Unit 1 Audit Test

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T/F Errors are usually more difficult for an auditor to detect than frauds

False

Risk assessment procedures include inquiries of management and others by the auditor. As part of these procedures, the auditor should talk to A) internal auditors B) individuals involved with regulatory compliance C) BoD D) all of the above

D) all of the above

Adverse opinion

GAAP departure that is highly material. Not presented fairly /c so materially misstated or misleading Rarely used b/c only when the auditor has knowledge, after investigation, of the absence of conformity

Difference between general audit objectives and specific audit objectives

General- 6 general that are applicable to every class of transactions and are stated in broad terms Specific- applied to each class of transactions, but are stated in terms tailored to a specific class of transactions, such as sales transactions

Various auditing criteria that can be used to evaluate info being audited

IRS for audit of tax returns GAAP or IFRS for historical fin stmts COSO for internal control

Disclaimer

limitation of scope or nonindependent relationship between auditor and client that is highly material. Auditor is unable to satisfy himself or herself thatt overall fin stmts are fairly presented. ONLY arises from lack of knowledge

What is considered audit evidence?

transaction data, communication w/outsideres, observations, client testimony

The auditor must perform substantive tests related to assertions deemed to have significant risks

tru

An audit program is the list of audit procedures for an audit area or an entire audit

true

Assessing acceptable audit risk, client business risk, and risk of material misstatement helps determine the audit procedures that will be needed

true

Inherent risk and control risk exist independent of the audit of the fin stmts

true

T/F Auditor's should obtain copies of the client's code of ethics and minutes of the meetings of the BOD to aid in their understanding of the company's management and governance structure

true

T/F Management's philosophy and operating style influence the risk of material misstatements in the financial statements

true

The auditor's risk assessment for fraud should be ongoing throughout the audit

true

The performance of risk assessment procedures is designed to help the auditor obtain an understanding of the entity.

true

auditors use evidence to help them draw conclusions

true

What are the decisions that auditors make relating to evidence and how much to accumulate?

1. Which audit procedure- detailed instruction explaining audit evidence to be obtained during an audit 2. Sample size- choose amount of cash disbursements to view out of the total 3. What items to select -select a week and examine first 50 transactions -select highest 50 transactions - select randomly -combination 4. When to perform procedures -not until several weeks after YE -SEC requires 60-90 days after YE -When audit evidence=most effective and audit staff is available 5. Audit program- list of audit procedures for an audit area or entire audit

Conditions for a Standard unmodified opinion audit report. "Clean opinion"

1. all stmts are included in financial stmts- BS, IS, Stockholder equity, STMT of CFs 2. Sufficient appropriate evidence has been accumulated and auditor has conducted engagement in matter that allows him to conclude audit was performed to standards 3. Financial statements presented fairly in all material aspects--disclosures too 4. No circumstances requiring the addition of emphasis of matter paragraph or modification of wording or an opinion

Unqualified Opinion with emphasis-of matter explanatory paragraph or nonstandard wording and Causes

A complete audit took place with satisfactory results and financial statements are fairly presented, but the auditor believes that it is important or is required to provide additional info Causes: -Lack of consistent application of GAAP -substantial doubt about going concern -auditor agrees w/departure from promulgated accounting principles -emphasis of other matters (related party transactions, events after BS date, comparability matters, catastrophe, etc.) -reports involving other auditors (only if sharing the responsibility--modified wording)

One of the purposes of an engagement letter is to avoid misunderstandings with the client. This is important for A) Engagement limitations B) Engagement limitations and objectives C) Engagement objectives D) neither

B) Engagement limitations and objectives

Purposes of Analytical procedures

-Understand client's business and industry -Assess the entity's ability to continue as a going concern -Indicate the Presence of possible misstatements in the financial statements -provide evidence supporting an account balance

Transaction-Related Audit objectives: closely related to management's assertions about classes of transactions

1. Occurence 2. Completeness 3.Accuracy 4. Posting and summarization- goes with accuracy assertion. Make sure all transactions are posted from journal to subsidiary ledger 5. Classification 6. Timing- goes w/ cutoff assertion

What are different types of evidence?

