Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you answer these questions? Thank you 7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and

image text in transcribed

Can you answer these questions? Thank you

7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and the statement of cash flows. b. income statement, the statement of cash flows, and the statement of net working capital. c. statement of cash flows, the balance sheet, and the retained earnings statement. all of the above The generally accepted auditing standard that requires Adequate technical training and proficiency is normally interpreted as requiring the auditor to have: a. formal education in auditing and accounting. adequate practical experience for the work being performed. continuing professional education. all of the above. od Which of the following statements most accurately captures the intent of the performance standards (standards of field work)? They are primarily concerned with personal attributes necessary during the conduct of the audit. They provide extensive guidance regarding the conduct of an audit. The standards are primarily directed at the auditor's planning, understanding of internal control, and evidence accumulation. The standards are primarily concerned with the conduct of substantive testing as opposed to testing of internal controls. 10. An auditor need not abide by a particular auditing standard if the auditor believes that: the issue in question is immaterial in amount. more expertise is needed to fulfill the requirement. the requirement of the standard has not been addressed by the PCAOB. d. any of the above three are correct. Sod 11. The third Responsibilities standard states that due care is to be exercised in the performance of an audit. This standard is generally interpreted to require: a. objective review of the adequacy of the technical training of firm personnel. b. thorough review of the existing internal control structure. critical review of work done at every level of supervision. periodic review of a CPA firm's quality control procedures. ooo 12. dos The AICPA has authority to establish standards and rules in all but which of the following areas? Auditing standards applicable to financial statements of private companies. Compilation and review standards. Professional conduct. Auditing standards applicable to financial statements of private and public companies

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Case Studies In Strategic ManagementHow Executive Input Enables Students Development

Authors: Gunther Friedl, Andreas Biagosch

1st Edition

3319955543, 9783319955544

More Books

Students also viewed these Accounting questions

Question

=+d) Which car would you produce and why?

Answered: 1 week ago

Question

=+6. What five driving forces make CSR more relevant today?

Answered: 1 week ago