Exam 1: The Demand for Audit, Cpa Profession, Audit Reports and Other Assurance Services

Most CPA firms have specialists who spend a large portion of their time ensuring that their clients satisfy all SEC requirements.

The organization providing guidelines and licenses for forensic auditors is the International Auditing and Assurance Standards Board.

Indicate which changes would require an emphasis of a matter paragraph in the audit report.

The GAAS general standards stress the:

Assume you are the partner in charge of the 2012 audit of Bashir Corporation, a private company. The audit report has not yet been prepared. In each independent situation following, indicate the appropriate action to be taken. -One week before you complete auditing procedures in the field, you discover that the audit manager on the Bashir engagement owns a material amount of Bashir's common stock.

Any graduate wishing to join the AICPA needs to travel to U.S. to take the AICPA exams.

The audit report indicates that (1) management is responsible for the content of the financial statements and (2) the auditor is responsible for evaluating the appropriateness of the accounting principles chosen by management. Which paragraph contains those statements?

The auditor's judgment concerning the overall presentation of the audit entity's financial position is applied within the framework of:

Explain the concept of Islamic accounting and discuss the purpose of the Accounting and Auditing Organization for Islamic Institutions and its influence on setting generally accepted accounting principles.

To be a member of the Egyptian Society of Accountants and Auditors (ESAA) accountants must pass three levels of examination.

Discuss why an audit report does not offer absolute assurance that financial statements give and True and fair picture of a company's financial position.

When a client has not applied IFRS consistently from the prior year to the current year, the auditor does not concur with the appropriateness of the change, and the change in IFRS has a material effect on the financial statements, the auditor should issue a(n):

Indicate which changes would require an emphasis of a matter paragraph in the audit report.

Assume you are the partner in charge of the 2012 audit of Bashir Corporation, a private company. The audit report has not yet been prepared. In each independent situation following, indicate the appropriate action to be taken. -You were unable to confirm accounts receivable with Bashir's customers. However, because of detailed sales and cash receipts records, you were able to perform reliable alternative audit procedures.

Which one of the following is not a field work standard in the GAAS framework?

When the auditor evaluates the effect of a change in accounting principle, the materiality of the change should be evaluated based on:

An auditor determines the financial statements include a material departure from IFRS. Which type of opinion may be issued?

In Egypt, the Egyptian Society of Accountants and Auditors has established a unit responsible for monitoring the quality of services provided by registered audit firms with the Capital Market Authority.

Match each of the definition with the following terms -An independent professional service that improves the quality of information for decision makers.

An auditor should issue a qualified opinion whenever there is a material uncertainty affecting the financial statements.