1. Physical Examination- of a tangible asset (inventory)- highly persuasive 2. Confirmation- high level of persuasiveness/high cost 3. Inspection- of documents and records. low cost 4. Analytical procedures 5. Inquiries of the client- not very persuasive 6. Recalculation 7. Reperformance 8. Observation- watching a process/ not very persuasive

Steps to develop audit objectives:

1. Understand objectives and responsibilities for the audit 2. Divide financial statements into cycles 3. Know management assertions about financial stmts 4. Know general audit objectives for classes of transactions, accounts, and disclosures

Which of the following statements is true of a public company's financial statements? A) Sox requires both the CEO and CFO to certify the financial statements B)SOX requires only the CFO to certify the financial stmts C) SOX requires only the CEO to certify fin stmts D) SOX requires neither to certify fin stmts

A) Sox requires both the CEO and CFO to certify the financial statements

Audit documentation of the evidence gathered by the auditor should meet which of the following criteria? A) The content is sufficient to provide support for the auditor's opinion, including the auditor's representation as to compliance w/ auditing standards B) Workpapers are prepared in sufficient detail so that they can be given to the client for future reference C) audit evidence as displayed in the work papers is primarily performed to protect the auditing firm in the case of a lawsuit by investors D) audit evidence is principally gathered to determine if the client's financial statements, as prepared by management, can be relied upon to make managerial decisions about the firm

A) The content is sufficient to provide support for the auditor's opinion, including the auditor's representation as to compliance w/ auditing standards

The first phase in planning an audit and designing an audit approach is to A) accept the client and perform initial audit planning B) perform prelim audit procedures C) understand the client's business and industry D) set the prelim judgment of materiality

A) accept the client and perform initial audit planning

Risk of material misstatement at the assertion level A) determines the nature, timing, and extent of further audit procedures B) is relevant only to account balances C) consists of business risk and inherent risk D) refers to risks that are pervasive to the fin stmts as a whole

A) determines the nature, timing, and extent of further audit procedures

The auditor's responsibility section of a standard unmodified opinion audit report states that the audit is designed to A) obtain reasonable assurance whether the statements are free from material misstatement B) discover all errors and/or irregularities C) conform to generally accepted accounting principles D) discover material errors and/or irregularities

A) obtain reasonable assurance whether the statements are free from material misstatement

Appropriateness of evidence is a measure of the A) quality of evidence B) meaning of evidence C) sufficiency of evidence D) quantity of evidence

A) quality of evidence

Auditing standards ____ that the basis used to determine the prelim judgment about materiality be documented in the audit files. A) require B) strongly encourage C) do not allow D) permit

A) require

________ is the risk that the financial stmts contain a material misstatement due to fraud or error prior to the audit A) risk of material misstatement B) acceptable audit risk C) client business risk D) inherent risk

A) risk of material misstatement

Audit documentation A) should identify the items tested when the audit procedures involve sampling of transactions or balances B) should not be given to anyone outside the firm, even if a subpoena has been issued C) is another term for the audit program D) does not aid in the preparation of the tax return since accounting and tax rules differ

A) should identify the items tested when the audit procedures involve sampling of transactions or balances

A _____ risk represents an identified and assessed risk of material misstatement that, in the auditor's professional judgment, requires special audit consideration A) significant B) fin stmt C) material D) substantial

A) significant

Which of the following is a correct stmt regarding the standard unmodified opinion audit report? A) the scope paragraph includes a stmt that the auditor considers internal controls when designing the audit procedures performed B) the audit report includes the name of the lead partner on the audit C) the format of the audit report for public and nonpublic entities are identical D) The auditor's responsibility paragraph includes a stmt that the auditors are responsible for selecting the appropriate accounting principles

A) the scope paragraph includes a stmt that the auditor considers internal controls when designing the audit procedures performed

Why does the auditor divide the financial stmts into smaller segments? A) using the cycle approach makes the audit more manageable B) the cycle approach is used b/c auditing standards require it C)Most accounts have few relationships w/ others and so it is more efficient to break the fin stmts into smaller pieces D) all of the above are correct

A) using the cycle approach makes the audit more manageable

If Management insists on financial statement disclosures that the auditor finds unacceptable, the auditor can withdraw from the engagement or A)Issue an adverse opinion or a qualified opinion B)issue a qualified opinion C)Issue an adverse opinion D)Issue neither an adverse or qualified opinion

A)Issue an adverse opinion or a qualified opinion

Two determinants of the persuasiveness of evidence are A)appropriateness and sufficiency B) relevance and reliability C) competence and sufficiency D) independence and effectiveness

A)appropriateness and sufficiency

Similarities and differences between accountants and auditors

Accountants- record, classify, and summarize economic events to provide financial info for decision making Auditors- determine whether recorded info properly reflects the economic events that occurred during the accounting period. Expertise in audit evidence.

