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Chapter 1
Descripción
An Introduction to Auditing
Sin etiquetas
accounting
Test por
Lauren Alsobrook
, actualizado hace más de 1 año
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Creado por
Lauren Alsobrook
hace casi 8 años
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Resumen del Recurso
Pregunta 1
Pregunta
An integrated audit is
Respuesta
required for all companies
required by the IAASB
Composed of financial statement audit and an audit of internal control over financial reporting
conducted according to audit standards of AICPA
Pregunta 2
Pregunta
Evidence
Respuesta
is composed of various items including underlying records of accounts and docs
must be in written form
includes records created by the auditor to document audit activities
includes only corroborating info obtained from outside the client
Pregunta 3
Pregunta
The PCAOB
Respuesta
is a not for profit entity
shares responsibility for standard setting with AICPA
creates audit standards that CPA firms must use in all audits
is independent of SEC oversight
Pregunta 4
Pregunta
The “highest” level of a CPA firm hierarchy is:
Respuesta
The shareholders.
The partners
The managers
Both a and b
Pregunta 5
Pregunta
Which of the following is NOT a “Big Four” firm?
Respuesta
PWC
Grant Thornton
Deloitte
EY
Pregunta 6
Pregunta
Which body regulates the audits of nonpublic companies in the United States?
Respuesta
PCAOB
AICPA
IFRS
SEC
Pregunta 7
Pregunta
The Securities and Exchange Commission:
Respuesta
is a govt. entity
authorizes all PCAOB standards before they become effective
Can reject company filings or suspend trading of company stocks
All of the above
Pregunta 8
Pregunta
The GASB:
Respuesta
Sets audit standards for auditors engaged in auditing not-for-profit entities.
Regulates state and local governments.
Set reporting standards for state and local government entities
All of the above
Pregunta 9
Pregunta
Financial statements must be prepared:
Respuesta
in accordance with GAAP
in accordance with IFRS.
in accordance with OCBOA
Any of the above, depending on which set of standards the circumstances dictate as applicable.
Pregunta 10
Pregunta
The audit engagement team consists of:
Respuesta
more than one partner.
associates and seniors.
Managers
All of the above
Pregunta 11
Pregunta
Which of the following organizations is considered to be a public company?
Respuesta
A firm whose privately held stock is owned exclusively by an individual.
A partnership of doctors.
A privately-held firm controlled by three family members
A firm whose stock is registered with the SEC
Pregunta 12
Pregunta
The auditor
Respuesta
prepares the financial statements after the client agrees to all adjustments.
writes the footnotes to the financial statements to ensure their accuracy.
performs work to reach an opinion on the ICFR and financial statements.
None of the above
Pregunta 13
Pregunta
To which of the following would AICPA attest standards not apply?
Respuesta
Standard for Accounting and Review Services (SSARS)
Elder Care
Loans under TALF
Internal Control for nonpublic company
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