ACC 562 Course Extraordinary Success/ tutorialrank.com
For more course tutorials visit www.tutorialrank.com 1. Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4) True False 2. Ratio analysis only involves a year-to-year comparison of account balances. (Points: 4) True False 3. Control is considered to be part of corporate governance. (Points: 4) True False 4. When control risk is assessed at a maximum level, the auditor assumes that the internal controls are reliable in preventing or detecting material misstatements. (Points: 4) True False 5. Accounting subsystems are accounting cycles composed of one or more accounting applications. (Points: 4) True False 6. Presentation and disclosure assertions imply that all transactions and balances are properly presented, disclosures represent what actually happened, and the footnote disclosures are appropriate and adequate. (Points: 4) True False 7. Vouching recorded transactions involves taking a sample from the journal and tracing them back to the source documents to ensure they occurred. (Points: 4) True False
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