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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Auditing Final Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{harley6324} via \textcolor{DarkBackground}{\uline{cheatography.com/24883/cs/6310/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}harley6324 \\
  \uline{cheatography.com/harley6324} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 8th December, 2015.\\
   Updated 13th May, 2016.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{tabularx}{3.833cm}{X}
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 1}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{Topic 5.4 \newline % Row Count 1 (+ 1)
19-An auditor's flowchart... (d) understanding of the system \newline % Row Count 3 (+ 2)
21-An advantage of using systems flowcharts... (b) provide a visual depiction of client's activities \newline % Row Count 6 (+ 3)
Topic 5.5 \newline % Row Count 7 (+ 1)
23-Which of the foll. characteristics... (a) computer processing virtually eliminates the occurrence of computational error normally associated with manual processing \newline % Row Count 11 (+ 4)
24- In which of the following circum... (d) When transactions are high-volume and recurring \newline % Row Count 13 (+ 2)
25-Which of the following controls... (b) Separation of duties for computer programming and computer operations \newline % Row Count 16 (+ 3)
26- A client is concerned that a power... (d) hot site \newline % Row Count 18 (+ 2)
27 Which of the following is a computer program... (c) Trojan horse \newline % Row Count 20 (+ 2)
28-A client who recently installed a new a/p system... (d) employees are not required to take regular vacations \newline % Row Count 23 (+ 3)
30-Which of the following most likely represents a hash total (d) 810 \newline % Row Count 25 (+ 2)
31-A customer intended to order 100 units... (a) check digit verification \newline % Row Count 27 (+ 2)
32-Able Co. uses an online sales order processing... (b) File of all rejected sales transactions \newline % Row Count 29 (+ 2)
33-One of the major problems in a computer system... (d) A computer access log \newline % Row Count 31 (+ 2)
} \tn 
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\vfill
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 1 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{Topic 16.1 \newline % Row Count 1 (+ 1)
1-The objective of the audit of GAAP-based financial statements is to (b) Express an opinion on the fairness with which... \newline % Row Count 4 (+ 3)
2-Which ...statement best describes distinction b/w auditor/management responsibilities? (d)auditor's responsibility is confined to expressing an opinion, but financial statements remain management responsibility \newline % Row Count 9 (+ 5)
3- The evaluation of fairness... (a) indicators of possible bias exist in management's judgements \newline % Row Count 11 (+ 2)
7-When single-year fin statements are presented (d) Prior year's financial statements were audited by another CPA whose report, which expressed an unmodified opinion, is not presented \newline % Row Count 15 (+ 4)
8-Does an auditor make the following representations explicitly or implicitly in opinion? (d) ex/impl \newline % Row Count 18 (+ 3)
9-In May Year 3, an auditor reissues... (c) use the original report date on the reissued report. \newline % Row Count 20 (+ 2)
10-March, CPA, is engaged by Monday corp... (a) Monday Corp, the client that engaged March \newline % Row Count 22 (+ 2)
11-An auditor released an audit report that was dual-dated... (a) Limited to the specific event referenced. \newline % Row Count 25 (+ 3)
12- On August 13, a CPA dated the audit report... (a) All subsequent events that occurred through August 27. \newline % Row Count 28 (+ 3)
13-An auditor may express a qualified opinion for which of the following reasons? (a) Yes, Yes \newline % Row Count 30 (+ 2)
} \tn 
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\vfill
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 1 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{14-When an issuer refuses to include in its audited... (b) Qualified opinion because of inadequate disclosure \newline % Row Count 3 (+ 3)
15-In which situation would an auditor choose between a qualified or adverse opinion? (b) conditions that cause the auditor to have substantial doubt about the entity's ability to continue as a going concern are adequately disclosed \newline % Row Count 8 (+ 5)
16-When qualifying an opinion because of an insufficiency... (b) Yes, No \newline % Row Count 10 (+ 2)
17- An auditor decides to express a qualified opinion an an entity's financial statements... (c) The possible effects on the financial statements \newline % Row Count 13 (+ 3)
18- In which of the following situations would an auditor choose between qualified/adverse opinion? (b) The financial statements fail to disclose information that is required by the applicable reporting framework \newline % Row Count 18 (+ 5)
19- An auditor did not observe a client's taking of beginning physical inventory... (a) the balance sheet only \newline % Row Count 21 (+ 3)
