acc 309

55問 • 1年前

Tlotlo Legotho

通報

問題一覧

In the auditing process

the audit report communicates the auditor's findings to users.

Which of the following can be used as a criteria for evaluating information being audited?

all of the above

The possibility that a business may not be able to repay a bank loan because of an economic downturn is referred to as

business risk

A correct relationship among the auditor, the client, and the external users is

the external users can rely upon the auditor's report to reduce information risk.

External users of the financial statements

all of the above

In the audit of historical financial statements, management asserts that the financial statements are fairly stated in accordance with what standards?

(applicable international accounting standards) and (applicable U.S. accounting standards )

Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n)

attestation service.

Three common types of attestation services are

audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting.

Which of the following services provides the lowest level of assurance on a financial statement?

review

Which of the following is an accurate statement regarding assurance services?

Assurance services improve the quality of information for decision makers.

Audits

are required for publicly traded companies in the United States.

A high, but not absolute, level of assurance is called

reasonable assurance.

The trait that distinguishes auditors from accountants is the

auditor's expertise in the accumulation and interpretation of audit evidence.

Which of the following is an accurate statement regarding the various types of other assurance services?

The market for other forms of assurance services is open to non-CPA competitors.

One objective of an operational audit is to

make recommendations for improving performance.

An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

operational audit

An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n)

compliance audit.

Which one of the following is more difficult to evaluate objectively?

efficiency and effectiveness of operations

Which of the following audits can be regarded as generally being a compliance audit?

IRS agents' examinations of taxpayer returns

Internal auditors

are employed by all types of organizations.

Which type of auditor audits the financial information prepared by various federal government agencies before it is submitted to Congress?

GAO auditor

The use of the Certified Public Accountant title is regulated by

state law through the licensing departments of each state.

The legal right to perform audits is granted to a CPA firm by regulation of

each state.

Which of the following is not a characteristic of a small firm?

Small firms are prohibited by the SEC from auditing publicly traded companies.

Which of the following does not describe a size category for a CPA firm?

Big Four national firms

________ is one of the Big Four international CPA firms.

All of the above are classified as Big Four international CPA firms

In which type of service does the CPA assemble the financial statements but provide no assurance to third parties?

compilation

Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing many consulting services to their publicly traded audit clients. Which of the following is true for auditors of publicly traded companies? I. They are restricted from providing consulting services to privately held companies. II. There is no restriction on providing consulting services to non-audit clients.

II only

Which of the following statements is true as it relates to limited liability partnerships?

Partners are personally liable for the acts of those under their supervision.

Which staff level in a CPA firm performs most of the detailed audit work?

staff assistant

The organization that is responsible for providing oversight for auditors of public companies is called the

Public Company Accounting Oversight Board.

Members of the Public Company Accounting Oversight Board are appointed and overseen by the

Securities and Exchange Commission

The Public Company Accounting Oversight Board

performs inspections of the quality controls of firms that audit public companies.

The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the

Form 8-K.

The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the

Form S-1.

Which of the following is a correct statement regarding the SEC?

The SEC has the power to establish rules for any CPA associated with audited financial statements submitted to the commission.

With respect to the SEC,

the attitude of the SEC is generally considered in any major change proposed by the FASB.

Statements on Standards for Accounting and Review Services (SSARS) are issued by the

Accounting and Review Services Committee.

The American Institute of Certified Public Accountants (AICPA)

sets rules of conduct that CPAs are required to meet.

In a financial statement audit, the auditor

all of the above.

Management is required by GAAP to reduce information risk, even if the costs outweigh the benefits.

FALSE

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

FALSE

Results of compliance audits are typically reported to the company's management rather than to a broad spectrum of outside users.

TRUE

One criteria used by an external auditor to evaluate published financial statements is known as generally accepted auditing standards.

FALSE

Many small, local accounting firms perform audits as their primary service to their clients.

FALSE

Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing many consulting services to their publicly traded audit clients.

TRUE

In a CPA firm, the audit partner coordinates the performance of audit procedures.

FALSE

Limited liability companies are structured and taxed like a general partnership, but their owners have limited personal liability similar to that of a general corporation.

TRUE

All of the Big Four accounting firms and many of the smaller CPA firms now operate as limited liability partnerships.

TRUE

The Public Company Accounting Oversight Board (PCAOB) provides oversight to auditors of publicly traded and private companies.

FALSE

The difference between the Securities Act of 1933 and the Securities Act of 1934 is that onlythe 1934 act requires audited financial statements.

FALSE

Form 10-K must be filed with the SEC whenever a public company experiences a significant event.

FALSE

The overall purpose of the Securities and Exchange Commission is to assist in providing investors with reliable information upon which to make investment decisions.

TRUE

A CPA must meet continuing education requirements to maintain their license to practice.

