Dwnload Full Auditing and Assurance Services 6th Edition Louwers Test Bank PDF
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Chapter 02
Professional Standards
1. Control risk is
A. the probability that a material misstatement could not be prevented or detected by the entity's
internal control policies and procedures.
B. the probability that a material misstatement could occur and not be detected by auditors'
procedures.
C. the risk that auditors will not be able to complete the audit on a timely basis.
D. the risk that auditors will not properly control the staff on the audit engagement.
2. The responsibilities principle under generally accepted auditing standards does not include which
of the following?
2-1
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A. Unmodified opinion
B. Adverse opinion
C. Qualified opinion
D. Disclaimer of opinion
4. Which of the following is an element of a system of quality control that should be considered by a
public accounting firm in establishing its quality control policies and procedures?
5. Which of the following presumptions does not relate to the reliability of audit evidence?
A. The more effective the client's internal control, the more assurance it provides about the
accounting data and financial statements.
B. The auditors' opinion, to be economically useful, is formed within reasonable time and based on
evidence obtained at a reasonable cost.
C. Evidence obtained from independent sources outside the entity is more reliable than evidence
secured solely within the entity.
D. The independent auditors' direct personal knowledge, obtained through observation and
inspection, is of higher quality than information obtained indirectly.
2-2
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McGraw-Hill Education.
6. An important role of the Public Company Accounting Oversight Board is to oversee the
A. it is reliable.
B. there is enough quantity to afford a reasonable basis for an opinion on financial statements.
C. it has the qualities of being relevant, objective, and free from unknown bias.
D. it has been obtained through random selection methods.
2-3
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McGraw-Hill Education.
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no related content on Scribd:
[12] Islington Wells, or the Threepenny Academy.
[13] Cp. E. Ward, “The Infallible Predictor” (Works, ii. p. 355,
ed. 1709).
[14] An advertisement of 23 May, 1712 (Percival’s Sadler’s
Wells announces the performances from six to ten in the morning
and from four till eight in the evening of two wonderful posture-
makers, a man and a child of nine, to take place in the dancing-
room of New Tunbridge Wells.
[15] Extract from family correspondence communicated by C.
L. S. to Notes and Queries, 8th ser. vi. 1894, p. 69.
[16] In 1760 the breakfasting was ninepence, the afternoon tea
sixpence, and the coffee eightpence. No stronger beverages were
sold.
[17] A serious attempt seems to have been made to keep this
rule. The London Daily Advertiser for 25 June, 1752, records that
a beautiful though notorious woman, who had appeared at the
dancing at New Tunbridge on June 24, was, on being recognised
by the company, turned out by a constable.
[18] Dr. Russel, who analysed the water about 1733, says that
it had a taste of iron and (unless mixed with common water) was
apt to make the drinker giddy or sleepy. This was the experience
of Lady Mary Wortley Montagu, who, however, expatiates on the
benefit she had derived from the Spa.
[19] This was between the main part of the Spa gardens and
St. John’s Street Road; cp. Wallis’s Plan, 1808.
[20] A band had played in the morning under Holland’s
management (advertisement in the Public Advertiser, 5 May,
1775).
[21] Malcolm, Lond. rediv. iii. 230, 231.
[22] The orchestra connected with it was pulled down in 1827;
Cromwell’s Clerkenwell, p. 357.
[23] No. 6, Eliza Place, stood on the site of the old entrance
(Pinks).
[24] Mr. Philip Norman, writing in Notes and Queries, 8th ser.
vi. 1894, p. 457, says:—“I have seen (in the cellar of No. 6, Spa
Cottages, behind the house at the corner of Lloyd’s Row) grotto
work with stone pilasters and on each side steps descending.
Here, I believe, was the chalybeate spring. For many years it has
ceased to flow.”
[25] Daily Telegraph, 1 August, 1895.
[26] A newspaper paragraph of April 1752, mentions the little
summer house at the Ducking Pond House in Spa Fields, as
being lately stripped of its chairs and tables by some pitiful
rogues.
[27] In The Macaroni and Theatrical Magazine for January
1773 (p. 162) is the notice:—
“Pantheons: The Nobility’s, Oxford Road; the Mobility’s,
Spawfields.”
[28] The organ appears, about 1772, to have been silenced on
Sundays, at least for a time. A correspondent in The Gazetteer
and New Daily Advertiser for 20 June, 1772, refers to the
Middlesex Justices who will not suffer the organs to be played at
the Little Pantheon, White Conduit House, Bagnigge Wells, &c.
[29] May Day, or the Origin of Garlands, a poem published in
1720. The Field Spy, published in 1714 (Rogers, Views of
Pleasure Gardens of London, p. 46), speaks of the spring and
garden as if a good deal frequented in 1714.
[30] A rare bronze ticket of oblong form, incised with the words,
“London Spaw No. 19,” is in the possession of Mr. W. T. Ready,
the London coin dealer. It may belong to about the middle of the
last century.
