Question 1

In the balanced scorecard approach to performance measurement, the goal of product innovation relates to the:

Accepted Answer

A)  financial perspective. 
B)  internal perspective. 
C)  managerial perspective. 
D)  innovation perspective. 
E)  customer perspective. 
A)  financial perspective. 
B)  internal perspective. 
C)  managerial perspective. 
D)  innovation perspective. 
E)  customer perspective.

Question 2

Organizations that manage risk well are more likely to achieve or exceed their objectives because they have the capacity and ability to do all of the following except:

Accepted Answer

A)  identify and exploit opportunities. 
B)  identify and manage risks that could affect achieving their objectives. 
C)  make good decisions quickly. 
D)  respond and adapt to unexpected events. 
E)  all of the above. 
A)  identify and exploit opportunities. 
B)  identify and manage risks that could affect achieving their objectives. 
C)  make good decisions quickly. 
D)  respond and adapt to unexpected events. 
E)  all of the above.

Question 3

Complete the comparison of attest, assurance, and consulting services shown below.

Accepted Answer

The answer of Complete the comparison of attest, assurance, and...

Question 4

Balanced scorecard goals are classified as:
A.Customer Perspective
B.Internal Perspective
C.Innovation Perspective
D.Financial Perspective
REQUIRED: Indicate the goal to which each of the following measures pertains by using the code letters above.
 
1.Product cycle time
 
2.Cash flow generation
 
3.Percent of revenues from new products
 
4.Measure of on-time delivery

Accepted Answer

The answer of Balanced scorecard goals are classified as:
A.Customer Perspective
B.Internal...

Question 5

The purpose of a CPA Elder Care engagement is to assure family members that elderly relatives no longer able to be totally independent are receiving the type of care they need.

Accepted Answer

A) True 
 B)False

Question 6

Under the balanced scorecard approach an entity develops goals and performance measures in each of three areas.

Accepted Answer

A) True 
 B)False

Question 7

An engagement to express an opinion on specified elements, accounts, or items may be made in conjunction with the audit of the financial statements or in a separate engagement.

Accepted Answer

A) True 
 B)False

Question 8

As decision-makers place more reliance in IT to support their decision-making needs, they have lesser needs for assurance on systems and controls.

Accepted Answer

A) True 
 B)False

Question 9

The application of agreed-upon procedures constitutes an audit.

Accepted Answer

A) True 
 B)False

Question 10

In regard to CPA Elder Care services, reviewing and reporting on financial transactions relate to:

Accepted Answer

A)  insurance services. 
B)  assurance services. 
C)  consulting services. 
D)  indirect services. 
E)  direct services. 
A)  insurance services. 
B)  assurance services. 
C)  consulting services. 
D)  indirect services. 
E)  direct services.

Question 11

The CPA should consider attestation risk the same way he or she would consider audit risk.

Accepted Answer

A) True 
 B)False

Question 12

Whether the system processing is complete, accurate, timely, and authorized defines:

Accepted Answer

A)  system security. 
B)  system availability. 
C)  system maintainability. 
D)  system verifiability. 
E)  system integrity. 
A)  system security. 
B)  system availability. 
C)  system maintainability. 
D)  system verifiability. 
E)  system integrity.

Question 13

In the balanced scorecard approach to performance measurement, the goal of product quality relates to the:

Accepted Answer

A)  innovation perspective. 
B)  financial perspective. 
C)  managerial perspective. 
D)  internal perspective. 
E)  customer perspective. 
A)  innovation perspective. 
B)  financial perspective. 
C)  managerial perspective. 
D)  internal perspective. 
E)  customer perspective.

Question 14

Traditional performance tracking methods focus on all of the following except:

Accepted Answer

A)  sales. 
B)  net income. 
C)  needed information to anticipate the future. 
D)  gross margin. 
E)  return on assets. 
A)  sales. 
B)  net income. 
C)  needed information to anticipate the future. 
D)  gross margin. 
E)  return on assets.

Question 15

The auditor's special report on financial statements prepared on an OCBOA should contain all of the following except:

Accepted Answer

A)  an introductory paragraph. 
B)  a scope paragraph. 
C)  an exclusion paragraph. 
D)  an explanatory paragraph. 
E)  an opinion paragraph. 
A)  an introductory paragraph. 
B)  a scope paragraph. 
C)  an exclusion paragraph. 
D)  an explanatory paragraph. 
E)  an opinion paragraph.

Question 16

Concepts of risk and materiality are new to auditors but the concept of risk and materiality are rarely not applied to discussions of independence.

Accepted Answer

A) True 
 B)False

Question 17

An example of CPA services that would be considered attest engagements is tax engagements in which a practitioner is engaged to prepare tax returns or provide tax advice.

