ACCT 3222-3, WILEY, LSU, EXAM 1
NEWEST ACTUAL EXAM 270
QUESTIONS AND CORRECT DETAILED
ANSWERS VERIFIED ANSWERS GRADED
A+
,CPAs are the only _________ accounting professionals in the
US and the ________ are issued at the ____________ level -
CORRECT ANSWER-Licensed accounting professionals in
the US.
Licenses are issued at the state level, not federal
AICPA is the _________ Committee - CORRECT ANSWER-
Accounting and Review Services Committee
Tasked with issuing Statements on Standards for Accounting
and Review Services (SSARS)
ASB members are - CORRECT ANSWER-Volunteers on the
board from AICPA peers
There are _____ state boards - CORRECT ANSWER-55
Why audit standards? - CORRECT ANSWER-1. Uniformity
2. Guidelines to measure quality of audit work
FASB makes - CORRECT ANSWER-GAAP
,State boards of Accountancy - CORRECT ANSWER-Controls
licensing. There are 55 boards
NASBA - CORRECT ANSWER-Admin of CPA application and
grade viewing
ASB makes - CORRECT ANSWER-SAS
Statements on auditing standards
PCAOB makes - CORRECT ANSWER-AS (Auditing standards)
A state board of accountancy will only issue - CORRECT
ANSWER-a licence to practice after all three Es have been
earned
CPA Es - CORRECT ANSWER-Education, Exam, and
Experience
Public companies, or issuers, in the US are required by
federal government to have - CORRECT ANSWER-an annual
financial statement audit and an ICFR audit
, Private companies, or non-issuers, are _______ to have an
annual audit by federal government, but - CORRECT
ANSWER-Not required by law, other interested users may
request audited financial statements (i.e., lenders)
ICFR - CORRECT ANSWER-Internal Control over Financial
Reporting
Integrated Audit - CORRECT ANSWER-An audit that
combines the financial statement audit with an audit of the
effectiveness of ICFR
The limitations of an audit are cause by - CORRECT
ANSWER-1. the nature of financial reporting
2. the nature of audit procedures
3. the need for the audit to be conducted within a
reasonable period of time at a reasonable cost
Audit Services - CORRECT ANSWER-services by an
independent CPA that provide financial statement users with
(1) an opinion on whether the financial statements are
presented fairly, in all material respects, in accordance with
NEWEST ACTUAL EXAM 270
QUESTIONS AND CORRECT DETAILED
ANSWERS VERIFIED ANSWERS GRADED
A+
,CPAs are the only _________ accounting professionals in the
US and the ________ are issued at the ____________ level -
CORRECT ANSWER-Licensed accounting professionals in
the US.
Licenses are issued at the state level, not federal
AICPA is the _________ Committee - CORRECT ANSWER-
Accounting and Review Services Committee
Tasked with issuing Statements on Standards for Accounting
and Review Services (SSARS)
ASB members are - CORRECT ANSWER-Volunteers on the
board from AICPA peers
There are _____ state boards - CORRECT ANSWER-55
Why audit standards? - CORRECT ANSWER-1. Uniformity
2. Guidelines to measure quality of audit work
FASB makes - CORRECT ANSWER-GAAP
,State boards of Accountancy - CORRECT ANSWER-Controls
licensing. There are 55 boards
NASBA - CORRECT ANSWER-Admin of CPA application and
grade viewing
ASB makes - CORRECT ANSWER-SAS
Statements on auditing standards
PCAOB makes - CORRECT ANSWER-AS (Auditing standards)
A state board of accountancy will only issue - CORRECT
ANSWER-a licence to practice after all three Es have been
earned
CPA Es - CORRECT ANSWER-Education, Exam, and
Experience
Public companies, or issuers, in the US are required by
federal government to have - CORRECT ANSWER-an annual
financial statement audit and an ICFR audit
, Private companies, or non-issuers, are _______ to have an
annual audit by federal government, but - CORRECT
ANSWER-Not required by law, other interested users may
request audited financial statements (i.e., lenders)
ICFR - CORRECT ANSWER-Internal Control over Financial
Reporting
Integrated Audit - CORRECT ANSWER-An audit that
combines the financial statement audit with an audit of the
effectiveness of ICFR
The limitations of an audit are cause by - CORRECT
ANSWER-1. the nature of financial reporting
2. the nature of audit procedures
3. the need for the audit to be conducted within a
reasonable period of time at a reasonable cost
Audit Services - CORRECT ANSWER-services by an
independent CPA that provide financial statement users with
(1) an opinion on whether the financial statements are
presented fairly, in all material respects, in accordance with
