Question 1

The main difference between SAS and AU is

Accepted Answer

A)  They are the same except that SAS are organized chronologically and the AU are organized by topical area. 
B)  SAS are issued by the ASB and AU are issued by the PCAOB. 
C)  SAS are issued by the PCAOB and AU are issued by the ASB. 
D)  SAS define minimum standards of performance for auditors while AU define financial accounting principles that must be followed according to GAAP. 
A)  They are the same except that SAS are organized chronologically and the AU are organized by topical area. 
B)  SAS are issued by the ASB and AU are issued by the PCAOB. 
C)  SAS are issued by the PCAOB and AU are issued by the ASB. 
D)  SAS define minimum standards of performance for auditors while AU define financial accounting principles that must be followed according to GAAP.

Question 2

Which of the following best describes what is meant by generally accepted auditing standards?

Accepted Answer

A)  Audit assertions generally determined on audit engagements. 
B)  Acts to be performed by the auditor. 
C)  Standards of quality for the auditor's performance. 
D)  Procedures to be used to gather evidence to support financial statements. 
A)  Audit assertions generally determined on audit engagements. 
B)  Acts to be performed by the auditor. 
C)  Standards of quality for the auditor's performance. 
D)  Procedures to be used to gather evidence to support financial statements.

Question 3

The accuracy of information included in footnotes accompanying the audited financial statements issued by a company whose shares are traded on a stock exchange is the primary responsibility of

Accepted Answer

A)  The stock exchange officials. 
B)  The independent auditor. 
C)  The company's management. 
D)  The Securities and Exchange Commission. 
A)  The stock exchange officials. 
B)  The independent auditor. 
C)  The company's management. 
D)  The Securities and Exchange Commission.

The main difference between SAS and AU is

Which of the following best describes what is meant by generally accepted auditing standards?

The accuracy of information included in footnotes accompanying the audited financial statements issued by a company whose shares are traded on a stock exchange is the primary responsibility of

An Introduction to Assurance and Financial Statement Auditing

Audit Planning, Types of Audit Tests, and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financing Investing Process: Prepaid Expenses Intangible Assets and Property Plant and Equipment

Auditing the Financing Investing Process: Long-Term Liabilities Stockholders Equity and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professional Conduct, Independence, and Quality Control

Legal Liability

Assurance, Attestation, and Internal Auditing Services

Filters

Exam 2: The Financial Statement Auditing Environment

The main difference between SAS and AU is

Which of the following best describes what is meant by generally accepted auditing standards?

The accuracy of information included in footnotes accompanying the audited financial statements issued by a company whose shares are traded on a stock exchange is the primary responsibility of

An Introduction to Assurance and Financial Statement Auditing

Audit Planning, Types of Audit Tests, and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financing Investing Process: Prepaid Expenses Intangible Assets and Property Plant and Equipment

Auditing the Financing Investing Process: Long-Term Liabilities Stockholders Equity and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professional Conduct, Independence, and Quality Control

Legal Liability

Assurance, Attestation, and Internal Auditing Services

Filters