ACCT 555 Week 5 Homework Assignment


Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27

Chapter 13, pages 429–430: Problems 13-22, 13-23, and 13-24



ACCT 555 Week 6 Homework


Chapter 14  . Problems 14-21, 14-22, 14-23 14-24,

Chapter 15 Problems  15-22, 15-24, 15-25,

Chapter 16- Problem 220,21,22,24,28

Chapter  17 Problem 28


ACCT 555 Week 7 Homework Assignment




a.A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to


  1. An auditor found that employee time records in one department are not properly approved by the supervisor. Which of the following could result?


  1. The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the



  • Identify whether each of the procedures is primarily a test of control or a substantive test of transactions.
  • Identify the transaction-related audit objective(s) of each of the procedures.


Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence assertion for purchases of inventory?


When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that



Which of the following procedures is the auditor least likely to perform on the actual date the physical inventory count is observed?



  • For each of the preceding questions, state the purpose of the internal control.
  • For each internal control, list a test of control to test its effectiveness.
  • For each of the preceding questions, identify the nature of the potential financial misstatement(s) if the control is not in effect.
  1. For each of the potential misstatements in part c, list a substantive audit procedure to determine whether a material misstatement exists




 ACCT 555  Course Project


 ACCT 555 Week 7 Course Project Smackey Dog Foods Inc



ACCT 555 Midterm Answers:



ACCT 555 Final Exam:



ACCT 555 Week 8 Final Exam:

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