2. You can type your own categories and points values in this game board. Type your questions and answers in the slides we’ve provided. When you’re in slide show view, click a points box to go to that question, then click to move to the answer slide. Click the left triangle to return to this game board slide. Auditing Vocabulary 10 20 30 40 50 Planning Stage I 10 20 30 40 50 Internal Controls Stage II 10 20 30 40 50 Analytical Procedures Stage III 10 20 30 40 50 The Report Stage IV 10 20 30 40 50

3. Auditing Vocabulary

4. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the left triangle to return to the game board slide. What word do auditors use to describe the information that they utilize to determine if a company’s financial data are stated correctly? 10 Category 1

5. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The information that auditors utilize to determine if a company’s financial data are stated correctly is called evidence. 10 Category 1

6. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the left triangle to return to the game board slide. Which type of auditor—independent or internal—is least likely to be associated with the company that s/he audits? 20 Category 1

7. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. An independent auditor is least likely to be associated with the company that s/he audits. 20 Category 1

8. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the left triangle to return to the game board slide. What does GAAP stand for? 30 Category 1

9. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. GAAP stands for Generally Accepted Accounting Principles. 30 Category 1

10. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the left triangle to return to the game board slide. What is the primary purpose of financial-statement audits? 40 Category 1

11. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The primary purpose of financial-statement audits is to verify that a business’s accounts and financial records are accurate and complete. 40 Category 1

12. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the left triangle to return to the game board slide. What are internal controls? 50 Category 1

13. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Internal controls are policies and procedures that guide daily business operations and help management to achieve company objectives and goals. 50 Category 1

14. Planning – Stage I

15. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What are four common stages of an audit? 10 Category 2

16. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Four common stages of an audit are planning; testing internal controls; conducting analytical procedures; and issuing the audit report. 10 Category 2

17. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Who is responsible for determining if a company is auditable? 20

18. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The auditor determines the company is auditable. 20 Category 2

19. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What do the auditor and company management identify during the planning and design stage of an audit? 30 Category 2

20. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. During the planning and design stage of an audit, the auditor and company management identify their responsibilities and the objectives of the audit. 30 Category 2

21. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. How can an auditor become familiar with the company that s/he is auditing, its issues, and the overall business environment in which it operates? 40 Category 2

22. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. To become familiar with the company that s/he is auditing, its issues, and the overall business environment in which it operates, an auditor might meet with company management, read through company records, and/or access data about the company from outside sources. 40 Category 2

23. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What are three main types of audits? 50 Category 2

24. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Three main types of audits are financial statement audits, operational audits, and compliance audits. 50 Category 2

25. Internal Controls Stage II

26. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What are two types of internal controls? 10 Category 3

27. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Two types of internal controls are preventative controls and detective controls. 10 Category 3

28. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What law requires independent auditors to examine and assess the effectiveness of public companies’ internal controls? 20 Category 3

29. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The Sarbanes-Oxley Act of 2002 requires independent auditors to examine and assess the effectiveness of public companies’ internal controls. 20 Category 3

30. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What is audit sampling? 30 Category 3

31. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Audit sampling is the process of choosing a representative group of transactions, accounts, or other data to study during the audit. 30 Category 3

32. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What level of assurance (i.e., little, reasonable, or absolute) does management typically expect from effective internal controls? 40 Category 3

33. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Management typically expects reasonable assurance from effective internal controls. 40 Category 3

34. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What are three things that good internal controls help to ensure? 50 Category 3

35. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Three things that good internal controls help to ensure are reliable financial reporting, efficient and effective operations, and compliance with applicable laws and regulations. 50 Category 3

36. Analytical Procedures Stage III

37. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What are three examples of data that an auditor might analyze during the third stage of an audit? 10 Category 4

38. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. During the third stage of an audit, the auditor analyzes a wide range of data, including—but not limited to—sales; non-collectible accounts; expenses; account balances; similar prior-period data; industry data; management’s expected results; and the auditor’s expected results. 10 Category 4

39. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What question should an auditor ask himself/herself to determine the completeness of a business’s financial records? 20 Category 4

40. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. To determine the completeness of a business’s financial records, the auditor should ask himself/herself the following question: Do the balances contain all transactions for the period? 20 Category 4

41. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What is usually the purpose of fluctuation analysis? 30 Category 4

42. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The purpose of fluctuation analysis is usually to look for unusual or unexpected balance increases and decreases. 30 Category 4

43. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. If an auditor is analyzing a business’s going concern, what is s/he studying? 40 Category 4

44. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. If an auditor is analyzing a business’s going concern, s/he is studying the firm’s ability to continue business operations in the future. 40 Category 4

45. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What is fraud? 50 Category 4

46. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Fraud is any deception purposely carried out to secure unfair or unlawful gain. 50 Category 4

47. The Report Stage IV

48. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. Who is responsible for preparing an audit report? 10 Category 5

49. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. The auditor is responsible for preparing an audit report. 10 Category 5

50. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What does an audit report’s scope paragraph describe? 20 Category 5

51. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. An audit report’s scope paragraph describes the audit work that was performed, along with any limitations that the auditor faced. 20 Category 5

52. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What type of opinion should an auditor issue if s/he could not complete the audit due to conflict of interest or scope limitations? 30 Category 5

53. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. If the auditor could not complete the audit due to conflict of interest or scope limitations, s/he should issue a disclaimer of opinion. 30 Category 5

54. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What type of opinion should an auditor issue if s/he didn’t discover any significant or material issues during the audit, the company complied with GAAP, and the audit was completed in accordance with GAAS? 40 Category 5

55. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. If the auditor didn’t discover any significant or material issues during the audit, the company complied with GAAP, and the audit was completed in accordance with GAAS, s/he should issue an unqualified opinion. 40 Category 5

56. Question Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. What type of opinion should an auditor issue if s/he determines that a company’s financial statements are materially misstated, unreliable, and inaccurate? 50 Category 5

57. Answer Type your questions and answers in the placeholders. You can add the points value at the bottom for reference. When you’re in slide show view, click the triangle to return to the game board slide. If the auditor determines that a company’s financial statements are materially misstated, unreliable, and inaccurate, s/he should issue an adverse opinion. 50 Category 5