Question 1

What are the five categories of attestation services?

Accepted Answer

The five categories of attestation servi

Question 2

Attestation services on information technology include WebTrust services and SysTrust services. Which of the following statements most accurately describes SysTrust services?

Accepted Answer

A)  SysTrust services provide assurance on business processes, transaction integrity and information processes. 
B)  SysTrust services provide assurance on system reliability in critical areas such as security and data integrity. 
C)  SysTrust services provide assurance on internal control over financial reporting. 
D)  SysTrust services provide assurance as to whether accounting personnel are following procedures prescribed by the company controller. 
A)  SysTrust services provide assurance on business processes, transaction integrity and information processes. 
B)  SysTrust services provide assurance on system reliability in critical areas such as security and data integrity. 
C)  SysTrust services provide assurance on internal control over financial reporting. 
D)  SysTrust services provide assurance as to whether accounting personnel are following procedures prescribed by the company controller.

Question 3

One objective of an operational audit is to:

Accepted Answer

A)  determine whether the financial statements fairly present the entity's operations. 
B)  evaluate the feasibility of attaining the entity's operational objectives. 
C)  make recommendations for improving performance. 
D)  report on the entity's relative success in attaining profit maximization. 
A)  determine whether the financial statements fairly present the entity's operations. 
B)  evaluate the feasibility of attaining the entity's operational objectives. 
C)  make recommendations for improving performance. 
D)  report on the entity's relative success in attaining profit maximization.

Question 4

Two types of attestation services provided by CPA firms are audits and reviews. Discuss the similarities and differences between these two types of attestation services. Which type provides the least assurance?

Accepted Answer

In both the review and audit of the hist

Question 5

List and discuss the three primary requirements to become a CPA.

Accepted Answer

The three primary requirements for becom

Question 6

The three requirements for becoming a CPA include all but which of the following?

Accepted Answer

A)  Uniform CPA examination requirement. 
B)  Educational requirements. 
C)  Character requirements. 
D)  Experience requirement. 
A)  Uniform CPA examination requirement. 
B)  Educational requirements. 
C)  Character requirements. 
D)  Experience requirement.

Question 7

The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

What are the five categories of attestation services?

Attestation services on information technology include WebTrust services and SysTrust services. Which of the following statements most accurately describes SysTrust services?

One objective of an operational audit is to:

Two types of attestation services provided by CPA firms are audits and reviews. Discuss the similarities and differences between these two types of attestation services. Which type provides the least assurance?

List and discuss the three primary requirements to become a CPA.

The three requirements for becoming a CPA include all but which of the following?

The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

The CPA Profession

Audit Evidence

Audit Planning and Analytical Procedures

Materiality and Risk

Section 404 Audits of Internal Control and Control Risk

Fraud Auditing

The Impact of Information Technology on the Audit Process

Overall Audit Plan and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details and Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls and Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters

Exam 1: The Demand for Audit and Other Assurance Services

What are the five categories of attestation services?

Attestation services on information technology include WebTrust services and SysTrust services. Which of the following statements most accurately describes SysTrust services?

One objective of an operational audit is to:

Two types of attestation services provided by CPA firms are audits and reviews. Discuss the similarities and differences between these two types of attestation services. Which type provides the least assurance?

List and discuss the three primary requirements to become a CPA.

The three requirements for becoming a CPA include all but which of the following?

The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

The CPA Profession

Audit Evidence

Audit Planning and Analytical Procedures

Materiality and Risk

Section 404 Audits of Internal Control and Control Risk

Fraud Auditing

The Impact of Information Technology on the Audit Process

Overall Audit Plan and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details and Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls and Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters