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principles of auditing

Questions and Answers of Principles of Auditing

What are ethics?
What is a distinguishing mark of an independent public accountant?
What are the fundamental principles an accountant must observe to achieve the objectives of the accounting profession according to the IFAC ethics guidelines? Briefly discuss.
Summarize the restrictions on publicity by professional accountants?
If the responsibilities of an auditor conflict with the requests of a superior and the accountant’s employing organization do not resolve the conflict, what process is suggested?
What is the difference between independence in fact and independence in appearance? State two activities that may not affect independence in fact but are likely to affect independence in appearance.
What is the difference between a direct financial interest and an indirect financial interest? Explain how an accountant might have an indirect financial interest in an audit client.
When providing bookkeeping services should accountants make decisions on accounting policies? Why or why not?
Can a family member impair independence? Explain.
Would the receipt of a large percentage of total fees from one particular audit client impair the independence of an accountant in public practice? What are the circumstances where this is
Discuss the payment of receipt of a commission by an accountant in public practice.
Ifan accountant is holding clients’ monies, under what circumstances may he draw from that account and to what extent?
Name seven types of advertising not permitted to accountants?
What are four major sources of auditors’legal liability? Briefly discuss.
What are the differences between the legal concepts related to negligence?
Under what two types of laws can auditors be sued?
Ethics Guidelines. Why is there a need for an ethics guideline for professional accountants?Explain. In what ways should the ethics code for accountants be different from that of other groups such as
Code of Ethics. Who sets the code of ethics for professional accountants in different countries? How does enforcement of ethical standards differ from country to country? Give five examples.
Independence. The Lahaina Yacht Company is indebted to an accountant in public practice for unpaid fees and has offered to issue unsecured interest-bearing notes to the accountant.RequiredWould the
Independence in Fact and Appearance.Auditors must not only appear to be independent; they must also be independent in fact.RequiredA. Explain the concept of auditor's independence as it applies to
Independence. You audited Ruiz Rug Company's opening balance sheet and rendered an unqualified opinion on it. A month after rendering your report you are offered the position of secretary of the
Independent Businesses. Galati and Brambila formed a corporation called Financial Fitness Systems, each woman taking 50 per cent of the authorized common stock. Galati is a Dottore Commercialista
Independence. For each of the following situations involving non-audit consulting indicate whether it violates the IFAC’s Guideline on Ethics for Professional Accountants and the rationale for the
Independence and Gifts. Samantha Seekineau, Soma Orkoton Logiston (SOL), is in charge of the audit of Olympic Fashions. Five young assistant accountants are working with Seekineau on the engagement,
Violations of Code of Ethics. For each of the following situations involving relations between auditors and the companies they audit indicate whether it violates the IFAC’s Guideline on Ethics for
Independence. The attribute of independence has been traditionally associated with the independent auditor's function of auditing and expressing opinions on the financial statements.Required A What
Legal Responsibilities of Auditors. Look at Illustrations 3.1 and 3.4. Pick five countries.Assume that you are the head of an international commission to determine legal responsibilities of
Ethical Issues. The following situation involves Kevin Smith, staff accountant with the local CPA firm of Hobb, Mary, and Khang(HM&K). The bookkeeper of Mirage Manufacturing Company resigned three
Which of the following best describes SAS 70 ?A. Security specification B. Auditing standard C. Encryption standard D. WAN specification
Both types of SAS 70 audit reports include a description of security controls.A. True B. False
Which term refers to Internet-based computing services where computational services are rented?A. Virtual machine B. Cloud computing C. Minicomputer D. Multiplexing
What does CAATT stand for?
Which rating description using the COBIT maturity model would be assigned to a business that does not recognize the need for IT security, nor has a recognizable system security administration
What is the formula for determining risk?
Which of the following best describes when not enough evidence was collected to make an appropriate determination as to the compliance of a specific control?A. Not determined B. Not applicable C.
A data DVD can store up to 256 GB of data.A. True B. False
A security token is an exampleof_, or “what you have,” authentication.
NIST 800-53A provides a guide for assecing security
Certification andeccreditatfon is an audit of federal systems prior to being placed into a production environment.
Frameworks differ in that they might offer varying levels of depth and breadth when compared with each other.A. True B. False
Avoiding the need for audits is one reason why organizations develop clearly documented policies, standards, and procedures.A. True B. False
Which of the following should organizations do when selecting a standard? (Select three.)A. Select a standard that can be followed.B. Employ the selected standard.C. Select a flexible standard.D.
\(\operatorname{CoSO}\) is the acronym for which of the following?A. Compliance Objectives Standards Organization B. Committee of Sponsoring Organizations C. Compliance Organization Standard
SAS 70 Type I includes everything in a SAS 70 Type II report, but it adds a detailed testing of the controls over a specific time frame.A. True B. False
Which of the following provides a framework for assessing the adequacy of implemented controls?A. NIST 800-53 B. NIST 800 C. NIST \(800-53 \mathrm{~A}\)D. NIST 800A
Which of the following does COBIT stand for?A. Control Objectives Beyond Information Technology B. Control Objectives for Information and Related Technology C. Compliance Organized By Information
a. Is internal auditing a management or an accounting function? Explain,b. Jill Jensen is confused as to the scope and primary beneficiary of internal auditing. Clarify these points for Jill.
a. State the requirements for becoming a Certified Internal Auditor,b. What must a CIA do to retain the certificate?
a. What is the objective of internal auditing?b. The scope of internal auditing is limited to financial statement audits.Do you agree? Explain.
a. Identify the five categories of general practice standards for internal auditors.b. Indicate the components of the standards framework for internal auditing and the purpose of each component.
Plow does the independence of an internal auditor differ from that of an external auditor?
a. Like internal auditing, operational auditing involves independent appraisal. Do you agree? Explain.b. The scope of operational auditing is similar to the scope of internal auditing. Is this true?
a. Identify the phases of an operational audit.b. How do these phases differ from a financial statement audit?
Explain the auditor's responsibilities in (a) selecting the auditee and(b) reporting the findings.
Identify the applicable standards when a CPA performs an operational audit.
a. Explain the scope of governmental auditing.b. Identify the types of government audits.
a. What agency establishes audit standards for government audits?b. What is the relationship between GAGAS and GAAS?
a. Identify the categories of GAGAS.b. State the general standards that apply to all government audits.
a. Identify the supplemental field work standards that apply in a financial statement audit.b. What reports are required by the supplemental reporting standards in a financial statement audit?
a. Indicate the nature of each paragraph of the auditor's unqualified report on compliance with applicable laws and regulations when no material instance of noncompliance is found.b. Identify the
What are the objectives of the Single Audit Act?
a. Who is required to have a single audit under the Single Audit Act?b. Who prescribes policies, procedures, and guidelines to implement the Act?c. What is a cognizant agency, and what are its
a. Identify the two main components of a single audit.b. What is the source of the standards that govern performance of each component?
a. State the nature of the general requirements with which all recipients of federal financial assistance are expected to comply, and give several examples.b. State the types of specific requirements
Identify the reports required under the Single Audit Act that are not required by GAAS or GAGAS.
What is the nature and extent of the SEC's authority over the public sale of securities?
a. Explain the composition of the Commission that heads the SEC.b. Describe the principal responsibility and primary functions of the Division of Corporation Finance.
a. Identify the components of the standard package of information required in the integrated disclosure system.b. What is meant by (1) incorporate by reference and (2) continuing reporting?c. What is
Identify the sanctions that may be imposed by the SEC under Rule 2(e) and the Securities Law Enforcement Remedies Act of 1990.
a. Define an attest engagement.b. State the three major activities involved in performing an attest engagement.
a. How are the attestation standards classified?b. Indicate the principal differences between the attestation standards and GAAS.
a. Identify the four types of attest engagements that have been recognized in professional standards.b. Indicate the levels of assurance and attestation risk associated with each type.
a. What types of reports are encompassed by the term special reports as described in SAS 62?b. State a common characteristic of the types of data covered by special reports.
a. When is a basis of accounting considered to be an other comprehensive basis of accounting (OCBOA)?b. Explain the effects on the auditor's standard report when reporting on financial statements
Distinguish between the levels of assurance that may be given when (a) auditing and (b) applying agreed-upon procedures to specified elements, accounts, or items of a financial statement.
a. Under what circumstances may an auditor issue a negative assurance in a compliance report related to audited financial statements?b. What are the reporting options for conveying the negative
a. How do the objectives of a review service differ from those of an audit?b. Identify two types of review services and the professional standards that apply to each.c. What is the principal source
a. What limited procedures are common to both types of reviews?b. What additional procedures are required in SAS 71 reviews?
a. What conditions must be met for an independent accountant to perform an examination of a management assertion about the effectiveness of an entity's internal control structure?b. Briefly describe
Identify two types of reports that may be issued on the internal control structure over the processing of transactions by service organizations and indicate by whom and for what purposes the reports
a. Identify and distinguish between two types of prospective financial information.b. What types of service may a CPA perform on such information?
a. What matters should be covered in an accountant's examination report on prospective financial statements?b. How does an examination report on a financial projection differ from one on a financial
a. What conditions must be met for an independent accountant to perform an agreed-upon procedures compliance attestation?b. Who determines the procedures in such an engagement?c. What is the
a. How may a CPA be associated with unaudited financial statements?b. Describe the reporting and additional disclosure requirements when a CPA is associated with unaudited financial statements.
a. What is the objective and nature of a compilation service on historical financial statements?b. Indicate the content of the accountant's standard report on a compilation of historical financial
a. What is involved when a CPA compiles prospective financial statements?b. Indicate the content of the report on the compilation of prospective financial statements.
Explain the content of the accountant's report on the application of accounting principles.
Distinguish between a "step up" and a "step down" change of engagement and explain when a change is acceptable.
State the four generally accepted standards of reporting.
a. What factors should an auditor consider in deciding whether financial statements are in conformity with GAAP?b. What is the GAAP hierarchy and how is it organized?
a. What pronouncements are recognized as promulgated accounting principles?b. Must a company always comply with promulgated accounting principles under Ethics Rule 203?
a. When is a change in an accounting principle made in conformity with GAAP?b. What circumstances resultin a change in an accounting principle under the consistency standard?
a. Is there explicit or implicit recognition of adequate informative disclosures in the auditor's report?b. What is the objective of the fourth reporting standard?
What questions should be asked by an auditor in determining the appropriate opinion to express?
Indicate the opinions that may be expressed for(a) a scope limitation (b) nonconformity with GAAP.
a. Explain the circumstance and the effects on the auditor's report when nonconformity with a promulgated principle results in an unqualified opinion.b. Contrast the effects on the auditor's report
a. Explain the effects on the auditor's report when the auditor is only asked to audit one basic financial statement,b. Contrast the effects on the auditor's report when a scope limitation results in
Indicate the effects on the auditor's report when a change in an accounting principle is(a) made in conformity with GAAP (b) not made in conformity with GAAP.
a. What is an uncertainty?b. What circumstances may result in only adding explanatory language to the auditor's report for an uncertainty?c. Explain the circumstances when there may be (1) a scope
a. Identify the factors that may provide information contrary to the going concern assumption.b. What are the effects on the auditor's report when there is adequate disclosure in the financial

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