Test Bank For Auditing A Practical Approach, 4th Edition by Moroney, Campbell, Hamilton

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Test Bank For Auditing A Practical Approach, 4th Edition by Moroney, Campbell, Hamilton

8. Securities Exchange Act of 1934 regulates the ongoing trading of securities after the

initial public offering and requires the annual audit of a public company’s financial

statements.

A. True

B. False

Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA BB: Governance Perspective, AACSB:

Ethics, Learning Objective: LO1.5, Solution: The Securities Exchange Act of 1934 regulates the

ongoing trading of securities after the initial public offering and requires the annual audit of a

public company’s financial statements.

9. The Securities Act of 1933 enhances annual financial disclosures for public companies

and placed more emphasis on corporate responsibility.

A. True

B. False

Answer: B, Taxonomy: Knowledge, Difficulty: Easy, AICPA BB: Governance Perspective, AACSB:

Ethics, Learning Objective: LO1.5, Solution: The Securities Act of 1933 regulates the disclosure

of financial information in a company’s initial public offering of stock and requires that the financial

information be audited.

10. Neither client characteristics nor actions of the auditor affect the audit risk.

A. True

B. False

Answer: B, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Ethics,

Learning Objective: LO1.6, Solution: Audit risk is affected by client characteristics as well as

actions of the auditor.

11. Materiality is a relative concept, and it differs from company to company and from year

to year for a given company.

A. True

B. False

Answer: A, Taxonomy: Knowledge, Difficulty: Easy, AICPA FC: Reporting, AACSB: Ethics,

Learning Objective: LO1.6, Solution: Materiality is a relative concept, and it differs from company

to company and from year to year for a given company. Auditors design an audit to provide

reasonable assurance that the financial statements are free of material misstatement. However,

auditors do not design an audit to look for immaterial misstatements because they would not

influence a financial statement user.

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