Audit Chapters 1 and 2

1

Which of the following are some of the elements of the auditing definition given in class?

1

Which of the following the correct definition for information risk?

1

A pubic company is a company that sells its stocks or bonds to the public, giving the public a valid interest in the proper use, or stewardship, over the company's resources.

1

In a public company, which of the following would be considered an agent?

1

Which ordering of the sections of an audit report is correct?

1

An ❌ opinion means financial statements are free of material misstatements.

unqualified

qualified

adverse

accrual

1

A ( qualified, unqualified, general, negative ) opinion means the client's financial statements contain a misstatement the auditor considers material. The auditor explains that the financial statements are fairly statement except for the identified misstatement.

1

An opinion means there is a misstatement in the financial statements that the auditor considers so material that is pervasively affects the interpretation of the financial statements. As a result, the financial statements cannot be trusted.

1

Reasonable assurance risk is the risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated.

1

Which of the following does the auditor's standard report claim to provide?

1

is the magnitude of a misstatement that would change the judgment of a reasonable investor.

1

Which of the following entities is responsible for setting standards for public company audits?

1

Select the GENERAL STANDARDS of GAAS from below:

1

Select the FIELDWORK STANDARDS from GAAS from the list below:

1

Select the REPORTING STANDARDS from GAAS from the list below:

1

GAAS and SAS are considered to be minimum standards of performance for auditors.

Quiz questions for auditing

Audit Chapters 1 and 2

Which of the following are some of the elements of the auditing definition given in class?

Which of the following the correct definition for information risk?

A pubic company is a company that sells its stocks or bonds to the public, giving the public a valid interest in the proper use, or stewardship, over the company's resources.

In a public company, which of the following would be considered an agent?

Which ordering of the sections of an audit report is correct?

An ❌ opinion means financial statements are free of material misstatements.

An opinion means there is a misstatement in the financial statements that the auditor considers so material that is pervasively affects the interpretation of the financial statements. As a result, the financial statements cannot be trusted.

Reasonable assurance risk is the risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated.

Which of the following does the auditor's standard report claim to provide?

is the magnitude of a misstatement that would change the judgment of a reasonable investor.

Which of the following entities is responsible for setting standards for public company audits?

Select the GENERAL STANDARDS of GAAS from below:

Select the FIELDWORK STANDARDS from GAAS from the list below:

Select the REPORTING STANDARDS from GAAS from the list below:

GAAS and SAS are considered to be minimum standards of performance for auditors.