A4

Question 1

corroborated

Answer 1

confirm or give support to a statement, theory, or finding.

Question 2

Completeness

Answer 2

From source document to accounting records

Question 3

The standard confirmation request to bancks seeks

Answer 3

information on contingent liabilities and security agreements in addition to information related to deposit account balances.

Question 4

standard confirmation request to financial institutions

Answer 4

is to corroborate information regarding deposit and loan balances.

Question 5

Embezzlement

Answer 5

occurs when a criminal takes or uses money from a company or an agency without consent

Question 6

Existence under inventory

Answer 6

From company inventory to cpa

Question 7

Completeness under inventory

Answer 7

from cpa report to company inventory

Question 8

The purpose of the management representation letter is to

Answer 8

confirm management’s oral evidence supplied during the engagement.

Question 9

The audit committee

Answer 9

is considered a subgroup of the board of directors ordinarily charged with assisting the board of directors in fulfilling its oversight responsibilities.

Question 10

Senior management

Answer 10

assists the board of directors with the day-to-day activities of the business.
(Not a subgroup of the board fo directors)

Question 11

All material weaknesses are

Answer 11

significant deficiencies.