20- When management does not provide reasonable justification for a change in accounting principle (b) Each year that the financial statements initially reflecting the changes are presented. \newline % Row Count 25 (+ 4)
21- An auditor concludes that a client's noncompliance w/ laws \& regulations... (b) Qualified opinion or an adverse opinion \newline % Row Count 28 (+ 3)
22-% Row Count 29 (+ 1)
} \tn 
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\begin{tabularx}{3.833cm}{X}
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 2}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{22-An auditor's report includes the following statement: "the fin statements..." (c) Misleading \newline % Row Count 2 (+ 2)
23- When an auditor expresses an adverse opinion, paragraph should include (b) A direct reference to a separate paragraph disclosing the basis for the opinion. \newline % Row Count 6 (+ 4)
24- In which of the following circumstances would an auditor be most likely to express an adverse opinion? (d) The fin statements are not in conformity with FASB codification's guidance regarding the capitalization of leases \newline % Row Count 11 (+ 5)
25-Under which of the following circumstances might an auditor disclaim an opinion? (d) The auditor is unable to obtain sufficit appropriate evidence to support management's assertions concerning an uncertainty \newline % Row Count 16 (+ 5)
26- Due to a scope limitation, an auditor disclaimed an opinion... (a) Not appropriate because it may tend to overshadow the auditor's disclaimer of opinion.  \newline % Row Count 20 (+ 4)
27- A CPA concludes that the unaudited fin statements of an issuer... (d) Describe the nature of the departure from GAAP in the CPA's report and state the effects on the fin statements, if practicable \newline % Row Count 25 (+ 5)
28- When an independent CPA assists in preparing... (d) Reading the fin statements for obvious material misstatements \newline % Row Count 28 (+ 3)
29- In the first audit of a client, an auditor was not able to gather sufficient appropriate audit evidence... (a) Be unable to express an opinion on the current year's results of operations and cash flows \newline % Row Count 33 (+ 5)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 2 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{Topic 11.1 \newline % Row Count 1 (+ 1)
1- Which of the following comparisons would be most useful to an auditor in evaluating the results of an entity's operations? (c) current-year revenue to budgeted current-year revenue \newline % Row Count 5 (+ 4)
2- An auditor most likely would limit substantive audit tests of sales... (b) Cash receipts and accounts receivable \newline % Row Count 8 (+ 3)
3- If the objective of a test of details is to detect overstatements of sales, the auditor should compare transactions in the (d) Accounting records w/ the source documents \newline % Row Count 12 (+ 4)
4- Tracing shipping documents to prenumbered sales invoices provides evidence that (b) Shipments to customers were properly invoiced \newline % Row Count 15 (+ 3)
5- An auditor most likely would review an entity's periodic accounting for the numerical sequence... (d) Completeness \newline % Row Count 18 (+ 3)
6- An entity's financial statements were misstated over a period of years because large amounts of revenue... (a) Scanning the general journal for unusual entries. \newline % Row Count 22 (+ 4)
7- Which of the following might be detected by an auditor's review of the client's sales cutoff? (d) Inflated sales for the year \newline % Row Count 25 (+ 3)
8- An audit client sells 15 to 20 units of product annually... (b) The auditor should inspect transactions occurring in the last month of the fiscal year and review the related sale contracts to determine that revenue was posted in the proper period  \newline % Row Count 31 (+ 6)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 2 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{9. Which of the following would most likely give the most assurance concerning the valuation assertion about accounts receivable? (d) Assessing the allowance for uncollectible accounts for reasonableness. \newline % Row Count 5 (+ 5)
10- An auditor's purpose in reviewing credit ratings of customers with delinquent accounts receivable most likely... (d) Valuation and allocation \newline % Row Count 8 (+ 3)
11- For the fiscal year ending December 31 of the previous year and for the current year...(b) A/R turnovers are 10.0 and 6.7. Uncoll accounts/Gross A/R is .3 and .17 \newline % Row Count 12 (+ 4)
12- AU-C 505, External Confirmations, defines external confirmation as...(c) Rights and obligations and existence \newline % Row Count 15 (+ 3)
13- An auditor confirms a representative number of open accounts receivable as of December 31...(a) One of the cashiers has been covering a personal embezzlement by lapping \newline % Row Count 19 (+ 4)
14- An auditor suspects that a client's cashier is misappropriating cash... (a) Dates checks are deposited per bank statements with the dates remittance credits are recorded \newline % Row Count 23 (+ 4)
