Acg 3011 Essay

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Ch1 Multiple Choice by Objective 21. An integrated audit results in: a. an audit opinion on the financial statements. b. an audit opinion on ICFR. d. Both a and b. 22. Which of the following best describes the conclusions an auditor makes in an integrated audit that results in an audit report that is unqualified? c. The financial statements and internal control over financial reporting are materially correct. 23. What is the purpose of a financial statement audit? c. To provide assurance that the financial statements are reliable. 24. Who is responsible for the design and operation of ICFR? b. The company’s management. 25. The audit report states that the audit provides: a. a guarantee of quality. b. complete assurance that the financial statements are free from misstatements. c. absolute assurance that the internal control environment is operating effectively. d. None of the above. 26. Auditing is defined as a: c. systematic process. 27. A “clean” audit report states that: c. the auditors evaluated evidence. 28. A public company must: b. undergo an integrated audit. 29. Which of the following organizations is considered to be a public company? d. A firm whose stock is registered with the SEC. 30. Financial statements must be prepared: a. in accordance with GAAP. b. in accordance with IFRS. c. in accordance with OCBOA. d. Any of the above, depending on which set of standards the circumstances dictate as applicable. 31. The auditor: c. performs work to reach an opinion on the ICFR and financial statements. 32. The audit engagement team: b. is some combination of partners, managers, seniors and associates. 33. The audit engagement team consists of: a. more than one partner. b. associates and seniors. c. managers. d. All of the above. 34. Assertions are: a. audited by the auditors. b. declarations made by management. d. Both a

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