D215 Auditing WGU All Chapter Quizzes –
Questions & A+ Solutions
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Terms in this set (336)
Module 1-LO1.1- Differentiate between Examination of historical financial statements
assurance, attestation, and audit 3 multiple choice options
services.
Identify a service that falls under audit
services.
Module 1-LO1.1- Differentiate between attestation; assurance
assurance, attestation, and audit 3 multiple choice options
services.
Examination of internal controls is a
service that comes under _______
services, which fall under _______
services.
Module 1-LO1.2- Describe the Generally Accepted Accounting Principles (GAAP)
different types of assurance services. 3 multiple choice options
Within a U.S. context, the applicable
financial reporting framework is
typically _______.
Module 1-LO1.2- Describe the A financial statement audit and an audit of the
different types of assurance services. effectiveness of Internal Control Over Financial
Reporting (ICFR)
Which two audits does an integrated 3 multiple choice options
audit combine?
,Module 1-LO1.3-Identify the demand government
for audit and assurance services. 3 multiple choice options
Who among the following users of the
financial statement of a company may
be particularly interested in evaluating
whether the company is paying a fair
amount of taxes given its reported
earnings, and to gain a better
understanding of the company’s
activities?
Which items are part of the division
organizational structure as detailed in 3 multiple choice options
the Committee of Sponsoring
Organizations' framework?
Module 1-LO1.3-Identify the demand reliability
for audit and assurance services. 3 multiple choice options
Since users of financial statements
make financial decisions that have real
consequences, it is very important that
users can depend on the information
contained in the financial statements.
What term captures this problem?
Module 1-LO1.4-Differentiate between Changes in equity
the roles of the financial statement 3 multiple choice options
preparer and the auditor.
Which of the following falls within the
purview of a financial statement
preparer?
,Module 1-LO1.4- Differentiate Designing, implementing, and maintaining internal
between the roles of the financial control relevant to the preparation of the financial
statement preparer and the auditor. statements.
3 multiple choice options
Management is responsible for which
of the following?
Module 1-LO1.5- Identify the roles of Auditing Standards (AS)
different regulators and organizations 3 multiple choice options
that affect the audit profession.
Which of the following comes under
the purview of the Public Company
Accounting Oversight Board?
Module 1-LO1.5- Identify the roles of AICPA
different regulators and organizations 3 multiple choice options
that affect the audit profession.
Which of the following is a private
professional membership organization
of CPAs representing the accounting
profession?
Module 1-LO1.6- Describe the There is a standard report for the audit of public
concepts of reasonable assurance, company financial statements and a standard report
materiality, and the unqualified report for the audit of private company financial statements.
on the audit of financial statements. 3 multiple choice options
Which statement is correct as to
financial statement audit reports for
public versus private companies?
, Module 1-LO1.6- Describe the high, but not absolute
concepts of reasonable assurance, 3 multiple choice options
materiality, and the unqualified report
on the audit of financial statements.
With regard to financial statements,
the auditor is required to obtain
reasonable assurance, which is a level
of assurance that is _______.
Module 1-LO1.7- Describe the concept Material weakness
of reasonable assurance and the 3 multiple choice options
nature of an unqualified report on
internal controls over financial
reporting.
If auditors conclude the company did
not maintain effective Internal Control
Over Financial Reporting (ICFR) over
the period under audit, it would mean
the auditors discovered a/an _______ in
the client’s ICFR.
Module 1-LO1.7- Describe the concept Conclusion that the company did not maintain
of reasonable assurance and the effective Internal Control Over Financial Reporting
nature of an unqualified report on (ICFR) over the period under audit
internal controls over financial 3 multiple choice options
reporting.
Which of the following is the
discovery of material weakness?
Module 1-LO1.8- Explain the audit There is no guarantee the auditor will find all material
expectation gap. fraud, should fraud have occurred.
3 multiple choice options
Which of the following beliefs will
narrow the audit expectation gap?