What is professional skepticism? What factors go into professional skepticism?

An attitude of the auditor that includes a questioning mind that is alert to conditions that may indicate possible misstatements due to fraud or error, and a critical assessment of audit evidence. Elements: 1. Questioning mindset 2. Suspension of judgment- withhold judgment until appropriate evidence is obtained 3. Search for knowledge- desire to investigate beyond the obvious and to corroborate 4. Interpersonal understanding- people's motivation and perceptions can lead them to provide biased or misleading info 5. Autonomy- self-direction, moral independence, and conviction to decide for oneself 6. Self-esteem- confidence to resist persuasion and to challenge assumptions

Two aspects of evidence gathering

Appropriateness- measure of quality of evidence -relevance -reliability: timeliness, qualifications of individuals providing info, degree of objectivity, auditor's direct knowledge, effectiveness of internal controls, independence of provider Sufficiency- measure of quantity of evidence -sample size or nature of items

Which of the following is NOT one of the reasons that auditors provide only reasonable assurance on the financial statements A) The auditor commonly examines a sample, rather than the entire population of transactions B) auditors believe that reasonable assurance is sufficient in the vast majority of cases C) fraudulently prepared financial statements are often difficult to detect D) accounting presentations contain complex estimates which involve uncertainty

B) auditors believe that reasonable assurance is sufficient in the vast majority of cases

The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the A) company's internal audit dept. B) company management C)BOD D)financial statement auditor

B) company management

Which of the following would NOT increase the risks of material misstatement at the overall financial statement level A) inadequate accounting systems B) effective oversight by the BOD C) deficiencies in mgmt's integrity D) all of the above

B) effective oversight by the BOD

The auditor's best defense when material misstatements are NOT uncovered is to have conducted the audit A) as effectively as reasonable possible B) in accordance with generally accepted auditing standards C) in a timely manner D) only after an adequate investigation of the mgmt team

B) in accordance with generally accepted auditing standards

_______ risk represents the auditor's assessment of the susceptibility of an assertion to material misstatement, before considering the effectiveness of the client's internal control. A) material B) inherent C) control C) account balance

B) inherent

When an auditor believes that an illegal act may have occurred, the auditor should first A)discuss the matter w/ the audit committee B) obtain an understanding of the nature and circumstances of the fact C)consult with legal counsel or others knowledgable about the illegal act D) withdraw from the engagement

B) obtain an understanding of the nature and circumstances of the fact

The auditor's responsibility section in an audit report states that "... the standards require that we plan and perform the audit to obtain _____ assurance about whether the fin stmts are free of material misstatement." What type of assurance is given? A) limited B) reasonable C) immediate D) absolute

B) reasonable

Initial audit planning involves 4 matters. Which of the following is NOT one of these? A) schedule engagement staff and audit specialists B) request that bank balances be confirmed C) develop an overall audit strategy D) identify the client's reason for the audit

B) request that bank balances be confirmed

Which of the following will generally be considered a significant risk? A) obtaining a loan from the bank B) the determination of the amount of bad debt expense C) a sale to a customer D) the purchase of inventory

B) the determination of the amount of bad debt expense

Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern? A) the entity has lost a major customer B) the entity is suing a competitor for a minor patent infringement C) the entity has working capital deficiencies D) the entity has significant recurring operating losses

B) the entity is suing a competitor for a minor patent infringement

The audit report date on a standard unmodified opinion audit report indicates A) The last date on which users may institute a lawsuit against either the client or the auditor B) the last day of the auditor's responsibility for the review of significant events that occurred after the date of the fin stmts C) the last day of the fiscal period D) the date on which the fin stmts were filed with the SEC

B) the last day of the auditor's responsibility for the review of significant events that occurred after the date of the fin stmts

