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Auditing The Art and Science of Assurance Engagements 15CE Arens TEST BANK

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Test Bank for Auditing The Art and Science of Assurance Engagements 15ce, 15th Canadian Edition by Arens TEST BANK ISBN-13: 9780136691983 Full chapters included 1 The Demand for Audit and Other A... ssurance Services Learning Objectives What are Assurance Engagements? What is Auditing? Why are Audits and Other Assurance Engagements Needed? Common Types of Assurance Engagements Types of Auditors Accounting vs. Auditing Assurance and Nonassurance Services Offered by Public Accountants Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 2 The Public Accounting Profession and Audit Quality Learning Objectives An Overview of the Canadian Public Accounting Industry Organizations Affecting the Canadian Public Accounting Profession CPA Canada Assurance Standards Principles Underlying the Financial Statement Audit The Drivers of Audit Quality Quality Control Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment at Hillsburg 3 Professional Ethics and Legal Liability Learning Objectives Professional Ethics and Public Accountants A Framework for Ethical Reasoning Ethical Blind Spots Professional Guidance on Ethical Conduct The Independence Standard for Assurance Engagements Enforcement of the Code of Professional Conduct The Expectations Gap Audit Failure and Audit Liability Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 4 Audit Responsibilities and Objectives Learning Objectives Management’s Responsibilities Responsibilities of those Charged with Governance Auditor’s Responsibilities Framework for Professional Judgment Professional Skepticism Financial Statement Cycles Management Assertions An Overview of the Audit Process Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg 5 Audit Evidence Learning Objectives Nature of Audit Evidence Audit Evidence Decisions Persuasiveness of Evidence Types of Audit Procedures Design Analytical Procedures Use of Audit Data Analytics and Advanced Technologies Documentation Professional Skepticism, Evidence, and Documentation Appendix 5A: Common Financial Ratios Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 6 Client Acceptance, Preliminary Planning, and Materiality Learning Objectives Planning for What Can Go Wrong Client Acceptance and Continuance Overall Audit Strategy Understand the Entity and Its Environment and the Applicable Accounting Framework Risk Assessment Procedures and Information from Other Sources Preliminary Analytical Review Materiality Determine Overall Materiality Determine Performance Materiality Determine Specific Materiality Applying Materiality—Evaluating Results and Completing the Audit Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 7 Risk Assessment and Inherent Risk Learning Objectives The Audit Risk Model Inherent Risk Assessment Risk Response for Levels of Risk Considering Fraud Risk Conditions for Fraud Risk Response for Fraud Risks Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to the Hillsburg Audit 8 Understanding the Internal Control System Learning Objectives Internal Control Objectives Management’s Responsibility for Internal Control Auditors Responsibilities for Internal Control COSO Components of Internal Control Internal Controls Specific to Information Technology Impact of Information Technology on the System of Internal Control Impact of Emerging Technologies on Internal Control Understanding Controls of Small Businesses Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 9 Control Risk Assessment Learning Objectives Understand and Evaluate Internal Control Control Risk Assessment Tests of Controls Auditor Reporting on Internal Control Reporting on Internal Controls for Some Public Companies Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 10 Risk Response: Audit Strategy, Overall Approach, and Audit Program Learning Objectives Overall Audit Strategy Audit Plan and Audit Procedures Appropriate Mix of Audit Procedures and Audit Approach Design Effective Further Audit Procedures Design Audit Programs Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 11 Audit Sampling Concepts Learning Objectives Selecting Items to Test and Sampling Representative Sampling and Its Risks Statistical vs. Nonstatistical Sampling and Probabilistic vs. Nonprobabilistic Sample Selection Sample Selection Methods An Overview of the Audit Sampling Process Using Sampling for Tests of Controls Statistical Sampling for Tests of Controls using sampling for substantive tests of details Nonstatistical Sampling for Substantive Tests Statistical Sampling for Substantive Tests of Details Audit Data Analytics vs. Sampling Adequate Documentation and Professional Judgment Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 12 Audit of the Revenue Cycle Learning Objectives Overview of the Revenue Process Identify Inherent Risk Factors and Determine Significant Risks Assess Control Risk Determine Audit Approach for Revenue Cycle Design Tests of Controls Design Substantive Procedures Design Fraud Procedures for Revenue Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 13 Audit of the Acquisition and Payment Cycle Learning Objectives An Overview of the Acquisition and Payment Cycle Identify Inherent Risk factors and Determine Significant Risks Understand Key Controls Determine Audit Approach for Acquisition and Payment Cycle Design Tests of Controls Design Substantive Procedures Auditing Property, Plant, and Equipment Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 14 Audit of the Inventory and Distribution Cycle Learning Objectives Overview of the Inventory and Distribution Cycle Identify Inherent Risks and Determine Significant Risks Assess Control Risk Determine Audit Approach for Inventory and Distribution Cycle Design Tests of Controls Design Substantive Procedures Design Fraud Procedures for Inventory Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 15 Audit of the Human Resources and Payroll Cycle Learning Objectives An Overview of the Human Resources and Payroll Cycle Identify Inherent Risk Factors and Determine Significant Risks Understand Key Controls Determine Audit Approach for Human Resources and Payroll Design Tests of Controls Design Substantive Procedures Design Fraud Procedures for Human Resources and Payroll Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 16 Audit of Cash and Cash Equivalents Learning Objectives Overview of Cash Accounts Identify Inherent Risk Factors and Determine Significant Risks Understand Key Controls and Assess Control Risk Design Substantive Procedures Design Fraud Procedures for Cash Summary Review Questions Multiple Choice Questions and Task-Based Simulations Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg Hardware 17 Completing the Audit Learning Objectives Complete Final Evidence Gathering Review for Contingent Liabilities and Commitments Obtain Confirmations from Client’s External and/or -In-House Legal Counsel Review for Subsequent Events Accumulate Final Evidence Evaluate Results Evaluate Other Information Communicate with the Audit Committee and Management Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg 18 Audit Reports on Financial Statements Learning Objectives The Audit Opinion and the Auditors’ Reporting Responsibilities The Unmodified Audit Opinion Elements of the Auditor’s Report Reporting Material Uncertainty for Going Concern Identify and Disclose Key Audit Matters Determine Whether Emphasis of Matter or Other Matter Paragraphs are Necessary Decide Whether Modifications to the Audit Opinion are Necessary Qualified Audit Opinions Adverse Audit Opinion Disclaimer of Opinion How the Audit Report Adds Value Summary Review Questions Multiple Choice Questions Discussion Questions and Problems Professional Judgment Problems and Cases Applying Your Professional Judgment to Hillsburg 19 Other Audits, Assurance Engagements, and Related Services Learning Objectives Deciding which Standards Apply Reviews and Compilations of Financial information The Review Engagement Process Compilation Engagements Review of Interim Financial Statements Assurance Engagements for Nonfinancial Information Assurance Over Compliance with Agreements and Regulations Agreed-upon Procedures Engagements [Show More]

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