15- An auditor who has confirmed accounts receivable may discover that the sales journal... (d) Most of the returned positive confirmation requests indicate that the debtor owes a smaller balance than the amount being confirmed.  \newline % Row Count 28 (+ 5)
16- During the process of confirming receivables as of Dec 31, Year 1... (d) Verify the amount that was received \newline % Row Count 31 (+ 3)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 2 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{17- An auditor confirmed a/r as of an interim date, and all confirmations were returned... (c) Review supporting documents for new large balances occurring after the interim date, and evaluate any significant changes in balances at year end. \newline % Row Count 5 (+ 5)
18- To reduce the risks associated with accepting fax responses to requests for confirmations...(b) Verify the sources and contents of the faxes in telephone calls to the senders. \newline % Row Count 9 (+ 4)
19- Cooper, CPA, is auditing the financial statements of a small rural municipality (a) Send positive confirmation requests \newline % Row Count 12 (+ 3)
20- When an auditor does not receive replies to positive requests for year end a/r confirmations... (c) Send the customer a second confirmation request \newline % Row Count 16 (+ 4)
21- Which of the following procedures would an auditor perform... second requests? (d) Inspect the shipping records documenting the merchandise sold to the debtors% Row Count 20 (+ 4)
} \tn 
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\begin{tabularx}{3.833cm}{X}
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 3}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{22- The best evidence regarding year-end bank balances is documented in the (b) Bank reconciliations \newline % Row Count 3 (+ 3)
23- Which of the following sets of information does an auditor usually confirm on one form? (b) Cash in bank and collateral for loans \newline % Row Count 6 (+ 3)
24- An auditor ordinarily sends a standard confirmation request to all banks with which the client... (d) Seek info about other deposit and loan amounts that come to the attention of the institution in the process of completing the confirmation \newline % Row Count 11 (+ 5)
25- The usefulness of the standard bank confirmation request may be limited... (d) Be unaware of all the financial relationships that the bank has with the client. \newline % Row Count 15 (+ 4)
26- An independent auditor asked a client's internal auditor to assist in preparing a standard... (b) The form was mailed by the controller \newline % Row Count 18 (+ 3)
27- An auditor should test bank transfers for the last part of the audit period and first part of the subsequent period to detect whether (c) Cash balances were overstated because of kiting. \newline % Row Count 22 (+ 4)
14.1 \newline % Row Count 23 (+ 1)
1- The primary source of info to be reported about litigation, claims, and assessments is the (c) Client's management \newline % Row Count 26 (+ 3)
4-If the auditor determines that an inquiry of a client's external legal counsel is necessary, who should make the inquiry? (c) Client management \newline % Row Count 29 (+ 3)
5- The primary reason an auditor requests letters of inquiry to be sent to a client's legal counsel is... (b) Corroboration of the info furnished by management about litigation, claims, and assessments \newline % Row Count 34 (+ 5)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 3 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{7- The refusal of a client's legal counsel to provide info requested in an inquiry letter generally is considered (b) A limitation on the scope of the audit \newline % Row Count 4 (+ 4)
13- Which of the following procedures.... to obtain evidence about the occurrence of subsequent events? (c) Inquiring of the entity's legal counsel concerning litigation, claims, and assessments arising after year end. \newline % Row Count 9 (+ 5)
28- To which of the following matters would materiality limits not apply in obtaining written management representations? (a) The availability of minutes of shareholders' and directors' meetings \newline % Row Count 13 (+ 4)
31- Which of the following auditing procedures...substantial doubt about an entitys ability to continue as a going concern? (b) Confirming with third parties the details of arrangements to maintain financial support \newline % Row Count 18 (+ 5)
17.1 \newline % Row Count 19 (+ 1)
1- Pell, CPA is the gropu engagement partner... (b) II only \newline % Row Count 21 (+ 2)
2- An auditor may issue an unmodified audit report when the (d) Group engagement partner assumes responsibility for the work of a component auditor \newline % Row Count 24 (+ 3)
3- The group engagement partner has identified a significant component of the group that is being audited by a component auditor... (c) The group engagement team should either audit the component directly or have the component auditor audit the information on its behalf \newline % Row Count 30 (+ 6)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 3 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{4- In which situation will a group auditor be most likely to refer to a component auditor... (a) The component auditor performed an audit in accordance with PCAOB standards \newline % Row Count 4 (+ 4)
