Exam 1: Auditing and Assurance Services

Which of the following is not an ASB assertion about inventory related to presentation and disclosure?

Inquiries of warehouse personnel concerning possible obsolete or slow moving inventory items provide assurance about the ASB balance assertion of

The audit objective that all balances include items owned by the client is related most closely to which one of the ASB balance assertions?

The confirmation of an account payable balance selected from the general ledger provides primary evidence regarding which management assertion?

What type of evidence would provide the highest level of assurance in an attestation engagement?

The probability that the information circulated by a company will be false or misleading is referred to as

What are the four basic requirements for becoming a CPA?

The audit objective that footnotes in the financial statements should be clear and expressed such that the information is easily conveyed to the readers of the financial statements is related most closely with which of the ASB presentation and disclosure assertions?

What are the differences between the American Accounting Association and AICPA definitions and objectives of auditing?

Which of the following types of audit evidence provides the least assurance of reliability?

Because of the risk of material misstatement,an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of

The process of a CPA obtaining a certificate and license in a state other than the state in which the CPA's certificate was originally obtained is referred to as

An auditor selected items from the client's detailed inventory listing (that agreed to the financial statements).During the physical inventory observation,the auditor then found each item selected and counted the number of units on hand.Assuming that the amount on hand was the same as the amount in the client's detailed inventory listing,this procedure most likely would provide evidence concerning management's assertion of

The audit objective that all transactions and accounts that should be presented in the financial statements are in fact included is related to which of the PCAOB assertions?

The auditor's judgment concerning the overall fairness of the presentation of financial position,results of operations,and cash flows is applied within the framework of

According to PCAOB Auditing Standard No.2201 (AS 2201),the auditor should identify significant accounts and disclosures and their relevant assertions.Which of the following financial statement assertions is not explicitly identified in AS 2201?

Assurance services involve all of the following,except

An auditor traces the serial numbers on equipment to a nonissuer's sub-ledger.Which of the following management assertions is supported by this test?

Which of the following management assertions is an auditor most likely testing if the audit objective states that all inventory on hand is reflected in the ending inventory balance?

The audit objective that all transactions are recorded in the proper account is related most closely to which one of the ASB transaction assertions?