AUD CPA Exam April 2024-2025 Questions Guide.
Given the standard, what is the body and description?
SAS - Correct Answer AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - Correct Answer PCAOB
issuers (public)
Given the standard, what is the body and description?
GAGAS - Correct Answer GAO
government
Given the standard, what is the body and description?
SSAE - Correct Answer AICPA
attestation, not historical financial stmts
Given the standard, what is the body and description?
SSARS - Correct Answer AICPA
unaudited of nonissuers
objective of f/s audit - Correct Answer obtain reasonable assurance the f/s is free of
material mistmt whether due to error or fraud
objective of the audit of IC over financial reporting - Correct Answer opinion on
effectiveness of IC
plan and perform audit to obtain approp. evidence to obtain reas. assurance
GAAS vs GAAP - Correct Answer GAAS: guidelines how to perform audit
GAAP: if transactions reported fairly
,unmodified vs unqualified - Correct Answer unmodified: private
unqualified: public
4 required sections of audit report (unmodified, nonissuer) - Correct Answer OBRA
-auditor's opinion
-basis for opinion
-responsibilities of management for the f/s
-auditor's responsibilities for the audit of the f/s
Key audit matter vs. critical audit matter - Correct Answer after the basis of opinion
- KAM = nonissuer
- CAM = issuer
Where in the audit report would you say the audit is in accordance with two sets of
standards? - Correct Answer Basis of Opinion paragraph
Where to site GAAS in the audit report? - Correct Answer Basis of Opinion and Auditor's
Responsibilities paragraph
Where to site GAAP in the audit report? (nonissuer) - Correct Answer Opinion paragraph
and managements responsibility paragraph
KAM - Correct Answer -optional
-not a separate opinion
-if it changes your opinion then not a KAM
-cant communicate a KAM if adverse or disclaimer
-document required
3 required sections of audit report (unmodified, issuer) - Correct Answer OBA
-Opinion section
-Basis of opinion section
, -Critical audit matters
CAM - Correct Answer -generally after O&B
-doesn't alter opinion
-only info publically aware
-usually required (except broakers, invest. etc.)
document CAM
IPAD - Correct Answer For each CAM, audit report to include
-Identification of CAM
-desc. of Principle consideration for auditor to determine was a CAM
-desc. how the CAM was Addressed
-reference to relevant f/s accounts or Disclosures
Where to site PCAOB AS in the audit report? - Correct Answer Basis of Opinion section
Where to site GAAP in the audit report? (issuer) - Correct Answer opinion on the f/s
When to file form AP? - Correct Answer by 35th day after audit report filed with SEC or 10
days if in a registration statement
Where is the framework discussed (issuer and nonissuer) in the audit report? - Correct
Answer Issue: opinion
Nonissuer: opinion and resp. of mgt for f/s
Where is the auditing standards discussed (issuer and nonissuer) in the audit report? -
Correct Answer Issuer: basis for opinion
Nonissuer: basis for opinion and auditor's resp. for audit of f/s
wording for qualified opinion due to audit issues (ex: scope limit) for a nonissuer - Correct
Answer in the auditors opinion, except for the possible effects of the matter described in
the basis for qualified opinion... fair
Given the standard, what is the body and description?
SAS - Correct Answer AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - Correct Answer PCAOB
issuers (public)
Given the standard, what is the body and description?
GAGAS - Correct Answer GAO
government
Given the standard, what is the body and description?
SSAE - Correct Answer AICPA
attestation, not historical financial stmts
Given the standard, what is the body and description?
SSARS - Correct Answer AICPA
unaudited of nonissuers
objective of f/s audit - Correct Answer obtain reasonable assurance the f/s is free of
material mistmt whether due to error or fraud
objective of the audit of IC over financial reporting - Correct Answer opinion on
effectiveness of IC
plan and perform audit to obtain approp. evidence to obtain reas. assurance
GAAS vs GAAP - Correct Answer GAAS: guidelines how to perform audit
GAAP: if transactions reported fairly
,unmodified vs unqualified - Correct Answer unmodified: private
unqualified: public
4 required sections of audit report (unmodified, nonissuer) - Correct Answer OBRA
-auditor's opinion
-basis for opinion
-responsibilities of management for the f/s
-auditor's responsibilities for the audit of the f/s
Key audit matter vs. critical audit matter - Correct Answer after the basis of opinion
- KAM = nonissuer
- CAM = issuer
Where in the audit report would you say the audit is in accordance with two sets of
standards? - Correct Answer Basis of Opinion paragraph
Where to site GAAS in the audit report? - Correct Answer Basis of Opinion and Auditor's
Responsibilities paragraph
Where to site GAAP in the audit report? (nonissuer) - Correct Answer Opinion paragraph
and managements responsibility paragraph
KAM - Correct Answer -optional
-not a separate opinion
-if it changes your opinion then not a KAM
-cant communicate a KAM if adverse or disclaimer
-document required
3 required sections of audit report (unmodified, issuer) - Correct Answer OBA
-Opinion section
-Basis of opinion section
, -Critical audit matters
CAM - Correct Answer -generally after O&B
-doesn't alter opinion
-only info publically aware
-usually required (except broakers, invest. etc.)
document CAM
IPAD - Correct Answer For each CAM, audit report to include
-Identification of CAM
-desc. of Principle consideration for auditor to determine was a CAM
-desc. how the CAM was Addressed
-reference to relevant f/s accounts or Disclosures
Where to site PCAOB AS in the audit report? - Correct Answer Basis of Opinion section
Where to site GAAP in the audit report? (issuer) - Correct Answer opinion on the f/s
When to file form AP? - Correct Answer by 35th day after audit report filed with SEC or 10
days if in a registration statement
Where is the framework discussed (issuer and nonissuer) in the audit report? - Correct
Answer Issue: opinion
Nonissuer: opinion and resp. of mgt for f/s
Where is the auditing standards discussed (issuer and nonissuer) in the audit report? -
Correct Answer Issuer: basis for opinion
Nonissuer: basis for opinion and auditor's resp. for audit of f/s
wording for qualified opinion due to audit issues (ex: scope limit) for a nonissuer - Correct
Answer in the auditors opinion, except for the possible effects of the matter described in
the basis for qualified opinion... fair
