Exam 1: The Assurance Services Market

Explore all topics

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

(True/False)

4.9/5

(32)

Question 21

An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

(Multiple Choice)

4.8/5

(35)

Question 22

Attestation services on information technology include WebTrust services and SysTrust services.Which of the following statements most accurately describes SysTrust services?

(Multiple Choice)

4.9/5

(35)

Question 23

Which of the following services provides the lowest level of assurance on a financial statement?

(Multiple Choice)

4.8/5

(36)

Question 24

Discuss the differences and similarities between the roles of accountants and auditors.What additional expertise must an auditor possess beyond that of an accountant?

(Essay)

4.8/5

(36)

Question 25

Which of the following audits can be regarded as generally being a compliance audit?

(Multiple Choice)

4.7/5

(32)

Question 26

Which of the following is not a SysTrust Services principle as defined by the AICPA?

(Multiple Choice)

4.8/5

(40)

Question 27

Recording,classifying,and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

(Multiple Choice)

4.8/5

(39)

Question 28

Results of compliance audits are typically reported to the company's management rather than to a broad spectrum of outside users.

(True/False)

4.8/5

(37)

Question 29

List and discuss the three primary requirements to become a CPA.

(Essay)

4.8/5

(38)

Question 30

The Sarbanes-Oxley Act prohibits a CPA firm that audits a public company from providing which of the following types of services to that company?

(Multiple Choice)

4.9/5

(32)

Question 31

The Sarbanes-Oxley Act applies to which of the following companies?

(Multiple Choice)

4.8/5

(39)

Question 32

What is an engagement to attest on internal control over financial reporting?

(Essay)

4.9/5

(44)

Question 33

The primary role of the United States General Accounting Office is the enforcement of the federal tax laws as defined by Congress and interpreted by the courts.

(True/False)

4.8/5

(41)

Question 34

Two types of attestation services provided by CPA firms are audits and reviews.Discuss the similarities and differences between these two types of attestation services.Which type provides the least assurance?

(Essay)

4.9/5

(28)

Question 35

CPA firms are never allowed to provide bookkeeping services for clients.

(True/False)

4.9/5

(36)

Question 36

The criteria by which an auditor evaluates the information under audit may vary with the information being audited.

(True/False)

4.8/5

(41)

Question 37

In the audit of historical financial statements,what accounting criteria is most common?

(Multiple Choice)

4.9/5

(43)

Question 38

Which of the following is considered audit evidence?

(Multiple Choice)

4.9/5

(34)

Question 39

What is a WebTrust engagement? What is a SysTrust engagement? How do they differ?

(Essay)

4.9/5

(38)

Question 40

Showing 21 - 40 of 47

Exam 1: The Assurance Services Market

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

An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

Attestation services on information technology include WebTrust services and SysTrust services.Which of the following statements most accurately describes SysTrust services?

Which of the following services provides the lowest level of assurance on a financial statement?

Discuss the differences and similarities between the roles of accountants and auditors.What additional expertise must an auditor possess beyond that of an accountant?

Which of the following audits can be regarded as generally being a compliance audit?

Which of the following is not a SysTrust Services principle as defined by the AICPA?

Recording,classifying,and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

Results of compliance audits are typically reported to the company's management rather than to a broad spectrum of outside users.

List and discuss the three primary requirements to become a CPA.

The Sarbanes-Oxley Act prohibits a CPA firm that audits a public company from providing which of the following types of services to that company?

The Sarbanes-Oxley Act applies to which of the following companies?

What is an engagement to attest on internal control over financial reporting?

The primary role of the United States General Accounting Office is the enforcement of the federal tax laws as defined by Congress and interpreted by the courts.

Two types of attestation services provided by CPA firms are audits and reviews.Discuss the similarities and differences between these two types of attestation services.Which type provides the least assurance?

CPA firms are never allowed to provide bookkeeping services for clients.

The criteria by which an auditor evaluates the information under audit may vary with the information being audited.

In the audit of historical financial statements,what accounting criteria is most common?

Which of the following is considered audit evidence?

What is a WebTrust engagement? What is a SysTrust engagement? How do they differ?

The Audit Standards Setting Process

Audit Reports

Legal Liability Considerations for Auditors

Ethics and the Audit Profession

Audit Responsibilities and Objectives

Nature and Type of Audit Evidence

Audit Planning

Considering Materiality and Audit Risk

Considering Internal Control

Considering the Risk of Fraud

Implications of Information Technology for the Audit Process

Developing the Overall Audit Plan and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Inventory and Warehousing Cycle

Audit of the Payroll and Personnel Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Audit Completion

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters