Exam 1: Assurance and Auditing: An Overview

Below are different types of audits: I.compliance audit. II)financial report audit. III)internal audit. IV)performance audit. Which combination of these types of audits can be collectively integrated and described as a comprehensive audit?

Independent auditors perform audits on the financial reports of public companies.This type of auditing can best be described as:

In the context of agency theory, information asymmetry refers to the idea that:

Governmental auditing often extends beyond examinations leading to the expression of an opinion on the fairness of financial presentation and includes audits of economy, efficiency and:

Who is responsible for developing and approving international auditing and assurance standards?

Independent auditors are referred to as 'independent' because:

Under the Corporations Act 2001, if a company's financial report, when prepared in accordance with accounting standards, would not otherwise give a true and fair view:

Forensic audits include all of the following except:

It is very hard for auditors to remain independent of their clients, given that they are paid by their clients.Below are a number of possible mechanisms: I.ethical rules. II)approved auditing standards. III)audit committees. Which of these mechanisms can help the auditor maintain their independence?

Which of the following can be the underlying subject matter of the audit?

The performance gap part of the expectations gap, as defined by Porter, is a combination of which two components?

Which of the following best describes why an independent auditor is asked to express an opinion on the true and fair presentation of a financial report?

When an auditor expresses an opinion on the financial report, the auditor's responsibilities extend to:

Which of the following is not one of the fundamental principles underlying the objective of an audit?

Which of the following is not an attribute of an external auditor?

Assurance services would include which of the following?

Below are a number of potential areas where a gap between society's expectations of auditors and the perceived performance of auditors has been identified: I.compliance with laws and regulations. II)the detection and reporting of earnings management and fraud. III)ability to communicate different levels of assurance in the auditor's report. Which combination of these has been identified as an expectations gap?

Which of the following is not an element of an assurance engagement?

To which type of assurance engagement does the umbrella standard ASAE 3000 (ISAE 3000) 'Assurance Engagements other than Audits and Reviews of Historical Financial Information' not apply?

The public has turned to auditors to provide assurance services primarily because: