CUNY Queens Coller Dept of Acct & Info Sy Name: Bashir Ahmed Auditing 321 Quiz 1 Fall 2020 ms 1. The attestation standards do not supersede any of the generally accepted auditing standards. 2. A public company's financial statements should be prepared following standards of the Public Company Accounting Oversight Board. 3. If financial statements fail to disclose a material fact, the auditors may disclose the information in an explanatory paragraph and issue an unqualified opinion on the statements. a. d 4. The audit committee is responsible for the fairness of the representations made in financial statements. 5. The auditors' report on a corporation's financial statements usually is addressed to the president of the company. 6. Attestation risk is limited to a low level in which of the following engagements? Both examinations and reviews. b. Examinations, but not reviews. Reviews, but not examination Neither examinations nor reviews. 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements. b. Management and the auditors have responsibility for the preparation of financial statements in accordance with the applicable financial reporting framework Where appropriate, the auditor may obtain information from those charged with governance. The auditors should be provided unrestricted access to those within the entity from whom the auditor determines it necessary to obtain audit evidence. a. C. d CUNY Queens Coller Dept of Acct & Info Sy Name: Bashir Ahmed Auditing 321 Quiz 1 Fall 2020 ms 1. The attestation standards do not supersede any of the generally accepted auditing standards. 2. A public company's financial statements should be prepared following standards of the Public Company Accounting Oversight Board. 3. If financial statements fail to disclose a material fact, the auditors may disclose the information in an explanatory paragraph and issue an unqualified opinion on the statements. a. d 4. The audit committee is responsible for the fairness of the representations made in financial statements. 5. The auditors' report on a corporation's financial statements usually is addressed to the president of the company. 6. Attestation risk is limited to a low level in which of the following engagements? Both examinations and reviews. b. Examinations, but not reviews. Reviews, but not examination Neither examinations nor reviews. 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements. b. Management and the auditors have responsibility for the preparation of financial statements in accordance with the applicable financial reporting framework Where appropriate, the auditor may obtain information from those charged with governance. The auditors should be provided unrestricted access to those within the entity from whom the auditor determines it necessary to obtain audit evidence. a. C. d
