ACCT460 TEST NEWEST UPDATED
VERSION 2026 2027 WITH COMPLETE
QUESTIONS AND CORRECT DETAILED
ANSWERS WITH ALREADY GRADED A+
__________ report on subject matter or assertion about
subject matter. Responsibility of another party (managers &
auditor) and the responsible party acknowledges responsibility.
The CPA must be independent to perform it.
ANSWER------Attestation engagements
,_____________ is when the auditor assesses the quality of the
information.
ANSWER------Assurance
_____________ is when the auditor issues a report on the
quality of information. It is a type of assurance.
ANSWER-----Attestation
Audit is a type of ____________
ANSWER--------attestation
What are the types of attestation and levels of assurance in
order of highest to lowest?
Examination (Highest level of assurance)
ANSWER------Similar to an audit
,-High level of assurance
Review (Moderate level of assurance)
-Moderate ("negative") level of assurance
-Not allowed on certain engagements
Agreed upon procedures (Special engagement between auditor
& client)
ANSWER------Assurance depends on procedures
______________________________________ are from the
Auditing Standards Board (ASB) of the AICPA.
ANSWER-----Statements of Standards for Attestation
Engagement (SSAEs)
, ____________ is similar to fundamental auditing principles.
Practitioner's knowledge about subject matter. Has suitable
criteria. Evaluation of internal control not required. And it is
restricted distribution (only for one party)
ANSWER-----Statements on Standards for Attestation
Engagement (SSAEs)
_________ consists of performing procedures normally
associated with an audit or special engagement (eg. inventory
observation, confirmation of receivables, summarize customer
comment cards). Scope is less than in an audit (responsibility of
user). Accountant reports procedures and findings (but no
opinion or negative assurance provided). Must restrict
distribution of report to users who established scope of
engagement.
ANSWER-----Agreed-upon procedures engagements
VERSION 2026 2027 WITH COMPLETE
QUESTIONS AND CORRECT DETAILED
ANSWERS WITH ALREADY GRADED A+
__________ report on subject matter or assertion about
subject matter. Responsibility of another party (managers &
auditor) and the responsible party acknowledges responsibility.
The CPA must be independent to perform it.
ANSWER------Attestation engagements
,_____________ is when the auditor assesses the quality of the
information.
ANSWER------Assurance
_____________ is when the auditor issues a report on the
quality of information. It is a type of assurance.
ANSWER-----Attestation
Audit is a type of ____________
ANSWER--------attestation
What are the types of attestation and levels of assurance in
order of highest to lowest?
Examination (Highest level of assurance)
ANSWER------Similar to an audit
,-High level of assurance
Review (Moderate level of assurance)
-Moderate ("negative") level of assurance
-Not allowed on certain engagements
Agreed upon procedures (Special engagement between auditor
& client)
ANSWER------Assurance depends on procedures
______________________________________ are from the
Auditing Standards Board (ASB) of the AICPA.
ANSWER-----Statements of Standards for Attestation
Engagement (SSAEs)
, ____________ is similar to fundamental auditing principles.
Practitioner's knowledge about subject matter. Has suitable
criteria. Evaluation of internal control not required. And it is
restricted distribution (only for one party)
ANSWER-----Statements on Standards for Attestation
Engagement (SSAEs)
_________ consists of performing procedures normally
associated with an audit or special engagement (eg. inventory
observation, confirmation of receivables, summarize customer
comment cards). Scope is less than in an audit (responsibility of
user). Accountant reports procedures and findings (but no
opinion or negative assurance provided). Must restrict
distribution of report to users who established scope of
engagement.
ANSWER-----Agreed-upon procedures engagements
