Select the term from the dropdowns provided which is closely related to the auditing term, phrase, or organizational name. Auditing term, phrase, or organizational name Term a. |Independence b Quality control c. SEC d. Consideration of internal control e. IInternal auditor CPAs become involved in a variety of types of engagements. For each of the following statements, indicate whether it relates to an examination (E), review (R), or agreed-upon procedures (A) engagement. If the statement does not relate to examinations, reviews, or agreed-upon procedures, select None. Statement Type of Engagement a. When financial statements are involved, this is referred to as an audit. b The report issued provides "limited assurance" c. This type of engagement provides more assurance than a review. d. The procedures involved are generally limited to inquiry and analytical procedures e. The term "We are not aware of any material modifications that should be made" is often included in the report. 1. Financial statements of a large bank listed on the New York Stock Exchange to be distributed to stockholders. 2. Review of the tax return of the corporate president to determine whether charitable contributions are adequately substantiated. 3. Review of the activities of the receiving department of a large manufacturing company%media.comma.jpg% with special attention to 4 Review of costs and accomplishments of a military research program carried on within the air force to determine whether the 5. Analysis of the accounting system of a small business with the objective of making recommendations concerning installation of a 6. Review of daily attendance during spring term at Blue Ridge Consolidated School District to ascertain whether payments received efficiency of materials inspection and promptness of reports issued. program was cost-effective. computer-based system. from the state were substantiated by pupil-day data and whether disbursements by the district were within authorized limits. Topic Type of Auditor Class of Work 2. 3. 4 5 Select the appropriate service for each Definition (or Partial Definition). Each service may be used once or not at all. Definition (or Partial Definition) Service a. An attest engagement designed to provide the highest level of assurance that CPAs provide on an assertion. An attest engagement in which the CPAs agree to perform procedures for a specified party and issue a report that is restricted to use by that party. As required by the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board, an audit that includes providing assurance on both the financial statements and internal control over financial reporting d. An engagement designed to express limited assurance relating to subject matter or an assertion Select the most closely related term with each auditing term (or organizational name). Column1 Column 2 1 Quality control Critical characteristic that must be maintained by the 2. accounting profession 3. Audited financial Statements 4. Operational audit 5. Government Accountability Office Select the term from the dropdowns provided which is closely related to the auditing term, phrase, or organizational name. Auditing term, phrase, or organizational name Term a. |Independence b Quality control c. SEC d. Consideration of internal control e. IInternal auditor CPAs become involved in a variety of types of engagements. For each of the following statements, indicate whether it relates to an examination (E), review (R), or agreed-upon procedures (A) engagement. If the statement does not relate to examinations, reviews, or agreed-upon procedures, select None. Statement Type of Engagement a. When financial statements are involved, this is referred to as an audit. b The report issued provides "limited assurance" c. This type of engagement provides more assurance than a review. d. The procedures involved are generally limited to inquiry and analytical procedures e. The term "We are not aware of any material modifications that should be made" is often included in the report. 1. Financial statements of a large bank listed on the New York Stock Exchange to be distributed to stockholders. 2. Review of the tax return of the corporate president to determine whether charitable contributions are adequately substantiated. 3. Review of the activities of the receiving department of a large manufacturing company%media.comma.jpg% with special attention to 4 Review of costs and accomplishments of a military research program carried on within the air force to determine whether the 5. Analysis of the accounting system of a small business with the objective of making recommendations concerning installation of a 6. Review of daily attendance during spring term at Blue Ridge Consolidated School District to ascertain whether payments received efficiency of materials inspection and promptness of reports issued. program was cost-effective. computer-based system. from the state were substantiated by pupil-day data and whether disbursements by the district were within authorized limits. Topic Type of Auditor Class of Work 2. 3. 4 5 Select the appropriate service for each Definition (or Partial Definition). Each service may be used once or not at all. Definition (or Partial Definition) Service a. An attest engagement designed to provide the highest level of assurance that CPAs provide on an assertion. An attest engagement in which the CPAs agree to perform procedures for a specified party and issue a report that is restricted to use by that party. As required by the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board, an audit that includes providing assurance on both the financial statements and internal control over financial reporting d. An engagement designed to express limited assurance relating to subject matter or an assertion Select the most closely related term with each auditing term (or organizational name). Column1 Column 2 1 Quality control Critical characteristic that must be maintained by the 2. accounting profession 3. Audited financial Statements 4. Operational audit 5. Government Accountability Office