[31] Rosoman Street was called after Mr. Rosoman, who about
1756 built the west side, which was then called Rosoman Row.
Rosoman, who acted at the New Wells in 1744, was the well-
known proprietor of Sadler’s Wells. Pinks (Clerkenwell) states that
the houses numbered (in his time) 5 to 8 occupied the site of the
Wells.
[32] The New Wells seem to have been already established in
1737. The earliest advertisement quoted in Pinks is of 1738, but
there are earlier advertisements (W. Coll.), May to August 1737,
in one of which reference is made to the alterations in the theatre
that season.
[33] Daily Post, 3 July, 1742 (quoted in Gent. Mag. 1813, pt. ii.
p. 561).
[34] Doran’s London in Jacobite Times, ii. pp. 148, 149.
[35] The English Grotto has escaped the minute research of
Mr. Pinks, and his continuator Mr. Woods (cp. however, Daniel,
Merrie England, i. chap. ii. p. 33). It is practically known only from
the following views:—
(1) A view of the English Grotto, near the New River
Head. Chatelain del. et sculp. 1760. Crace, Cat. p. 591,
No. 60 (cp. engraving (circ. 1760), without artist’s name,
in W. Coll.).
(2) The Grotto, near the New River Head, 1760. A
drawing in Indian ink. Crace, Cat. p. 590, No. 59.
(3) A water-colour copy of No. 1 by R. B.
Schnebellie. Crace, Cat. p. 591, No. 61.
[36] The continuator of Pinks (p. 740) quotes advertisements of
1769, without, however, specifying the newspapers referred to. J.
T. Smith, Book for a Rainy Day, p. 70, refers to the Grotto Garden
as being kept by Jackson in 1779. Pinks (p. 169) mentions the
fountain and Grotto in 1780, and describes the site.
[37] Rockhoutt = Rockholt House in Essex.
[38] The legs referred to are those of Sir Thomas Robinson,
the principal proprietor of Ranelagh, nicknamed Long Sir Thomas.
[39] The New Wells, Clerkenwell.
[40] Cuper’s Gardens, Lambeth.
[41] Newspaper advertisement in “Public Gardens” collection in
Guildhall Library, London.
[42] Advertisement in Daily Advertiser, 8 July, 1745.
[43] Sadler originally advertised the place as “Sadler’s New
Tunbridge Wells,” but it soon became known simply as Sadler’s
Wells. On the confusion with the neighbouring New Tunbridge
Wells (Islington Spa), see Islington Spa, supra, note 3.
[44] About 1800 the forgotten well was accidentally re-
discovered between the stage door and the New River.
[45] A poem by William Garbott, entitled the New River,
published probably about 1725.
[46] A new song on Sadler’s Wells, set by Mr. Brett, 1740.
[47] The Sadler’s Wells anglers are mentioned in the Field Spy,
a poem of 1714. The New River remained open until 1861–62
when it was covered in.
[48] A newspaper cutting in “Public Gardens” collection in
Guildhall Library, records the death on 2 February, 1786, of Mrs.
Bennet, of Merlin’s Cave, Spa Fields, who was the successor of
her uncle, Mr. Hood.
[49] A view of the Merlin’s Cave at Richmond forms the
frontispiece of Gent. Mag. 1735; on the cave, see Walford’s
Greater London, ii. 345, ff
[50] A square stone bearing the inscription given below was,
about 1760, over an old gateway in the wall to the north of the
Long Room, and was still there in 1843. In 1850 it was to be seen
in Coppice Row, now Farringdon Road.
ST
THIS IS BAGNIGGE
HOUSE NEARE
THE PINDER A
WAKEFEILDE
1680.
The Pinder a Wakefielde (the modern representative of which
stands near the old site in Gray’s Inn Road) was a tavern; and
some writers have inferred from the above inscription that
Bagnigge Wells itself was a place of entertainment as early as
1680.
[51] Over one of the chimney-pieces of the room was the garter
of the order of St. George, in relief, and over another the bust of a
woman in Roman dress, popularly supposed to represent Nell
Gwynne. This bust was let into a circular cavity of the wall,
bordered with festoons of fruit and flowers moulded in delft earth
and coloured after nature. Owing to the number of visitors
promenading in the Long Room to the hindrance of the waiters,
the room was, before 1797, divided into two, though we are told
that the “former elegance” remained.
[52] The organ and its organist (under Davis), Charley Griffith,
are shown in an engraving “The Bagnigge Organfist” (undated).
“Published for the benefit of decayed musicians.”
[53] Picture of London, 1802.
[54] “Bagnigge Wells,” a song in the London Magazine, June,
1759.
[55] Colman’s prologue to Garrick’s Bon Ton, 1775.
[56] This is made sufficiently clear in the Sunday Ramble
(1774, &c.); in the poem cited in the next note, and in Trusler’s
London Adviser (1786).
