WGU Auditing D215 (Part 1: 1-37) – Practice
Questions With Comprehensive Solutions
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Terms in this set (37)
identify a service that falls under audit examination of historical financial statements
services
Compared to an audit of historical less extensive and also less expensive
financial statements, a review
engagement is
Assurance, attestation, and auditing taking information prepared by someone else and
are similar because all three represent comparing that information to an established set of
a common process of criteria
Which of the following is included as a Review of historical financial statements
focus of assurance services
Which of the following is a It expresses an opinion on the fair presentation of the
characteristic of an audit of historical financial statements.
financial statements?
Interpretations provide additional rules of conduct
guidance regarding the scope and
applicability of the
Which of the following provides Code of Professional Conduct
guidance to all members of the AICPA
with respect to performance of their
professional responsibilities?
, Which component of the AICPA's Rules of Conduct
Code of Professional Conduct
establishes minimum standards of
acceptable conduct in the
performance of professional services?
Which component of the AICPA's Rules of Conduct
Code of Professional Code of
Professional Conduct is enforceable
wherein members must be prepared
to justify departures?
Which of the following is the threat Familiarity Threat
that , due to a long or close
relationship with a client, a CPA will
become too sympathetic to the
client's interests or too accepting of
the client's work or product?
Which of the following is/are the communication with the client personnel, the client's
primary means of communication for industry peers and the previous auditor
gathering information while assessing
management integrity?
The requirement that the auditor have the engagement letter
access to all information needed to
perform the audit is stated in
What is the first stage of any audit? Client acceptance or a continuance decision
When is it necessary to send a new Only when the terms of the engagement have
engagement letter to a continuing changed.
client?
Which phase helps improve the The risk assessment phase
efficiency and effectiveness of the
audit?
Questions With Comprehensive Solutions
Save
Terms in this set (37)
identify a service that falls under audit examination of historical financial statements
services
Compared to an audit of historical less extensive and also less expensive
financial statements, a review
engagement is
Assurance, attestation, and auditing taking information prepared by someone else and
are similar because all three represent comparing that information to an established set of
a common process of criteria
Which of the following is included as a Review of historical financial statements
focus of assurance services
Which of the following is a It expresses an opinion on the fair presentation of the
characteristic of an audit of historical financial statements.
financial statements?
Interpretations provide additional rules of conduct
guidance regarding the scope and
applicability of the
Which of the following provides Code of Professional Conduct
guidance to all members of the AICPA
with respect to performance of their
professional responsibilities?
, Which component of the AICPA's Rules of Conduct
Code of Professional Conduct
establishes minimum standards of
acceptable conduct in the
performance of professional services?
Which component of the AICPA's Rules of Conduct
Code of Professional Code of
Professional Conduct is enforceable
wherein members must be prepared
to justify departures?
Which of the following is the threat Familiarity Threat
that , due to a long or close
relationship with a client, a CPA will
become too sympathetic to the
client's interests or too accepting of
the client's work or product?
Which of the following is/are the communication with the client personnel, the client's
primary means of communication for industry peers and the previous auditor
gathering information while assessing
management integrity?
The requirement that the auditor have the engagement letter
access to all information needed to
perform the audit is stated in
What is the first stage of any audit? Client acceptance or a continuance decision
When is it necessary to send a new Only when the terms of the engagement have
engagement letter to a continuing changed.
client?
Which phase helps improve the The risk assessment phase
efficiency and effectiveness of the
audit?
