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

Whenever an auditor issues a qualified report, he or she must use the term 'subject to' in the opinion paragraph.

Match each of the definition with the following terms -Any information used by the auditor to determine whether the information being audited is stated in accordance with established criteria.

Which of the following is not a change that affects consistency and, therefore, does not require an emphasis of matter paragraph?

In the Arab world, the review of the quality of the audit provided by auditing firms is undertaken by the international CPA networks.

Discuss the role of the forensic auditor and give some examples of situations that they might investigate.

When there is a scope limitation in an audit, the audit report will be unmodified, qualified, or adverse, depending on the materiality of the scope limitation.

An auditor provides a moderate level of assurance for reviews of interim financial statements so the same level of evidence is needed as for a full audit.

Match each of the definition with the following terms -The concept that the manager generally has more information about the True financial position, results of operations, and cash flow of the company than the absentee owner.

ISAs, GAAS, and SASs should be looked upon by practitioners as:

Match each of the definition with the following terms -The recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making.

The International Standards on Auditing are organized into six main parts. List these parts.

The Egyptian Standards on Auditing (ESA) are based on the ISAs and translated into Arabic.

Describe an auditor's responsibilities in respect of the information in documents accompanying audited financial statements.

The purpose of the introductory paragraph in the standard unmodified report is:

Match each of the definition with the following terms -A type of assurance service in which an auditing firm issues a report about the reliability of an assertion that is the responsibility of another party.

For the audit of tax returns by a local tax authority, the criteria for evaluating the information are found in the international tax law.

Which one of the following is not one of the three general standards in the GAAS framework?

The Auditing Standards Board (ASB) has no plans to converge U.S. GAAS with the ISAs and align its agenda with the IAASB.

In the Arab world, requirements for the formal education, practice experience, and continuing education of public accounts are set by:

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 have substantial doubt about Bashir's ability to continue as a going concern.