Exam 1: Introduction and Review of Audit and Assurance

Matt Fuller reports to the board and evaluates how the company can improve risk management practices, internal control procedures, and certain governance issues. Who is He?

Theodore Heinrich prepared a set of financial statements based on information provided to him. He checked mathematical accuracy of the data, and the client complimented him on The reasonable cost of the work he performed. Theodore performed

Which of the following is not true about Corporate Social Responsibility assurance?

As users of the financial statements, suppliers would least consider which of the following aspects of the financial statements?

The wording of a limited assurance engagement expresses a conclusion that generally states

Vera Sobczyk spent a week at a client's wholesale operation determining whether the client's remittances to the tax authorities were in accordance with tax regulations. This is an Example of a(n)

Jimmy Bunting, the senior auditor at Yanzhou Coal Mining and Minerals, performed the following tasks: he used analytical procedures and he had discussions with management. These activities were a basis for a conclusion on the financial information. What did Jimmy Bunting perform?

The most common types of assurance engagements are financial statement audits, confirmation audits, performance audits, comprehensive audits and assurance on corporate social responsibility (CSR) disclosures.

Only current investors (not potential investors) are considered to be users of the financial statements.

The main assurance service the general public are familiar with are financial statement audits. Briefly describe the other services that an auditor can provide.

Mary Logan was careful to undertake her audits in a most responsible manner. Her audit manager complimented her on her diligence and how well she documented her work at the Different stages of the audit process. Which element of responsibility did she display?

Which of the following is incorrect? A government can be considered to be a user of the general purpose financial statements because

Which of the following would be an example of a reasonable assurance engagement?

All modified audit reports are qualified audit opinions.

A compliance audit involves gathering evidence to ascertain whether the person or entity under review has followed the rules, policies, procedures, laws and regulations with which they must conform

Larry Dibitonto is a partner in his firm and runs management consulting, mergers and acquisitions, insolvency, tax, and accounting services. How are these services referred to Collectively?

How is the expectation gap caused and how can the effects on the expectation gap be reduced?

According to the agency theory, demand for audit is due to conflicts between

The expectation gap is caused by

A reasonable level of assurance is the highest level of assurance that an auditor can provide.