Exam 1: Demand for Audit and Assurance Services

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Which of the following can be significantly affected by an audit?

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Publicly traded companies have annual financial statement audits:

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Which of the following can be regarded as being solely 'compliance' audits?

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Providing quantitative information that management and others can use to make decisions is the function of:

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Auditing standards (ASAs):

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The primary purpose of a compliance audit is to determine whether the overall financial statements are in compliance with generally accepted accounting principles.

(True/False)
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Results of compliance audits are typically reported to the Auditor- General.

(True/False)
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Completion of Client Evaluation forms is an example of the quality control objective of Ethical Requirements.

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The process of recording, classifying, and summarising economic events in a logical manner for the purpose of providing financial information for decision making is:

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Assessing that a company's policies effectively ensure the company's compliance with environmental standards and laws is:

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As businesses become more complex and need more reliable information, public accountants play a vital role in:

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To do an audit, it is necessary for there to be information in a verifiable form and some criteria by which the auditor can evaluate the information. (A) What information and criteria would an independent public accounting firm use when auditing a company's financial statements? (B) What information and criteria would a taxation auditor use when auditing that same company's tax return? (C) What information and criteria would an internal auditor use when performing a performance audit to evaluate whether the company's computerised payroll processing system is operating efficiently and effectively?

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Which of the following is NOT an attestation service?

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Which one of the following is NOT one of the six objectives of quality control?

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Discuss the various categories of services provided by public accounting firms.

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In 'auditing' accounting data, the primary concern is with:

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Explain what is meant by information risk, and discuss the four causes of this risk.

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The primary role of the Auditor- General is the enforcement of the federal tax laws as defined by Parliament and interpreted by the courts.

(True/False)
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An internal auditor should ideally report to:

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Auditors are valued for their experience in assisting companies to improve operations and:

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