The management's responsibility section of the standard unmodified opinion audit report for a nonpublic company states that the fin stmts are A) the joint responsibility of management and the auditor B) the responsibility of management C) the responsibility of the auditor D) none of the above

B) the responsibility of management

A measure of how willing the auditor is to accept that the financial stmts may be materially misstated after the audit is completed and an unqualified opinion has been issued is the A) inherent risk B)statistical risk C) acceptable audit risk D) financial risk

C) acceptable audit risk

The auditor must gather sufficient appropriate evidence during the course of an audit. Sufficient evidence must A) provide evidence that prove or disprove an audit objective/assertion B) be well documented and cross-referenced in the audit documents C) be persuasive enough to enable the auditor to issue an audit report D) be based on sources that are external to the company

C) be persuasive enough to enable the auditor to issue an audit report

Audit standards require the auditor to consider materiality early in the audit. Which stmt(s) regarding prelim materiality are true? I. prelim materiality may change during the engagement II. prelim materiality is the max amount by which the auditor believes the financials could be misstated and still not affect the decisions of reasonable users A) I only B) II only C) both I and II D) neither I nor II

C) both I and II

Whenever an auditor issues an audit report for a nonpublic company, the auditor can choose to issue a report in which of the following forms? I. A combined report on fin stmts and ic over financial reporting II. Separate reports on fin stmts and ic over fin reporting A) I only B) II only C) either I or II D) neither I nor II

C) either I or II

Risk assessment procedures include A) determination of the type of audit opinion to issue B) assessing acceptable audit risk C) observation of the entity's operations D) a required discussion among the staff members

C) observation of the entity's operations

Examples of unmodified opinions which contain modified wording (without adding an explanatory paragraph) include A) substantial doubt about the audited company or entity continuing as a going concern B) lack of consistent application of GAAP C) the use of other auditors

C) the use of other auditors

Why do auditors establish a prelim judgment about materiality A) to determine the appropriate level of staff to assign to the audit B) to finalize the control risk assessment C) to help plan the appropriate evidence to accumulate D) so the client can know what records to make available to the auditor

C) to help plan the appropriate evidence to accumulate

Qualified opinion

Can result from a limitation on scope of audit or failure to follow GAAP, but only when the auditor concludes the financial stmts are fairly stated--not high materiality Must use "except for" in opinion para

An audit of historical fin stmts most commonly includes the A) BS, stmt of RE, stmt of CFs B) IS, stmt of CFs, stmt of net working capital C) stmt of CFs, BS, stmt of RE D) BS, IS, stmt of CFs, stmt of changes in stockholder's equity

D) BS, IS, stmt of CFs, stmt of changes in stockholder's equity

The most important GL account included in and affecting several cycles is the A) inventory account B) income tax expense and liability accounts C) RE account D) Cash account

D) Cash account

Auditing standards for public companies are established by the A) SEC B) FASB C) IRS D) PCAOB

D) PCAOB AICPA for nonpublic

Which of the following are changes that affect the comparability of fin stmts but NOT the consistency and therefore do NOT have to be included in the auditor's report? A) variations in the format and presentation of fin info B) error corrections not involving principles C) changes in accounting estimates D) all of the above

D) all of the above

Which of the following stmts is most correct regarding errors and fraud? A) errors are always fraud and fraud are always errors B) frauds occur more often than errors in fin stmts C) auditors have more responsibility for finding fraud than errors D) an error is unintentional, whereas fraud is intentional.

D) an error is unintentional, whereas fraud is intentional.

A(n) ______ is the detailed instruction that explains the audit evidence to be obtained during the audit A) audit assertion B) audit program C) audit procedure D) audit objective

D) audit objective

When considering the risk of misstatement due to fraud, A) the risk is only made at the financial stmt level B) auditing standards require the auditor to presume that risk of fraud exist in expense transactions C) the risk of not detecting a material misstatement due to fraud is lower than the risk of not detecting a misstatement due to error D) auditing standards outline procedures the auditor should perform to obtain info from mgmt about their consideration of fraud

D) auditing standards outline procedures the auditor should perform to obtain info from mgmt about their consideration of fraud

Auditors must make decisions regarding what evidence to gather and how much to accumulate. Which of the following is a decision that must be made by auditors related to evidence? A) sample size B) timing of audit procedures C) neither D) both

