Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process

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The Standards of the PCAOB can be broken up into three categories,i.e.,general,fieldwork,and reporting.Which of the following is considered in the fieldwork standards?

(Multiple Choice)

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Question 21

What does business risk include?

(Multiple Choice)

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Question 22

What are the PCAOB standards that present guidance in testing assertions and planning for the audit are known as?

(Multiple Choice)

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Question 23

Which of the following is not a planning procedure performed to develop an audit program?

(Multiple Choice)

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Question 24

The PCAOB does not currently have a mandate for convergence with other auditing standards.

(True/False)

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Question 25

Assertions about existence address whether assets and liabilities exist and assertions about occurrence address whether recorded transactions,such as sales transactions,have occurred

(True/False)

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Question 26

Auditors are responsible for having the appropriate competence and capabilities to perform the audit,should comply with ethical requirements,and maintain professional skepticism throughout the audit.

(True/False)

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Question 27

Control risk refers to the risk that a misstatement could occur in an assertion about a class of transaction,account balance,or disclosure and that could be material,either individually or when aggregated with other misstatements,will not be prevented,or detected and corrected,on a timely basis by the entity's internal control.

(True/False)

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Question 28

PCAOB Assertions Discuss the five management financial statement assertions identified in the PCAOB Standards.Provide examples.

(Essay)

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Question 29

Planning is not required in an audit as long as an audit program has been developed.

(True/False)

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Question 30

How many auditing standards has the PCAOB issued?

(Multiple Choice)

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Question 31

The AICPA includes which of the following categories that guide the conduct of an audit?

(Multiple Choice)

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Question 32

The purpose of the audit program is to list the audit procedures to be followed in gathering audit evidence and to help those in charge of the audit to monitor the progress and supervise the work.

(True/False)

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Question 33

The Public Company Accounting Oversight Board obtains its authority to set audit standards for public companies from the U.S.Congress.

(True/False)

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Question 34

The reporting standard of the PCAOB includes consistency,disclosure,and due professional care.

(True/False)

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Question 35

Which one of the following is a reporting standard requirement?

(Multiple Choice)

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Question 36

Which document is used by auditors to formally accept a new client?

(Multiple Choice)

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Question 37

The standards of the PCAOB consist of seven principles.

(True/False)

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Question 38

Which auditing standards apply to private companies?

(Multiple Choice)

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Question 39

A component of the reporting standards is the requirement that an opinion always be rendered on the subject matter.

(True/False)

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Question 40

Showing 21 - 40 of 103

The Standards of the PCAOB can be broken up into three categories,i.e.,general,fieldwork,and reporting.Which of the following is considered in the fieldwork standards?

What does business risk include?

What are the PCAOB standards that present guidance in testing assertions and planning for the audit are known as?

Which of the following is not a planning procedure performed to develop an audit program?

The PCAOB does not currently have a mandate for convergence with other auditing standards.

Assertions about existence address whether assets and liabilities exist and assertions about occurrence address whether recorded transactions,such as sales transactions,have occurred

Auditors are responsible for having the appropriate competence and capabilities to perform the audit,should comply with ethical requirements,and maintain professional skepticism throughout the audit.

PCAOB Assertions Discuss the five management financial statement assertions identified in the PCAOB Standards.Provide examples.

Planning is not required in an audit as long as an audit program has been developed.

How many auditing standards has the PCAOB issued?

The AICPA includes which of the following categories that guide the conduct of an audit?

The purpose of the audit program is to list the audit procedures to be followed in gathering audit evidence and to help those in charge of the audit to monitor the progress and supervise the work.

The Public Company Accounting Oversight Board obtains its authority to set audit standards for public companies from the U.S.Congress.

The reporting standard of the PCAOB includes consistency,disclosure,and due professional care.

Which one of the following is a reporting standard requirement?

Which document is used by auditors to formally accept a new client?

The standards of the PCAOB consist of seven principles.

Which auditing standards apply to private companies?

A component of the reporting standards is the requirement that an opinion always be rendered on the subject matter.

Auditing: Integral to the Economy

The Risk of Fraud and Mechanisms to Address Fraud: Regulation,corporate Governance,and Audit Quality

Internal Control Over Financial Reporting: Managements Responsibilities and Importance to the External Auditors

Professional Liability and the Need for Quality Auditor Judgments and Ethical Decisions

A Framework for Audit Evidence

Planning the Audit: Identifying and Responding to the Risks of Material Misstatement

Specialized Audit Tools: Sampling and Generalized Audit Software

Auditing the Revenue Cycle

Auditing Cash and Marketable Securities

Auditing Inventory, goods and Services, and Accounts Payable: the Acquisition and Payment Cycle

Auditing Long-Lived Assets: Acquisition, use, impairment, and Disposal

Auditing Debt Obligations and Stockholders Equity Transactions

Activities Required in Completing a Quality Audit

Audit Reports on Financial Statements

Advanced Topics Concerning Complex Auditing Judgments

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