Accepted Answer

A) True 
 B)False

Question 18

Match between columns
                        Premises: The can be updated when required in a manner that continues to provide for system availability, security, and integrity.
The system is protected against unauthorized physical and logical access.
The system is available for operation and use at times set forth in the service level statements or agreements.
Systems processing is complete, accurate, timely, and authorized.

Accepted Answer

The Answer of Availability and Security and Integrity and Maintainability is...

Question 19

Best practices in approaching risk management include the following steps except:

Accepted Answer

A)  identify risks. 
B)  calculate revenue losses from risks. 
C)  analyze and assess risks. 
D)  design strategies for managing risk. 
E)  measure, monitor and report risks. 
A)  identify risks. 
B)  calculate revenue losses from risks. 
C)  analyze and assess risks. 
D)  design strategies for managing risk. 
E)  measure, monitor and report risks.

Question 20

Whether the entity maintains effective controls to provide reasonable assurance that customers' transactions using e-commerce are completed and billed as agreed defines:

Accepted Answer

A)  transaction integrity. 
B)  information protection. 
C)  risk assessment. 
D)  performance measurement. 
E)  ElderCare services. 
A)  transaction integrity. 
B)  information protection. 
C)  risk assessment. 
D)  performance measurement. 
E)  ElderCare services.

In the balanced scorecard approach to performance measurement, the goal of product innovation relates to the:

Organizations that manage risk well are more likely to achieve or exceed their objectives because they have the capacity and ability to do all of the following except:

Complete the comparison of attest, assurance, and consulting services shown below.

The purpose of a CPA Elder Care engagement is to assure family members that elderly relatives no longer able to be totally independent are receiving the type of care they need.

Under the balanced scorecard approach an entity develops goals and performance measures in each of three areas.

An engagement to express an opinion on specified elements, accounts, or items may be made in conjunction with the audit of the financial statements or in a separate engagement.

As decision-makers place more reliance in IT to support their decision-making needs, they have lesser needs for assurance on systems and controls.

The application of agreed-upon procedures constitutes an audit.

In regard to CPA Elder Care services, reviewing and reporting on financial transactions relate to:

The CPA should consider attestation risk the same way he or she would consider audit risk.

Whether the system processing is complete, accurate, timely, and authorized defines:

In the balanced scorecard approach to performance measurement, the goal of product quality relates to the:

Traditional performance tracking methods focus on all of the following except:

The auditor's special report on financial statements prepared on an OCBOA should contain all of the following except:

Concepts of risk and materiality are new to auditors but the concept of risk and materiality are rarely not applied to discussions of independence.

An example of CPA services that would be considered attest engagements is tax engagements in which a practitioner is engaged to prepare tax returns or provide tax advice.

Best practices in approaching risk management include the following steps except:

Whether the entity maintains effective controls to provide reasonable assurance that customers' transactions using e-commerce are completed and billed as agreed defines:

Auditing and the Public Accounting

Financial Statement Audits and

Professional Ethics

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Internal, Operational, and

Filters

Exam 20: Attest and Assurance Services, and Related Reports

In the balanced scorecard approach to performance measurement, the goal of product innovation relates to the:

Organizations that manage risk well are more likely to achieve or exceed their objectives because they have the capacity and ability to do all of the following except:

Complete the comparison of attest, assurance, and consulting services shown below.

The purpose of a CPA Elder Care engagement is to assure family members that elderly relatives no longer able to be totally independent are receiving the type of care they need.

Under the balanced scorecard approach an entity develops goals and performance measures in each of three areas.

An engagement to express an opinion on specified elements, accounts, or items may be made in conjunction with the audit of the financial statements or in a separate engagement.

As decision-makers place more reliance in IT to support their decision-making needs, they have lesser needs for assurance on systems and controls.

The application of agreed-upon procedures constitutes an audit.

In regard to CPA Elder Care services, reviewing and reporting on financial transactions relate to:

The CPA should consider attestation risk the same way he or she would consider audit risk.

Whether the system processing is complete, accurate, timely, and authorized defines:

In the balanced scorecard approach to performance measurement, the goal of product quality relates to the:

Traditional performance tracking methods focus on all of the following except:

The auditor's special report on financial statements prepared on an OCBOA should contain all of the following except:

Concepts of risk and materiality are new to auditors but the concept of risk and materiality are rarely not applied to discussions of independence.

An example of CPA services that would be considered attest engagements is tax engagements in which a practitioner is engaged to prepare tax returns or provide tax advice.

Best practices in approaching risk management include the following steps except:

Whether the entity maintains effective controls to provide reasonable assurance that customers' transactions using e-commerce are completed and billed as agreed defines:

Auditing and the Public Accounting

Financial Statement Audits and

Professional Ethics

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Internal, Operational, and

Filters