ACC 599 Final Exam Guide Final ACC 599 Question 1 Which of the following assertions would the auditor usually consider most relevant for accounts payable? Question 2 The Standards of the PCAOB can be broken up into three categories, i.e., general, fieldwork, and reporting. Which of the following concepts is considered in the reporting standards? Question 3 Which of the following is a reason why an auditor needs an understanding of internal controls? Question 4 Which assertion addresses whether the financial statements items are properly classified in the financial statements? Question 5 What is the auditor’s responsibility for testing internal controls when the auditor believes that the internal controls are effective and intends to rely upon them? Question 6 Which one of the following represents a control deficiency? Question 7 The PCAOB’s AS No. 5 states that internal controls may be preventive or detective.Which of the following controls is preventive? Question 8 Which of the following procedures will an auditor use to better understand a client’s internal control over accounting systems? Question 9 Which one of the following is an example of a conflict of interest for a CPA? Question 10 In what order is the AICPA Code of Professional Conduct presented? Question 11 What does utilitarian theory hold? Question 12 Independence in mental attitude is required of auditor on all audit engagements. What does this independence require? Question 13 The relationship between the sales cycle and an inventory system can best be noted in which of the following examples? Question 14 Which of the following must exist prior to the recognition of revenue by a company from the sale of a product? Question 15 A key indicator of fraud in the revenue cycle is the auditor’s detection of which of the following? Question 16 The primary difference between positive and negative confirmations used in the audit of accounts receivable is which of the following? Question 17 All of the following are steps in an IT audit except Question 18 Control risk is Question 19 Tests of controls include Question 20 Segregation of duties in the computer-based information system includes Question 21 Which of the following is an example of a perceived opportunity that can lead to financial statement fraud? Question 22 What is the meaning of “short sell”? Question 23 According to study of financial statement frauds by the Committee of Sponsoring Organizations (COSO), who is the most common perpetrator of financial statement fraud? Question 24 Which ratio should be examined while analyzing the balance sheet to detect under recording of accounts payable? Question 25 Inadequate disclosure occurs when:

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