Purpose of Evaluating Efficiency and Effectiveness
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Purpose of Evaluating Efficiency and Effectiveness
Course Auditing, I
Test Midterm Exam
Instructions This midterm exam consists of 32 multiple choice questions and covers the material in Chapters 1 through 8. There are four questions from each Chapter.Question 1
Three common types of attestation services are:Question 2
One objective of an operational audit is to:Question 3
The three requirements for becoming a CPA include all but which of the following?Question 4
An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?Question 5
Statements on Standards for Accounting and Review Services are issued by the:Question 6
Which of the following are audit standards used in professional practice by audit firms?Question 7
Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:Question 8
Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide its personnel with:Question 9
A CPA may wish to emphasize specific matters regarding the financial statements even though an unqualified opinion will be issued. Normally, such explanatory information is:Question 10
A company has changed its method of inventory valuation from an unacceptable one to one in conformity with generally accepted accounting principles. The auditor’s report on the financial statements of the year of the change should include:Question 11
To emphasize the fact that the auditor is independent, a typical addressee of the audit report could be:Question 12
As a result of management’s refusal to permit the auditor to physically examine inventory. The auditor must depart from the unqualified audit report because:Question 13
Which of the following is(are) true concerning the Ethical Principles of the Code of Professional Conduct?
I. They identify ideal conduct.
II. They are general ideals and difficult to enforce.Question 14
In determining independence with respect to any audit engagement, the ultimate decision as to whether or not the auditor is independent must be made by the:Question 15
Rule 301 of the AICPA’s Code of Professional Conduct requires CPAs to maintain the confidentiality of client information. This rule would be violated if a CPA disclosed information without a client’s consent as a result of a:Question 16
Financial interests family members of a CPA can affect the CPA’s independence. Which of the following parties would not be included as a “direct financial interest” of the CPA?Question 17
In the performance of an audit, a CPA:Question 18
Laws that have been passed by the U.S. Congress and other governmental units are:Question 19
Audit fraud occurs when:Question 20
The preferred defense in third-party suits is:Question 21
If a short-term note payable is included in the accounts payable balance on the financial statement, there is a violation of the:Question 22
Tests of details of balances are specific audit procedures that are intended to:Question 23
Which of the following is the auditor least likely to do when aware of an illegal act?Question 24
Which of the following is not one of the three categories of assertions?Question 25
Audit evidence has two primary qualities for the auditor; relevance and reliability. Given the choices below which provides the auditor with the most reliable audit evidence?Question 26
Audit procedures are concerned with the nature, extent, and timing in gathering audit evidence. Which, of the following, is true as to the timing of audit procedures?Question 27
An example of an external document that provides reliable information for the auditor is:Question 28
Two determinants of the persuasiveness of evidence are:Question 29
An auditor should examine minutes of the board of directors’ meetings:Question 30
Initial audit planning involves four matters. Which of the following is not one of these?Question 31
Which is usually included in an engagement letter?Question 32
Most auditors assess inherent risk as high for related parties and related-party transactions because:Purpose of Evaluating Efficiency and Effectiveness
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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