[57] Bagnigge Wells, an anonymous poem (1779).
[58] The life of John Rann, otherwise Sixteen Strings Jack,
reprinted London, 1884; C. Whibley in The New Review, 1896, p.
222; cp. also the print “The Road to Ruin.”
[59] Sale Catalogue, 1813. (Copy in Brit. Mus.)
[60] A few years before 1891, these figures were in the
possession of Dr. Lonsdale of Carlisle (Wheatley’s London P. and
P.).
[61] The temple (behind the Long Room) and the grotto to the
north of it, were, as formerly, in the garden east of the Fleet. The
western garden, previous to its curtailment, contained the rustic
cottage nearly opposite the grotto, and the pond with its swan and
Cupid fountain about the middle of the garden.
[62] For New Year’s day 1751, new fireworks in the Chinese
manner were announced to take place at the Sir John Oldcastle
(Pinks, p. 738). This was a special subscription entertainment.
The regular open-air amusements appear to have come to an end
in 1746.
[63] The Well at Battle Bridge (i.e. St. Chad’s) is mentioned
with four other London Wells in the Macaroni and Theatrical
Magazine for January 1773, p. 162. A Mr. Salter was part
proprietor of the Well for many years previous to 1798. His mind
became deranged and on 17 July, 1798, he was found drowned in
a pond in the garden of St. Chad’s (The Courier for 18 July,
1798).
[64] Coull’s St. Pancras, p. 22.
[65] In the minutes of a Vestry Meeting in St. Giles’s parish,
held in 1676, it is recorded that a meeting is appointed with the
parishioners in St. Andrew’s, Holborn, about the Bowling Green in
Gray’s Inn Fields and the houses near thereabouts built (F.
Miller’s St. Pancras, p. 77).
[66] Malcolm’s Manners and Customs of London (1811), p.
209.
[67] Barras’s advertisement is quoted in Palmer’s St. Pancras,
p. 310.
[68] It was generally known as the Bowling Green House, but
the sign of the inn appears to have been the Three Tuns, for in a
plan of the new road from Paddington to Islington (London Mag.
1756), the place is marked as the Three Tuns Ale House and the
Three Tuns Bowling Green.
[69] Malcolm in Gent. Mag. 1813, pt. 2, pp. 427–429. The
Bowling Green House is marked in Horwood’s Plan C, 1799; in a
map of 1806 in Lambert’s London, vol. iv., and in Wallis’s plan of
1808.
[70] Walford, v. 304, cites a newspaper advertisement of
September 1718, announcing that “there is a strange and
wonderful fruit growing at the Adam and Eve at Tottenham Court,
called a Calabath, which is five feet and a half round, where any
person may see the same gratis.”
[71] Cunningham’s Handbook of London (1850), “Tottenham
Court Road”; see also Paxton’s History of St. Giles’ Hospital and
Parish (cited in F. Miller’s St. Pancras, p. 161), where similar fines
for drinking at Tottenham Court are recorded for the year 1644.
[72] His first ascent was on 15 September, 1784. This was the
first ascent in England, but it may be noted that Mr. J. Tytler had
made an ascent from Edinburgh on 27 August, 1784.
[73] The Morning Herald and Daily Advertiser, Saturday, 14
May, 1785.
[74] See Horwood’s Plan, 1793.
[75] See Wallis’s Plan, 1808.
[76] Thus the grounds must at that time have covered the
space now occupied by Eden Street and Seaton (formerly Henry)
Street.
[77] There may be some exaggeration in this description
(based on Wilkinson), for in the Picture of London, 1802, p. 370,
the Adam and Eve is enumerated among the tea-gardens
frequented by the middle classes, and is described as somewhat
similar to the Jew’s Harp, with a small organ in the room upstairs
where tea, wine and punch are served.
[78] Walford, v. 305.
[79] Stow’s Survey, p. 7 (ed. Thoms).
[80] At a depth of four feet was a bottom of “lettice” work under
which the water was five feet deep.
[81] Watts’s building operations do not appear to have been
completed till about 1811 or later (cp. Hughson’s London, iv.
(1811), p. 414).
[82] Peerless Pool is mentioned in The Picture of London, 1829
(p. 370), as one of the principal public baths of London.
Cunningham, Handbook of London, 1850, speaks of it as a then
existing public bath. Mr. Hyde Clark writing in Notes and Queries
(7th Series, viii. 214, 215) for 14 September, 1889, says that “it
continued to be used as a bath until comparatively late years.” I
am informed that after the death of Joseph Watts, the Bath was
carried on by his widow, Mrs. Watts, and by the sons, Thomas
Watts of the British Museum and his brother. It seems to have
been built over at some time between 1850 and 1860.
[83] The grounds originally extended on the north-east to a
tavern called The Fountain, which was frequented by tea-parties:
—