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I need help with my auditing quiz. Its multiple choice. Please see attachment! Quiz #1 Name: ______________________________________________________________ Date: _______________________________________________________________ 1. Which one of the following

I need help with my auditing quiz. Its multiple choice. Please see attachment!

image text in transcribed Quiz #1 Name: ______________________________________________________________ Date: _______________________________________________________________ 1. Which one of the following is not one of the three general standards? A Proper planning and supervision. B Due professional care. C Adequate training and proficiency. D Independence of mental attitude. 2. Which one of the following is not a fieldwork standard? A Sufficient appropriate audit evidence. B Due professional care. C Understanding the entity and its environment including internal control. D Adequate planning and supervision 3. The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and changes in cash flow is applied within the framework of: A Generally accepted accounting principles. B The auditor's evaluation of the audited company's internal control. C Generally accepted auditing standards. D Generally accepted standards of quality control. 4. Which one of the following is not included as one of the assurance services that CPAs provide? A. Audits, which include financial audits, compliance audits, and performance audits B. Reviews of financial information, which provide less assurance than audits C. Attestation engagements, in which the auditor expresses a written conclusion about the reliability of another party's written assertion D. Compilation 5. Auditing as a profession include the following characteristics: A. Formal recognition of professional status by means of a license issued by a government body after admission standards have been meet B. A body of specialized knowledge, usually acquired through formal education C. A code of ethics to provide standards of conduct, and a means of enforcing compliance with the code D. All of the above 6. The authoritative pronouncement on the auditor's responsibility to detect financial statement misstatements now explicitly states: A. The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. B. Generally accepted auditing standards require the auditor to plan and perform his or her work with due professional care. C. A CPA also may be engaged specifically to determine whether a known misstatement is the result of fraud, or to determine whether an immaterial fraud exists. D. All of the above. 7. SAS No. 83, Establishing an Understanding With the Client, states that communications with the client typically include statements that document an understanding between the entity and the auditor that: A. The objective of the audit is an opinion on the financial statements B. Management is responsible for the financial statements. C. Management is responsible for establishing and maintaining effective internal control over financial reporting D. All the above 8. The requirement to prove "scienter" include: A. Actual knowledge of the falsity of the representation B. A lack of knowledge of the truth of the representation C. A reckless disregard for the truth or falsity of the representation D. All the above 9. Both the auditing profession and individual firms have recognized the need for more effective controls over the quality of audit practice to include A. Internal communications directed at both accounting and auditing issues B. Increased emphasis on policies and procedures for accepting and retaining clients C. Engaging other auditing firms to conduct independent quality reviews D. All of the above 10. The components of audit risk include all except the following: A. Inherent Risk B. Control Risk C. Detection Risk D. Sampling Risk

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