ForThose looking to obtain designations in accounting such as CA, CGA and CPA along with those studying Auditing can find a suitable resource in Test Bank for “Auditing: The Art and Science of Assurance Engagements Canadian 12th Edition By Arens” as this will help polish all tenets that are required for professional advancement. This book test is integrated with the textbook material and therefore offers an immersive experience into learning the mechanics of Auditing.
Why Use the Test Bank?
As the nature of the profession requires thorough decision making alongside analysis, the test bank is tailored to improve the comprehension of such complex subjects. It supports learning by including:
Practical practice in form of case studies that involve audit decision making and collection of evidence.
Undertakes a risk-oriented approach focussing on how risk exists and once ventilation is done, appropriate steps are taken.
Integrates coverage for the likes of IFRS finance and GAAS within its syllabus aiding in global market applicability.
Key Topics Covered
As most students are familiar with the structure of such books, it comes as no surprise that the test bank follows the same idea, encapsulated with the most crucial topics that will ensure confidence going into exams and practicals:
The Role of Auditing in Assurance Services:
Understand what makes an audit important for gaining confidence in the credibility of financial data.
Auditor’s Switch:
It examines the ethical and legal obligations of the auditors, the breach of which would result in a loss of wide public confidence in the auditor.
Auditing Class I: Planning Cycle and Risk Considerations:
Grasp the quality of performance in internal controls and decision on materiality levels.
Audit Evidence and Sampling:
Learn how to combine evidence through statistical sampling and professional judgment on working papers together with each other.
Cycle Based Auditing:
Consider the steps constituted in the briefing. During the briefing, you will be presented with various business cycles. You will be required to do more in depth audit processes for the cycles provided to you. The cycles include:
Revenue
Inventory and Warehousing
Employment and Payroll Activities
Acquisition and Capital Repayment.
Wrap Up the Audit and Write the Report:
Articulate how you would go about preparing the clients’ audit reports and recommendations you would deem essential.
Advantages of this Test Bank
If you are a university student aspiring to attain good grades or a business professional interested in getting certification then the test bank will help you in the following ways:
Improved Learning: This is made possible by the performance of an exam, or a part or a practice test which enables the student to identify their weaker areas.
Relevance: The use of case studies and other applicable examples incorporates theory taught in the classroom.
Adequate Preparation for Exams: Step-by-step solutions enable understanding of difficult topics allowing for maximum use of the study time.
A Balanced View for Auditing
Auditing entails science (of established systems and norms) as well as art (of interpretation and ethics). It is an edifice that integrates practice with theoretical principles on how one can do the following:
Collect enough and relevant evidence.
Understand and use the auditing standards, more so the CAS and IFRS policies.
Resolve problems such as detection of fraud and managing risks posed by clients.
Why go for the Canadian edition?
The Canadian 12th Edition has been designed to meet the Canadian authority’s requirements in auditing. It comprises of:
Canadian GAAS and (the Canadian Public Accounting Board (CPAB) set regulations suitable for the local Irish market.
Special requirements for small and medium-sized businesses are relatively common in the Canadian market.
Summary
The Test Bank for “Auditing: The Art and Science of Assurance Engagements, Canadian 12th Edition by Arens” are very handy as one prepares for their examination or settles for a professional role. Its hands on approach to coverage of audits as evidenced in its detail ensuresthe suitability of concepts and understanding of topics to practical problems.
Whether self studying or supervised by a class instructor this test bank complements textbooks greatly as it goes a long way around the complexities of auditing and exams. Use this resource to boost your confidence, ability to make better decisions and then advance in your accounting profession.
Auditing The Art And Science of Assurance Engagements Canadian 12th Edition By Arens – Test Bank
Auditing, 12e (Arens)
Chapter 1 The Demand for an Auditing and Assurance Profession
1.1 Identify the components of an audit and explain why there is a demand for audits
1) Which of the following illustrates the definition of auditing with respect to the evidence analysis process?
A) accumulation and evaluation of evidence about balance sheet accounts
B) learning about different types of computing technology, such as mainframes
C) writing an operational audit report that is tailored to the client’s situation
D) making sure that the auditor is competent and understands evidence gathering
Answer:A
Diff: 1 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
2) Auditing should be done by a qualified
A) chartered accountant.
B) certified management accountant.
C) competent and independent person.
D) professional accountant.
Answer:C
Diff: 2 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
3) Which of the following illustrates the definition of auditing with respect to the reporting process?
A) accumulation and evaluation of evidence about balance sheet accounts
B) reporting on the degree of correspondence between financial statements and ASPE
C) writing an operational audit report that is tailored to the client’s situation
D) making sure that the auditor is competent and understands evidence gathering
Answer:B
Diff: 2 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
4) In the audit of historical financial statements by PA firms, the criteria used are
A) generally accepted auditing standards.
B) generally accepted accounting principles.
C) regulations of the Canada Revenue Agency.
D) regulations of the provincial securities commissions.
Answer:B
Diff: 1 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
5) A large PA firm has assessed evidence collected during an engagement. Criteria used to assess the financial statements were International Financial Reporting Standards (IFRS). A high level of assurance was obtained. The type of engagement conducted was a(n)
A) audit.
B) review.
C) management consulting.
D) compilation.
Answer:A
Diff: 2 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
6) The auditor and the entities should agree on the criteria to be used in the audit
A) before the audit starts.
B) after the audit planning has been done.
C) as they progress with the audit as they can determine which criteria is more suitable.
D) at the end of the audit.
Answer:A
Diff: 1 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
7) George had a conversation with the accounting personnel and documented information about how the accounting systems function. He has also placed copies of accounting forms in his files. George is performing which task?
A) accounting procedures
B) evidence gathering
C) tax audit
D) audit report preparation
Answer:B
Diff: 3 Type: MC Page Ref: 5
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
8) One of the reasons that an auditor must be competent is to be able to
A) understand the engagement risks and the criteria used by the client.
B) explain how the bookkeeping should be done to his staff.
C) record the transactions properly for the underlying records.
D) capture the information properly in the computer files.
Answer:A
Diff: 2 Type: MC Page Ref: 6
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
9) One of the reasons that an auditor must be competent is to be able to
A) select the type and amount of evidence to accumulate.
B) explain how the bookkeeping should be done to his staff.
C) record the transactions properly for the underlying records.
D) capture the information properly in the computer files.
Answer:A
Diff: 2 Type: MC Page Ref: 6
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
10) It is important for the auditor to be independent because
A) the auditor would not charge a fair rate to the client.
B) the auditor might not be as knowledgeable of the subject matter and the criteria.
C) this will prevent bias in accumulating and evaluating evidence.
D) the Canadian Tax Authorities require that the auditor be independent.
Answer:C
Diff: 2 Type: MC Page Ref: 6
Learning Obj.: 1-1Identify the components of an audit and explain why there is a demand for audits
Reviews
There are no reviews yet.
Be the first to review “Auditing The Art And Science of Assurance Engagements Canadian 12th Edition By Arens – Test Bank”Cancel Reply
Reviews
There are no reviews yet.