Question 1

Many new assurance services are performed in accordance with Statements on:

Accepted Answer

A)  Standards for Attestation Services. 
B)  Generally Accepted Assurance Standards. 
C)  Auditing Standards. 
D)  Accounting for other Assurance Services. 
A)  Standards for Attestation Services. 
B)  Generally Accepted Assurance Standards. 
C)  Auditing Standards. 
D)  Accounting for other Assurance Services.

Question 2

Providing assurance using a series of reports provided simultaneously or shortly after the related information is released is referred to as:

Accepted Answer

A)  Continuous auditing. 
B)  Serial auditing. 
C)  Systems reliability auditing. 
D)  Simultaneity auditing. 
A)  Continuous auditing. 
B)  Serial auditing. 
C)  Systems reliability auditing. 
D)  Simultaneity auditing.

Question 3

A Type 2 service auditor's report addresses:

Accepted Answer

A)  Only management's description and design of its controls. 
B)  Management's description and design of its controls and control operating effectiveness. 
C)  Only control operating effectiveness. 
D)  Control operating effectiveness and primary assertion reliability. 
A)  Only management's description and design of its controls. 
B)  Management's description and design of its controls and control operating effectiveness. 
C)  Only control operating effectiveness. 
D)  Control operating effectiveness and primary assertion reliability.

Question 4

Independence is required for the performance of all assurance services.

Accepted Answer

A) True 
 B)False

Question 5

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements is necessary.

Accepted Answer

A) True 
 B)False

Question 6

The organization that was established to identify, develop, and communicate new assurance service opportunities is the:

Accepted Answer

A)  Assurance Services Executive Committee. 
B)  Attestation Standards Board. 
C)  Auditing Standards Board. 
D)  Counsel of Executives. 
A)  Assurance Services Executive Committee. 
B)  Attestation Standards Board. 
C)  Auditing Standards Board. 
D)  Counsel of Executives.

Question 7

Assurance services improve the quality of information or its context for decision makers.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following are Trust Services principles? $$\begin{array} { | l | c | c | } 
\hline & \text { Security } & \text { Availabilty } \
\hline \text { A. } & \text { Yes } & \text { Yes } \
\hline \text { B. } & \text { Yes } & \text { No } \
\hline \text { C. } & \text { No } & \text { Yes } \
\hline \text { D. } & \text { No } & \text { No } \
\hline
\end{array}$$

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 9

Of the following, which is most likely to be the subject matter of an attestation engagement?

Accepted Answer

A)  Historical events. 
B)  Suitable criteria. 
C)  Attestation risk. 
D)  Absolute assurance. 
A)  Historical events. 
B)  Suitable criteria. 
C)  Attestation risk. 
D)  Absolute assurance.

Question 10

Attestation services are similar, but go beyond assurance services in scope of procedures and reporting.

Accepted Answer

A) True 
 B)False

Question 11

The attestation standards prohibit the examination of prospective financial statements.

Accepted Answer

A) True 
 B)False

Question 12

In an engagement relating to a nonpublic company, conditions exist that result in a material deviation from the criteria against which the subject matter was evaluated during an examination performed following the attestation standards. The CPA's conclusion may be on: $$\begin{array} { | c | c | c | } 
\hline & \begin{array} { c } 
\text { Subject } \
\text { Matter }
\end{array} & \begin{array} { c } 
\text { written } \
\text { Assertion }
\end{array} \
\hline \text { A. } & \text { Yes } & \text { Yes } \
\hline \text { B. } & \text { Yes } & \text { No } \
\hline \text { C. } & \text { No } & \text { Yes } \
\hline \text { D. } & \text { No } & \text { No } \
\hline
\end{array}$$

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 13

The WebTrust engagement relates most directly to:

Accepted Answer

A)  Financial statements maintained on the Internet. 
B)  Health care facilities. 
C)  Risk assurance procedures. 
D)  Electronic commerce systems. 
A)  Financial statements maintained on the Internet. 
B)  Health care facilities. 
C)  Risk assurance procedures. 
D)  Electronic commerce systems.

Question 14

Assurance services performed for decision makers may address the: $$\begin{array} { | l | c | c | } 
\hline & \text { Qualty of information } & \text { Context of information } \
\hline \text { A. } & \text { Yes } & \text { Yes } \
\hline \text { B. } & \text { Yes } & \text { No } \
\hline \text { C. } & \text { No } & \text { Yes } \
\hline \text { D. } & \text { No } & \text { No } \
\hline
\end{array}$$

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 15

Suitable criteria in an attestation engagement may be available: $$\begin{array} { | l | l | l | } 
\hline & \text { Publicly }& \begin{array} { c } 
\text { In } \
\text { CPA's } \
\text { Report }
\end{array} \
\hline \text { A. } & \text { Yes } & \text { Yes } \
\hline \text { B. } & \text { Yes } & \text { No } \
\hline \text { C. } & \text { No } & \text { Yes } \
\hline \text { D. } & \text { No } & \text { No } \
\hline
\end{array}$$

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 16

The five principles of a reliable system considered in a Trust Services engagement include security, availability, processing integrity, privacy, and:

Accepted Answer

A)  Control. 
B)  Confidentiality. 
C)  Relevance. 
D)  Reliability. 
A)  Control. 
B)  Confidentiality. 
C)  Relevance. 
D)  Reliability.