5- The auditor's responsibility section of an auditor's report contains the following:... (a) Assume no responsibility for the audit of the component auditor. \newline % Row Count 8 (+ 4)
6-The following paragraph was included in an auditor's report to indicate a lack of consistency:... (b) Unmodified, After Opinion Pagragraph \newline % Row Count 11 (+ 3)
7-For which event would an auditor issue a report that omits any reference to a change in accounting principle or correction of a material misstatement? (c) \newline % Row Count 15 (+ 4)
A change in the useful life used to calculate the provision for depreciation expense. \newline % Row Count 17 (+ 2)
8- When an entity changes its method of accounting for income taxes,... (d) Refer to the financial statement note that discusses the change in detail. \newline % Row Count 21 (+ 4)
9- When the auditor concurs with a change in accounting principle that materially affects the comparability of the comparative fin... (a) No, No, Yes% Row Count 24 (+ 3)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 4}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{10- Digit Co uses the FIFO method of costing for its international subsidiary's inventory and the LIFO... (a) Unmodified opinion \newline % Row Count 3 (+ 3)
11- A nonissuer changed from the straight-line method to the declining-balance method... (c) \newline % Row Count 5 (+ 2)
12- When there has been a change in accounting principles but the effect of the change on... (a) Not refer to to the change in the auditor's report \newline % Row Count 8 (+ 3)
13-An auditor most likely will express an unmodified opinion and will not add additional language to the report if the auditor (d) Believes that there is a remote likelihood of a material loss resulting form an uncertainty \newline % Row Count 13 (+ 5)
14- Management believes, and the auditor is satisfied, that a material loss probably will occur when pending litigation is resolved... (d) Unmodified opinion with no additional paragraph in the auditor's report \newline % Row Count 18 (+ 5)
15- Tech Company has disclosed an uncertainty arising from pending litigation. The auditor's decision to express... (a) Lack of sufficient appropriate evidence \newline % Row Count 22 (+ 4)
16- When an auditor concludes that substantial doubt exists about an entity's... (d) Consider the adequacy of disclose about the entity's possible inability to continue as a going concern. \newline % Row Count 26 (+ 4)
17- In which circumstance would auditor add emphasis-of-matter paragraph... (b) There is substantial doubt about the entity's ability to continue as a going concern  \newline % Row Count 30 (+ 4)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Part 4 (cont)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{18-  An auditor's report included the following paragraph relative to substantial doubt... (b) The report should not contain conditional language \newline % Row Count 3 (+ 3)
19- Green, CPA, concludes that there is substantial doubt about JKL Co.'s ability to continue... (a) Yes Yes Yes \newline % Row Count 6 (+ 3)
20- Kane, CPA concludes that there is substantial doubt about Lima Co's ability to continue as a going (d) No No \newline % Row Count 9 (+ 3)
21- An auditor concludes that there is substantial... If disclosures are adequate and no issues prevail, audit report may include a (d) Yes, No \newline % Row Count 12 (+ 3)
22- Mead, CPA... (a) The Emphasis-of-matter paragraph included in the Year 1 auditor's report should not be repeated. \newline % Row Count 15 (+ 3)
23- When a predecessor auditor reissues the report... (c) Compare the prior period's financial statements that the predecessor reported on with the financial statements to be presented for comparative purposes \newline % Row Count 20 (+ 5)
24- When reporting on comparative fin statements... (a) Prior year's fin statements are restated to correct a material misstatement \newline % Row Count 23 (+ 3)
25- The predecessor auditor, who is satisfied after... (d) Not refer to the report or the work of the current auditor. \newline % Row Count 26 (+ 3)
26- Jewel, CPA... (d) I, I, and III. \newline % Row Count 27 (+ 1)
28- Unaudited fin statements...In accordance with PCAOB'S interim auditing standards, should be (a) Yes, No, No \newline % Row Count 30 (+ 3)
} \tn 
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\mymulticolumn{1}{x{3.833cm}}{29-An other-matter paragraph is included in the auditor's report except when (d) The client has materially restated the prior year's comparative financial statements. \newline % Row Count 4 (+ 4)
31- In which situation is the auditor most likely not to include an emphasis-of-mattter paragraph in the auditor's report? (a) An important audit procedure was formed.% Row Count 8 (+ 4)
} \tn 
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% That's all folks
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