ACC 413/513 Final Exam Review
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Business
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University
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Jennifer Kern
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35 Slides • 27 Questions
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Multiple Choice
Ch 11 MC Question #6:
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Ch 11 MC Question #7:
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Ch 11 MC Question #12:
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Ch 11 MC Question #14:
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Multiple Choice
The acceptable risk of assessing control risk too low is defined as:
The best estimate of the actual deviations the internal auditor expects to see in the population.
The maximum amount of actual deviations the internal auditor will accept before they will conclude the control is unacceptably effective.
The risk that the internal auditor will incorrectly conclude a specific control is more effective than in really is.
The risk that occurs when internal auditor fails to perform work correctly, such as misapplying a procedure or misinterpreting results.
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Multiple Choice
An auditor is beginning testing procedures over a business process and wants to be 96% sure that no invalid conclusions have been reached due to faulty audit work. They assess the inherent risk involved in the business process to be 80%. They assess the risk that controls fail to reduce the risk to an acceptable level to be 40%. Given this information, what is the level of risk that the audit procedures will fail to detect or prevent a material misstatement?
8%
10%
12.5%
15%
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Multiple Choice
An auditor calculates that the risk of material misstatement involved in an audit procedure at 50%. The detection risk associated with the audit is calculated at 30%. What is the risk that invalid conclusions will be reached as part of the audit?
8%
10%
12.5%
15%
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Fill in the Blanks
An auditor is comfortable accepting a 5% risk that they will incorrectly conclude a specified control is more effective than it really is. They are testing a control with statistical sampling and determines the expected population deviation rate to be 4.0% and the tolerable deviation rate to be 9%. The auditor confirms there are 3 deviations found within the sample.
1.What sample size did the auditor choose based on the given information?
Note: if the sample size is not divisible by 5, round up to the nearest number divisible by 5.
Type answer...
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Fill in the Blanks
An auditor is comfortable accepting a 5% risk that they will incorrectly conclude a specified control is more effective than it really is. They are testing a control with statistical sampling and determines the expected population deviation rate to be 4.0% and the tolerable deviation rate to be 9%. The auditor confirms there are 3 deviations found within the sample.
2. What is the achieved upper limit as a result of testing
Type answer...
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Multiple Choice
An auditor is comfortable accepting a 5% risk that they will incorrectly conclude a specified control is more effective than it really is. They are testing a control with statistical sampling and determines the expected population deviation rate to be 4.0% and the tolerable deviation rate to be 9%. The auditor confirms there are 3 deviations found within the sample.
True or False: The Auditor should confirm this control is operating effectively.
True
False
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Fill in the Blanks
An auditor is comfortable accepting a 5% risk that they will incorrectly conclude a specified control is more effective than it really is. They are testing a control with statistical sampling and determines the expected population deviation rate to be 4.0% and the tolerable deviation rate to be 9%. The auditor confirms there are 3 deviations found within the sample.
If the total population is 1,000, how many sampling units may be deviant and still allow the auditor to be 95% confident that the control is acceptably accurate?
Type answer...
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