Question 17

Practitioners may report on either an assertion about the subject matter or on the subject matter for most attestation engagements.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is correct relating to service organization control (SOC) reports referred to as "SOC 2" reports?

Accepted Answer

A)  They are primarily to assist financial statement auditors when processing services have been outsourced to a service provider. 
B)  They are generally available to anyone. 
C)  They relate most directly to internal control over financial reporting. 
D)  They are meant for management of service organizations, user entities, and certain other specified entities. 
A)  They are primarily to assist financial statement auditors when processing services have been outsourced to a service provider. 
B)  They are generally available to anyone. 
C)  They relate most directly to internal control over financial reporting. 
D)  They are meant for management of service organizations, user entities, and certain other specified entities.

Question 19

Which of the following are required on all attestation engagements? $$\begin{array} { | c | c | c | } 
\hline & \begin{array} { c } 
\text { Suitable } \
\text { Criteria }
\end{array} & \begin{array} { c } 
\text { Subject } \
\text { Matter }
\end{array} \
\hline \text { A. } & \text { Yes } & \text { Yes } \
\hline \text { B. } & \text { Yes } & \text { No } \
\hline \text { C. } & \text { No } & \text { Yes } \
\hline \text { D. } & \text { No } & \text { No } \
\hline
\end{array}$$

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 20

Accepting an engagement to examine an entity's financial projections most likely would be appropriate if the projections were to be distributed to:

Accepted Answer

A)  All employees who work for the entity. 
B)  Potential stockholders who request a prospectus or a registration statement. 
C)  A bank with which the entity is negotiating for a loan. 
D)  All stockholders of record as of the report date. 
A)  All employees who work for the entity. 
B)  Potential stockholders who request a prospectus or a registration statement. 
C)  A bank with which the entity is negotiating for a loan. 
D)  All stockholders of record as of the report date.

Many new assurance services are performed in accordance with Statements on:

Providing assurance using a series of reports provided simultaneously or shortly after the related information is released is referred to as:

A Type 2 service auditor's report addresses:

Independence is required for the performance of all assurance services.

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements is necessary.

The organization that was established to identify, develop, and communicate new assurance service opportunities is the:

Assurance services improve the quality of information or its context for decision makers.

Which of the following are Trust Services principles? Security Availabilty A. Yes Yes B. Yes No C. No Yes D. No No

Of the following, which is most likely to be the subject matter of an attestation engagement?

Attestation services are similar, but go beyond assurance services in scope of procedures and reporting.

The attestation standards prohibit the examination of prospective financial statements.

The WebTrust engagement relates most directly to:

Assurance services performed for decision makers may address the: Qualty of information Context of information A. Yes Yes B. Yes No C. No Yes D. No No

Suitable criteria in an attestation engagement may be available: Publicly In CPA's Report A. Yes Yes B. Yes No C. No Yes D. No No

The five principles of a reliable system considered in a Trust Services engagement include security, availability, processing integrity, privacy, and:

Practitioners may report on either an assertion about the subject matter or on the subject matter for most attestation engagements.

Which of the following is correct relating to service organization control (SOC) reports referred to as "SOC 2" reports?

Which of the following are required on all attestation engagements? Suitable Criteria Subject Matter A. Yes Yes B. Yes No C. No Yes D. No No

Accepting an engagement to examine an entity's financial projections most likely would be appropriate if the projections were to be distributed to:

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Planning the Audit; Linking Audit Procedures to Risk

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property, Plant, and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Internal, Operational, and Compliance Auditing

Filters

Exam 20: Additional Assurance Services: Other Information

Many new assurance services are performed in accordance with Statements on:

Providing assurance using a series of reports provided simultaneously or shortly after the related information is released is referred to as:

A Type 2 service auditor's report addresses:

Independence is required for the performance of all assurance services.

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements is necessary.

The organization that was established to identify, develop, and communicate new assurance service opportunities is the:

Assurance services improve the quality of information or its context for decision makers.

Which of the following are Trust Services principles? Security Availabilty A. Yes Yes B. Yes No C. No Yes D. No No

Of the following, which is most likely to be the subject matter of an attestation engagement?

Attestation services are similar, but go beyond assurance services in scope of procedures and reporting.

The attestation standards prohibit the examination of prospective financial statements.

The WebTrust engagement relates most directly to:

Assurance services performed for decision makers may address the: Qualty of information Context of information A. Yes Yes B. Yes No C. No Yes D. No No

Suitable criteria in an attestation engagement may be available: Publicly In CPA's Report A. Yes Yes B. Yes No C. No Yes D. No No

The five principles of a reliable system considered in a Trust Services engagement include security, availability, processing integrity, privacy, and:

Practitioners may report on either an assertion about the subject matter or on the subject matter for most attestation engagements.

Which of the following is correct relating to service organization control (SOC) reports referred to as "SOC 2" reports?

Which of the following are required on all attestation engagements? Suitable Criteria Subject Matter A. Yes Yes B. Yes No C. No Yes D. No No

Accepting an engagement to examine an entity's financial projections most likely would be appropriate if the projections were to be distributed to:

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Planning the Audit; Linking Audit Procedures to Risk

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property, Plant, and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Internal, Operational, and Compliance Auditing

Filters