Question 11 pts\ Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to:\ \ \ \ Fraudulent Financial Reporting Misappropriation of Assets\ A. Yes Yes\ B. Yes No\ C. No Yes\ D. No No\ Group of answer choices\ \ Option A\ \ Option B\ \ Option D\ \ Option C\ \ Flag question: Question 2\ Question 21 pts\ An attestation engagement:\ Group of answer choices\ \ Has as its primary source of standards the assurance standards.\ \ Is ordinarily an examination, review or compilation engagement.\ \ Includes search and verification procedures for all major accounts.\ \ Includes a report on subject matter, or on an assertion about subject matter.\ \ Flag question: Question 3\ Question 31 pts\ Financial statements are prepared following a(an)\ Group of answer choices\ \ Set of quality control standards.\ \ Appropriate subject matter.\ \ Applicable financial reporting framework.\ \ Generally accepted auditing standards.\ \ Flag question: Question 4\ Question 41 pts\ Which of the following is not a type of auditors' opinion?\ Group of answer choices\ \ Unmodified\ \ Conventional.\ \ Qualified.\ \ Adverse.\ \ Flag question: Question 5\ Question 51 pts\ Which of the following is one of the elements of AICPA quality control?\ Group of answer choices\ \ Assurance of proper levels of association.\ \ Human Resources.\ \ Due professional care.\ \ Supervision.\ \ Flag question: Question 6\ Question 61 pts\ An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements, and a critical assessment of audit evidence is referred to as:\ Group of answer choices\ \ Auditing mindset.\ \ Reasonable assurance.\ \ Audit neutralism.\ \ Professional skepticism.\ \ Flag question: Question 7\ Question 71 pts\ Which of the following is a principle underlying an audit conducted in accordance with generally accepted auditing standards?\ Group of answer choices\ \ The audit report expresses an opinion on whether the financial statements are free of material and immaterial misstatement.\ \ Auditors are responsible for, among other things, maintaining professional objectivism, exercising professional engagement, and obtaining appropriate documentation.\ \ An auditor's opinion enhances the degree of confidence that intended users can place in the financial statements.\ \ The audit provides reasonable assurance the client will remain in business for at least one year.\ \ Flag question: Question 8\ Question 81 pts\ An audit should be designed to obtain reasonable assurance of detecting material misstatements due to:\ Group of answer choices\ \ Errors, fraud, and noncompliance with laws with a direct effect on financial statement amounts and others.\ \ Errors.\ \ Errors and fraud.\ \ Errors, fraud and noncompliance with all laws.\ \ Flag question: Question 9\ Question 91 pts\ The body that issues international pronouncements providing auditing procedural and reporting guidance is the:\ Group of answer choices\ \ International Federation of Auditors.\ \ AICPA Auditing Standards Board.\ \ Multinational Reporting Commission.\ \ International Auditing and Assurance Standards Board.\ \ Flag question: Question 10\ Question 101 pts\ An audit opinion that states that the financial statements are not fairly presented is referred to as a(n)\ Group of answer choices\ \ Negative opinion.\ \ Adverse opinion.\ \ Unqualified opinion.\ \ Limited assurance opinion.