Question

Question 4  

• What are the three (3) types of misstatements that are required to be summarized and evaluated by the auditor prior to completion of the audit?

I.	Fraudulent misstatements, projected misstatements and judgmental misstatements.
II.	Judgmental misstatements, projected misstatements and known misstatements.
III.	Known misstatements, projected misstatements, and fraudulent misstatements.
IV.	Material misstatements, immaterial misstatements and clearly trivial misstatements.

Question 5  

• In an integrated audit, the auditor must assess whether the financial statement misstatements identified during the audit were the result of significant deficiencies or material weaknesses in internal control.  

• True

• False

Question 6  

• Who makes the final review of all the audit work done in order to comply with GAAS and PCAOB standards?

I.	The audit senior staff member.
II.	The audit engagement partner.
III.	The PCAOB.
IV.	The audit firm’s office managing partner.

Answer 1

Answers:-

question 4) I.Fraudulent misstatements, projected misstatements and judgmental misstatements

II.Judgmental misstatements, projected misstatements and known misstatements.

III.Known misstatements, projected misstatements, and fraudulent misstatements.

question 5) true

question 6) The PCAOB