Questions & A+ Solutions
Save
Terms in this set (336)
Module 1-LO1.1- Differentiate between Examination of historical financial statements
assurance, attestation, and audit 3 multiple choice options
services.
Identify a service that falls under audit
services.
Module 1-LO1.1- Differentiate between attestation; assurance
assurance, attestation, and audit 3 multiple choice options
services.
Examination of internal controls is a
service that comes under _______
services, which fall under _______
services.
Module 1-LO1.2- Describe the Generally Accepted Accounting Principles (GAAP)
different types of assurance services. 3 multiple choice options
Within a U.S. context, the applicable
financial reporting framework is
typically _______.
Module 1-LO1.2- Describe the A financial statement audit and an audit of the
different types of assurance services. effectiveness of Internal Control Over Financial
Reporting (ICFR)
Which two audits does an integrated 3 multiple choice options
audit combine?
,Module 1-LO1.3-Identify the demand government
for audit and assurance services. 3 multiple choice options
Who among the following users of the
financial statement of a company may
be particularly interested in evaluating
whether the company is paying a fair
amount of taxes given its reported
earnings, and to gain a better
understanding of the company’s
activities?
Which items are part of the division
organizational structure as detailed in 3 multiple choice options
the Committee of Sponsoring
Organizations' framework?
Module 1-LO1.3-Identify the demand reliability
for audit and assurance services. 3 multiple choice options
Since users of financial statements
make financial decisions that have real
consequences, it is very important that
users can depend on the information
contained in the financial statements.
What term captures this problem?
Module 1-LO1.4-Differentiate between Changes in equity
the roles of the financial statement 3 multiple choice options
preparer and the auditor.
Which of the following falls within the
purview of a financial statement
preparer?
,Module 1-LO1.4- Differentiate Designing, implementing, and maintaining internal
between the roles of the financial control relevant to the preparation of the financial
statement preparer and the auditor. statements.
3 multiple choice options
Management is responsible for which
of the following?
Module 1-LO1.5- Identify the roles of Auditing Standards (AS)
different regulators and organizations 3 multiple choice options
that affect the audit profession.
Which of the following comes under
the purview of the Public Company
Accounting Oversight Board?
Module 1-LO1.5- Identify the roles of AICPA
different regulators and organizations 3 multiple choice options
that affect the audit profession.
Which of the following is a private
professional membership organization
of CPAs representing the accounting
profession?
Module 1-LO1.6- Describe the There is a standard report for the audit of public
concepts of reasonable assurance, company financial statements and a standard report
materiality, and the unqualified report for the audit of private company financial statements.
on the audit of financial statements. 3 multiple choice options
Which statement is correct as to
financial statement audit reports for
public versus private companies?
, Module 1-LO1.6- Describe the high, but not absolute
concepts of reasonable assurance, 3 multiple choice options
materiality, and the unqualified report
on the audit of financial statements.
With regard to financial statements,
the auditor is required to obtain
reasonable assurance, which is a level
of assurance that is _______.
Module 1-LO1.7- Describe the concept Material weakness
of reasonable assurance and the 3 multiple choice options
nature of an unqualified report on
internal controls over financial
reporting.
If auditors conclude the company did
not maintain effective Internal Control
Over Financial Reporting (ICFR) over
the period under audit, it would mean
the auditors discovered a/an _______ in
the client’s ICFR.
Module 1-LO1.7- Describe the concept Conclusion that the company did not maintain
of reasonable assurance and the effective Internal Control Over Financial Reporting
nature of an unqualified report on (ICFR) over the period under audit
internal controls over financial 3 multiple choice options
reporting.
Which of the following is the
discovery of material weakness?
Module 1-LO1.8- Explain the audit There is no guarantee the auditor will find all material
expectation gap. fraud, should fraud have occurred.
3 multiple choice options
Which of the following beliefs will
narrow the audit expectation gap?
