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AUDITING:10 ACC231-Case Study One (150 Details & Information Assessment due date No due date Attempts 1 attempt left Test Content Abdulla is a CPA who is engaged to perform a variety of services to both audit and non-audit clients Most of his work involves financial statements audits for publicly traded companies, other large companies, many small companies and even non-commercial organizations. However, some clients seek a variety of other non-audit services. These services differ widely in terms of the nature and purpose of providing the service. Differences also exist as to the amount of evidence used, costs incurred and accordingly the level of assurance provided on the reliability of information. Abdulla believes that auditing careers provide an excellent exince in risk assessment and management techniques. He has an opportunity for professional development and he also believes that his employment is interesting and meaningful. Working as a CPA, Abdulla has a wide range of opportunities allowing for personal growth. Although Abdulla, as a CPA, can perform any type of audit, some audit engagements are restricted to certain types of auditors other than the CPA. Following are a variety of services and audit engagements performed by different types of auditors. Based on your auditing background, you are required to help the auditor in analyzing each of the Following separate individual cases related to different types of engagements by answering the following questions Grading Maximum points 1 Point Question 1 The requirements for becoming a CPA include all of the following except: A Uniform computer-based examination divided into sections. B Minimum number of accounting credits that are among different states. An undergraduate or a graduate degree with a major in business. D Practical experience in exercising auditing services. Question 2 D Practical experience 1 Point Question 2 What type of auditor most likely to audit the operations, policies, and departments of the IRS to determine whether the internal revenue agents are using their time efficiently in conducting audits? ) B) GAO IRS D) Internal Question 1 Point Question 3 Which of the following statements is true about compliance audit? A Review of income tax returns of a corporation to determine which tax laws are applicable. Reporting to the authority that established rules, regulations, and procedures, either internal or external to the auditee An internal auditor's review of a company's payroll authorization procedures. Reporting to the management of the company as well as to the different groups and outside entitles Question 4 1 Point Question 4 Which of the following services is not an example of an attestation service? The auditor certifies and reports on whether published annual report is prepared in accordance with Generally Accepted Accounting Principles B The auditor verifies the reliability of forecasted financial statements of a client's company in accordance with Generally Accepted Accounting Principles. The auditor compiles the financial statements of a client's company from its financial records in accordance with International Financial Reporting Standards. The auditor reviews whether financial statements of a client's company are prepared in accordance with the applicable accounting framework uestion 5 1 Point Question 5 What type of audit is being done by an auditor in which he determines if the disbursements of the different departments in the Ministry of Education are in accordance with the authorized expenditures? A) Operational B) Compliance Financial Statement D Operational or Compliance. Question 6 1 Point Question 6 Which of the following services can be classified as an assurance service? A The auditor verifies management's assertion about its disclosure of electronic commercial practices and evaluates the security of electronic data posted on the company's website, The auditor assesses the company's products for compliance with quality control standards required by the ISO 9000 certification Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party D All of the above 1 Point Question 7 To do an audit of a company's financial statements, there must be several key elements and procedures including all of the following except: A Quantitative information in a verifiable form that be checked by the auditor. ( Some standards or criteria by which the auditor can evaluate the information, which are generally accepted accounting principles or International Financial Reporting Standards. Determining the degree of correspondence between information and established criteria using some kind and amount of evidence D) None of the above. D None of the above Point Question 8 what is the level of assurance provided by an auditor when he uses less evidence, incurs less costs and conducts a smaller scope verification of the financial statements reporting on whether they are prepared in accordance with Generally accepted Accounting Principles? Absolute Assurance B) Reasonable Assurance, C) Limited Assurance D) No Assurance 1 Point Question 9 Which of the following statements is not true about the audit of financial statements which is the main responsbaty of CP4 It is performed by internal auditors for management B it is never performed by IRS It is performed occasionally by GAOS D) None of the above. Question 10 1 Point 0 None of the above 1 Point Question 10 What type of service is being done by an auditor in which he develops fraud risk profiles and assess the adequacy or company systems and policies in preventing and detecting fraud and illegal acts? Audit B) Attestation c) Other Assurance D) Non Assurance 1 Point Question 11 Which of the following services is not an example of a nonassurance service? The auditor examines the computer operations of a large corporation to evaluate whether the procedures are likely to prevent misstatements in accounting and operating data. B The auditor compiles the tax return of a multinational corporation in accordance with the tax code The auditor prepares the financial statements of a client's company from its financial records in accordance with Generally Accepted Accounting Principles. D The auditor esamines employee time records and personnel records to advice management how to maximize the effective use of personnel. The auditor exam to maximize the effective use of personnel 1 Point Question 12 Which of the following services performed by the auditor is not classified as an operational audit? The auditor evaluates the promptness of materials inspection in a manufacturer's receivi department The auditor assesses whether the sales personnu conduct sales to customers according to the industry's prescribed quality standards. The auditor evaluates a company's payroll processing for economy according to the predetermined budget D) None of the above D) None of the above 1 Point Question 13 what type of service is being done by an auditor in which he verifies and reports on management's assertion about the reliability of forecasted financial statements of a client's company? A) Audit B) Attestation C) Other Assurance F D) Non Assurance 1 Point Question 14 What type of service is being done by an auditor in which he advices management on how to improve the effectiveness of its advertising policies in promoting the company's products suggesting the launching of new online campaigns? A Audit. B Attestation Other Assurance. D Non-Assurance Question 15 1 Point Which of the following is not true about the major differences in the scope of audit responsibilities for CPAS, GAO auditors, IRS agents, and internal auditors? CPAs perform audits of financial statements of private and public companies prepared in accordance with U.S. or international auditing standards B GAO auditors perform compliance or operational audits in order to assure the government of the expenditure of public funds in accordance with its directives. IRS agents perform compliance audits to enforce the federal tax laws as defined by the government interpreted by the courts, and regulated by theirs. Internal auditors perform compliance or operational audits in order to asse management policies are properly developed, applied, and evaluated. AUDITING:10 ACC231-Case Study One (150 Details & Information Assessment due date No due date Attempts 1 attempt left Test Content Abdulla is a CPA who is engaged to perform a variety of services to both audit and non-audit clients Most of his work involves financial statements audits for publicly traded companies, other large companies, many small companies and even non-commercial organizations. However, some clients seek a variety of other non-audit services. These services differ widely in terms of the nature and purpose of providing the service. Differences also exist as to the amount of evidence used, costs incurred and accordingly the level of assurance provided on the reliability of information. Abdulla believes that auditing careers provide an excellent exince in risk assessment and management techniques. He has an opportunity for professional development and he also believes that his employment is interesting and meaningful. Working as a CPA, Abdulla has a wide range of opportunities allowing for personal growth. Although Abdulla, as a CPA, can perform any type of audit, some audit engagements are restricted to certain types of auditors other than the CPA. Following are a variety of services and audit engagements performed by different types of auditors. Based on your auditing background, you are required to help the auditor in analyzing each of the Following separate individual cases related to different types of engagements by answering the following questions Grading Maximum points 1 Point Question 1 The requirements for becoming a CPA include all of the following except: A Uniform computer-based examination divided into sections. B Minimum number of accounting credits that are among different states. An undergraduate or a graduate degree with a major in business. D Practical experience in exercising auditing services. Question 2 D Practical experience 1 Point Question 2 What type of auditor most likely to audit the operations, policies, and departments of the IRS to determine whether the internal revenue agents are using their time efficiently in conducting audits? ) B) GAO IRS D) Internal Question 1 Point Question 3 Which of the following statements is true about compliance audit? A Review of income tax returns of a corporation to determine which tax laws are applicable. Reporting to the authority that established rules, regulations, and procedures, either internal or external to the auditee An internal auditor's review of a company's payroll authorization procedures. Reporting to the management of the company as well as to the different groups and outside entitles Question 4 1 Point Question 4 Which of the following services is not an example of an attestation service? The