TRUE

Membership in the AICPA is restricted to CPAs who are currently practicing as independent auditors. Answer:

FALSE

acc 308

Tlotlo Legotho · 10問 · 1年前

acc 308

10問 • 1年前

Tlotlo Legotho

mgt 301 (1)

Tlotlo Legotho · 100問 · 1年前

mgt 301 (1)

100問 • 1年前

Tlotlo Legotho

mgt 301 (2)

Tlotlo Legotho · 82問 · 1年前

mgt 301 (2)

82問 • 1年前

Tlotlo Legotho

mgt 301 (3)

Tlotlo Legotho · 100問 · 1年前

mgt 301 (3)

100問 • 1年前

Tlotlo Legotho

acc 309 (1)

Tlotlo Legotho · 79問 · 1年前

acc 309 (1)

79問 • 1年前

Tlotlo Legotho

acc309 materiality and risk

Tlotlo Legotho · 89問 · 1年前

acc309 materiality and risk

89問 • 1年前

Tlotlo Legotho

acc309 internal control and coso

Tlotlo Legotho · 96問 · 1年前

acc309 internal control and coso

96問 • 1年前

Tlotlo Legotho

acc309 Fraud Audit

Tlotlo Legotho · 89問 · 1年前

acc309 Fraud Audit

89問 • 1年前

Tlotlo Legotho

acc309 audit planning and analytical procedures

Tlotlo Legotho · 100問 · 1年前

acc309 audit planning and analytical procedures

100問 • 1年前

Tlotlo Legotho

mgt 301 (4)

Tlotlo Legotho · 11問 · 1年前

mgt 301 (4)

11問 • 1年前

Tlotlo Legotho

問題一覧

In the auditing process

the audit report communicates the auditor's findings to users.

Which of the following can be used as a criteria for evaluating information being audited?

all of the above

The possibility that a business may not be able to repay a bank loan because of an economic downturn is referred to as

business risk

A correct relationship among the auditor, the client, and the external users is

the external users can rely upon the auditor's report to reduce information risk.

External users of the financial statements

all of the above

In the audit of historical financial statements, management asserts that the financial statements are fairly stated in accordance with what standards?

(applicable international accounting standards) and (applicable U.S. accounting standards )

Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n)

attestation service.

Three common types of attestation services are

audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting.

Which of the following services provides the lowest level of assurance on a financial statement?

review

Which of the following is an accurate statement regarding assurance services?

Assurance services improve the quality of information for decision makers.

Audits

are required for publicly traded companies in the United States.

A high, but not absolute, level of assurance is called

reasonable assurance.

The trait that distinguishes auditors from accountants is the

auditor's expertise in the accumulation and interpretation of audit evidence.

Which of the following is an accurate statement regarding the various types of other assurance services?

The market for other forms of assurance services is open to non-CPA competitors.

One objective of an operational audit is to

make recommendations for improving performance.

An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

operational audit

An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n)

compliance audit.

Which one of the following is more difficult to evaluate objectively?

efficiency and effectiveness of operations

Which of the following audits can be regarded as generally being a compliance audit?

IRS agents' examinations of taxpayer returns

Internal auditors

are employed by all types of organizations.

Which type of auditor audits the financial information prepared by various federal government agencies before it is submitted to Congress?

GAO auditor

The use of the Certified Public Accountant title is regulated by

state law through the licensing departments of each state.

The legal right to perform audits is granted to a CPA firm by regulation of

each state.

Which of the following is not a characteristic of a small firm?

Small firms are prohibited by the SEC from auditing publicly traded companies.

Which of the following does not describe a size category for a CPA firm?

Big Four national firms

________ is one of the Big Four international CPA firms.

All of the above are classified as Big Four international CPA firms

In which type of service does the CPA assemble the financial statements but provide no assurance to third parties?

compilation

II only

Which of the following statements is true as it relates to limited liability partnerships?

Partners are personally liable for the acts of those under their supervision.

Which staff level in a CPA firm performs most of the detailed audit work?

staff assistant

The organization that is responsible for providing oversight for auditors of public companies is called the

Public Company Accounting Oversight Board.

Members of the Public Company Accounting Oversight Board are appointed and overseen by the

Securities and Exchange Commission

The Public Company Accounting Oversight Board

performs inspections of the quality controls of firms that audit public companies.

The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the

Form 8-K.

The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the

Form S-1.

Which of the following is a correct statement regarding the SEC?

The SEC has the power to establish rules for any CPA associated with audited financial statements submitted to the commission.

With respect to the SEC,

the attitude of the SEC is generally considered in any major change proposed by the FASB.

Statements on Standards for Accounting and Review Services (SSARS) are issued by the

Accounting and Review Services Committee.

The American Institute of Certified Public Accountants (AICPA)

sets rules of conduct that CPAs are required to meet.

In a financial statement audit, the auditor

all of the above.

Management is required by GAAP to reduce information risk, even if the costs outweigh the benefits.

FALSE

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

FALSE

Results of compliance audits are typically reported to the company's management rather than to a broad spectrum of outside users.

TRUE

One criteria used by an external auditor to evaluate published financial statements is known as generally accepted auditing standards.

FALSE

Many small, local accounting firms perform audits as their primary service to their clients.

FALSE

Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing many consulting services to their publicly traded audit clients.

TRUE

In a CPA firm, the audit partner coordinates the performance of audit procedures.

FALSE

Limited liability companies are structured and taxed like a general partnership, but their owners have limited personal liability similar to that of a general corporation.

TRUE

All of the Big Four accounting firms and many of the smaller CPA firms now operate as limited liability partnerships.

TRUE

The Public Company Accounting Oversight Board (PCAOB) provides oversight to auditors of publicly traded and private companies.

FALSE

The difference between the Securities Act of 1933 and the Securities Act of 1934 is that onlythe 1934 act requires audited financial statements.

FALSE

Form 10-K must be filed with the SEC whenever a public company experiences a significant event.

FALSE

The overall purpose of the Securities and Exchange Commission is to assist in providing investors with reliable information upon which to make investment decisions.

TRUE

A CPA must meet continuing education requirements to maintain their license to practice.

TRUE

Membership in the AICPA is restricted to CPAs who are currently practicing as independent auditors. Answer:

FALSE