D) both

If the auditor believes that the financial statements are NOT fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor A)Should request an increase in audit fees so that more resources can be used to conduct the audit B)should notify regulators of the circumstances C) should withdraw from the engagement D) has the responsibility of notifying financial statement Users through the auditor's report

D) has the responsibility of notifying financial statement Users through the auditor's report

Auditing standards require that the audit report must be titled and that title must A) indicate if the auditor is a CPA B) indicate if the auditor is a proprietorship, partnership, or corp C) indicate the type of audit opinion issued D) include the word "independent"

D) include the word "independent"

A cap may wish to emphasize specific matters regarding the fin stmts even though unqualified an unqualified opinion will be issued. Normally, such explanatory info is A) included in the scope paragraph B) included in the opinion paragraph C) included in the intro paragraph D) included in a separate paragraph in the report

D) included in a separate paragraph in the report

When selecting staff for the audit engagement A) only managers and above need to have appropriate competence and capabilities to perform the audit B) only staff members who are CPAs should be assigned to the audit C) continuity of staff members from year to year should not be a factor D) staff assigned to the audit must be knowledgable about the client's industry

D) staff assigned to the audit must be knowledgable about the client's industry

Which of the following is an accurate statement regarding audit evidence? A) Responses to the auditor's questions by client employees is considered highly persuasive evidence B) audit evidence should provide an absolute level of assurance C) all evidence must be highly persuasive D) the auditor uses evidence to determine whether the statements are fairly presented

D) the auditor uses evidence to determine whether the statements are fairly presented

In order to obtain an understanding of the client's business, the audit firm will consider A) audit risk to the CPA firm B) inherent and control risk of the client C) the CPA firm's potential ongoing revenue from the audit client D) the client's business risk and risk of material misstatements in the financial stmts

D) the client's business risk and risk of material misstatements in the financial stmts

Which of the following is NOT one of the four decisions about what evidence to gather and how much of it to accumulate? A) What sample size to select for a given procedure B) which audit procedures to use C) when to perform the procedures D) which accounts must agree to the GL

D) which accounts must agree to the GL

Which of the following is NOT one of the steps used to develop audit objectives? A)know the management assertions about the financial statements B)Divide the financial statements into cycles C)know the specific audit objectives for classes of transactions D)know the proper type of audit opinion to issue

D)Know the proper type of audit opinion to issue

The objective of an audit of the financial statements is an expression of an opinion on A)the accuracy of the financial statements B)the accuracy of the balance sheet and income statement C)the accuracy of the annual report D)the fairness of the financial statements in all material aspects

D)the fairness of the financial statements in all material aspects

T/F The unmodified opinion audit report with emphasis-of-matter paragraph does NOT meet the criteria of a complete audit with satisfactory results

False

Requirements to become CPA

Education: 150 credits Uniform CPA exam Experience: 2 years usually

Difference between errors and fraud? Auditor's responsibility for finding both?

Error: unintentional misstatement ex) mistake in calculation Fraud: intentional -misappropriation of assets (employee fraud), stockholders, editors, and others harmed b/c assets not available for rightful owners ex) employee takes cash and doesn't enter it into register -fraudulent financial reporting (mgmt fraud), usually allowance for doubtful accounts, old inventory, sales ex) omitting important footnote about pending litigation Auditor is equally responsible for detecting both--no differentiation just material misstatement Auditor's responsibility w/ illegal acts depends on whether laws and regs have direct effect on acts and disclosures in fin stmts ex)tax and pension law

Management's assertions about account balances (Balance Sheet)

Existence- do the assets/liabilities exist? Does company actually have equipment they recorded as a FA? (overstmt) Completeness- Are liabilities recorded in subsidiary ledger? (understate) Valuation and allocation- recorded in proper amount and account Rights and obligations - assets are my rights and liabilities are my obligations. Inventory on consignment?

What are the responsibilities of mgmt vs. auditors?`

Mgmt: adopt sound accounting policies, maintain adequate IC, and make fair representations in the fin stmts, and to determine which disclosures are necessary Auditor: Obtain reasonable assurance whether fin stmts are free from mat misstatement, whether due to fraud or error, and express an opinion follow the laws and regulations by taking into account legal framework for specific client

Sections of an unmodified report

Nonpublic entities: 1. Report title: must include word "independent" 2. Audit report address: usually to BoD and stockholders 3. intro paragraph: indication of performance of audit, list of fin stmts audited, any notes and dates 4. Mgmt's responsibility: selecting appropriate accounting principles and maintaining IC 5. Auditor's responsibility -para 1: GAAP compliance, auditor's responsibility to express opinion, audit seeks to give REASONABLE ASSURANCE about whether stmts are free from MATERIAL MISSTATEMENT -para 2: scope of audit and evidence--how reasonable assurance was obtained -para 3: auditor believes sufficient evidence has been obtained 6. Opinion paragraph: "In our opinion.." 7. Signature and address of CPA firm 8. Audit report date: Last day auditor is held liable and evidence was searched for. PUBLIC: Report title, address, CPA name, and date are all same as nonpublic 1. Intro-indicates audit was performed and financial stmts that were audited. fin stmts are management's responsibility and auditor's responsibility is to give opinion 2. scope paragraph. Reasonable assurance free from material misstatement. Auditing done on test basis 3. opinion para- 4. Separate paragraph over IC if chooses to make separate

Management's assertions about transactions and events (Income Statement)

Occurence- did what was recorded actually happen? Risk: Fictitious sales were recorded (overstate) Completeness- all transactions that occurred were actually recorded in ledgers Risk: Transactions omitted (understmt) Accuracy- Recorded at correct acts, correct volumes Classification- Recorded in correct account Timing- recorded on correct date Risk: Transactions not recorded in correct period in accordance w/ matching principle

Vouching Tracing

Occurrence Completeness

Management's Assertions about Presentation and Disclosure (Footnotes)

Occurrence and rights and obligations- Did disclosed events occur and do they pertain to the company? (overstmt) Completeness- All events disclosed that need to be (understatement) -related party transactions Accuracy and valuation- all disclosures in proper amount and appropriateness Classification and understandability- disclosures clearly expressed and financial info appropriately presented

Four Phases of a financial stmt audit

Phase I: Plan and design an audit approach based on risk assessment procedures -sufficient appropriate evidence -cost of accumulating evidence should be minimized Phase II: Perform tests of controls and substantive tests of transactions Phase III: perform substantive analytical procedures and tests of details of balances Phase IV: Complete the audit and issue an audit report

Various business structures that CPA firms use

Proprietorship- w/ one owner General partnership- multiple owners. All liability General Corp- shareholders liable. Not prohibited for cpas in most states Professional Corp- difficult for firms in different sates b/c protectional is different. LLC- most favorable. LLP- most firms operate as this. taxed like GP. Partners are personally liable for debts and obligations, own acts, and acts of others under their supervision

Purpose of an audit and what does the process entail?

Purpose: to provide fin stmt users w/ an opinion by the auditor on whether the fin stmts are presented fairly, in all material respects, in accordance with the applicable financial accounting framework. Review series of evidence of transactions. Inspect and examine financial accounts. Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria.

T/F An unmodified opinion audit report with an emphasis-of-matter paragraph is issued when the auditor believes the financials are fairly stated but also believes additional info should be provided

True

A tour of the client's facilities provides the auditor an opportunity to A) observe operations b) meet key personnel c) assess physical safeguards over assets d) all of the above

d) all of the above

Which of the following is NOT a characteristic of the reliability of evidence? A) effectiveness of client internal controls b) independence of information provider C) timeliness d) education of auditor

d) education of auditor

All evidence must have the same level of persuasiveness

false

Auditors are NOT allowed to make inquiries of employees who are NOT considered management, such as marketing or sales personnel

false

For prospective clients that have previously been audited by another CPA firm, the predecessor auditor must initiate the communication with the successor auditor

false

Significant risks often relate to routine transactions

false

T/F An audit provides a guarantee that material misstatement will NOT exist in the financial stmts

false

T/F Audit documents are the joint property of the auditor and the audit client

false

T/F Audits are expected to provide a higher degree of assurance for the detection of material frauds than is provided for an equally material error

false

T/F When developing the audit objectives, the first step is to divide the financial statements into cycles

false

audit evidence to support an opinion about the fairness of a client's financial stmts consists entirely of written info

false


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