Exam 1: Introduction and Overview of Audit and Assurance

What is the final step in becoming a licensed CPA?

The only licensed accounting professionals in the United States are:

Which audit involves gathering evidence to determine whether the person or entity under review has followed the rules, policies, procedures, laws and regulations with which they must conform?

The standard "clean" audit reports for audits of public companies have several differences to reports for audits of private companies.Describe at least three of those differences noted in the audit reports for public companies.

Independent professional attestation services improve the quality of information.Quality is best described as an improvement in informational ________.

Within a U.S.context, the applicable financial reporting framework is typically _______.

_______relates to auditors remaining independent of the entity, its management and its staff when completing the audit work and thoroughly investigating all evidence presented by their client.

Which terms does the textbook claim are used interchangeably, but actually represent different types of services?

The responsibility for creating and grading the Uniform CPA Exam lies with the ________.

You are auditing Gray Enterprises, a public company.During the audit, a material weakness was discovered during the audit of internal controls over financial reporting.Discuss how the auditors should handle this situation in the audit report and reference the appropriate PCAOB auditing standard.

Which of the following is included as a focus of assurance services?

Private companies, or non-issuers, are not required by the U.S.government to have an annual financial statement audit

Which of the following is not one of the three E's needed to become a licensed CPA?

Which of the following is not one of the four sections tested on the CPA exam?

In an unmodified audit report on the financial statements of a private firm, the _______ paragraph states that the auditor believes that the financial statements are fairly presented, in all material respects, in accordance with the applicable financial reporting framework.

The term independent with respect to assurance services implies that the service is ________.

The accounting firm CBIZ/Mayer Hoffman McCann PC is one of the ________ firms.

Which of the following is true of assurance services?

Which of the following comes under the purview of the Public Company Accounting Oversight Board?

The Internal Revenue Service (IRS) may conduct an audit of an individual or a company to determine if tax laws have been followed and the correct amount of tax paid.Thus an income tax audit is the best example of a/an _______.