auditor certifies and reports on whether published annual report is prepared in accordance with Generally Accepted Accounting Principles B The auditor verifies the reliability of forecasted financial statements of a client's company in accordance with Generally Accepted Accounting Principles. The auditor compiles the financial statements of a client's company from its financial records in accordance with International Financial Reporting Standards. The auditor reviews whether financial statements of a client's company are prepared in accordance with the applicable accounting framework uestion 5 1 Point Question 5 What type of audit is being done by an auditor in which he determines if the disbursements of the different departments in the Ministry of Education are in accordance with the authorized expenditures? A) Operational B) Compliance Financial Statement D Operational or Compliance. Question 6 1 Point Question 6 Which of the following services can be classified as an assurance service? A The auditor verifies management's assertion about its disclosure of electronic commercial practices and evaluates the security of electronic data posted on the company's website, The auditor assesses the company's products for compliance with quality control standards required by the ISO 9000 certification Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party D All of the above 1 Point Question 7 To do an audit of a company's financial statements, there must be several key elements and procedures including all of the following except: A Quantitative information in a verifiable form that be checked by the auditor. ( Some standards or criteria by which the auditor can evaluate the information, which are generally accepted accounting principles or International Financial Reporting Standards. Determining the degree of correspondence between information and established criteria using some kind and amount of evidence D) None of the above. D None of the above Point Question 8 what is the level of assurance provided by an auditor when he uses less evidence, incurs less costs and conducts a smaller scope verification of the financial statements reporting on whether they are prepared in accordance with Generally accepted Accounting Principles? Absolute Assurance B) Reasonable Assurance, C) Limited Assurance D) No Assurance 1 Point Question 9 Which of the following statements is not true about the audit of financial statements which is the main responsbaty of CP4 It is performed by internal auditors for management B it is never performed by IRS It is performed occasionally by GAOS D) None of the above. Question 10 1 Point 0 None of the above 1 Point Question 10 What type of service is being done by an auditor in which he develops fraud risk profiles and assess the adequacy or company systems and policies in preventing and detecting fraud and illegal acts? Audit B) Attestation c) Other Assurance D) Non Assurance 1 Point Question 11 Which of the following services is not an example of a nonassurance service? The auditor examines the computer operations of a large corporation to evaluate whether the procedures are likely to prevent misstatements in accounting and operating data. B The auditor compiles the tax return of a multinational corporation in accordance with the tax code The auditor prepares the financial statements of a client's company from its financial records in accordance with Generally Accepted Accounting Principles. D The auditor esamines employee time records and personnel records to advice management how to maximize the effective use of personnel. The auditor exam to maximize the effective use of personnel 1 Point Question 12 Which of the following services performed by the auditor is not classified as an operational audit? The auditor evaluates the promptness of materials inspection in a manufacturer's receivi department The auditor assesses whether the sales personnu conduct sales to customers according to the industry's prescribed quality standards. The auditor evaluates a company's payroll processing for economy according to the predetermined budget D) None of the above D) None of the above 1 Point Question 13 what type of service is being done by an auditor in which he verifies and reports on management's assertion about the reliability of forecasted financial statements of a client's company? A) Audit B) Attestation C) Other Assurance F D) Non Assurance 1 Point Question 14 What type of service is being done by an auditor in which he advices management on how to improve the effectiveness of its advertising policies in promoting the company's products suggesting the launching of new online campaigns? A Audit. B Attestation Other Assurance. D Non-Assurance Question 15 1 Point Which of the following is not true about the major differences in the scope of audit responsibilities for CPAS, GAO auditors, IRS agents, and internal auditors? CPAs perform audits of financial statements of private and public companies prepared in accordance with U.S. or international auditing standards B GAO auditors perform compliance or operational audits in order to assure the government of the expenditure of public funds in accordance with its directives. IRS agents perform compliance audits to enforce the federal tax laws as defined by the government interpreted by the courts, and regulated by theirs. Internal auditors perform compliance or operational audits in order to asse management policies are properly developed, applied, and evaluated