WGU D215 Auditing – Questions With Detailed
Solution
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Practice questions for this set
Learn 1 /7 Study using Learn
statements/representations explicit or implied, made by management, regarding
recognition, measurement, presentation, disclosure of items included in
statements
Choose an answer
1 2 types of audit services 2 COSO Framework
3 assertion 4 Attestation Services
Don't know?
Terms in this set (98)
2 types of audit services audit of financial statements, audit of internal
controls over financial reporting (ICFR)
what is audit of financial statements? purpose is to provide statement users with auditor
opinion ensuring statements are being presented in
accordance with reporting framework
, what is audit of internal controls provides statement users with opinion by auditor on
(ICFR)? design and operating effectiveness of controls
Assurance Services independent professional services that improve the
quality of information, or its context, for decision
makers
Attestation Services when independent CPA is engaged to issue report
on subject that is another party's responsibility
umbrella of audit services assurance -> attestation -> audit services
compliance audit gathering evidence to determine whether entity
under review has followed policies/regulations/etc
operational/performance audit concerned with the economy, efficiency, and
effectiveness of an organization's activities
internal audit evaluates/improves risk management, internal
control procedures, elements of governance process
management's audit responsibilities ensures statement info presented fairly, complies
with financial reporting framework
non-audit services not assurance services, CPA doesn't need to be
independent
PCAOB (Public Company Accounting overseas audits of public companies (AS: auditing
Oversight Board) standards)
COSO Framework provides guidance to management and expertise
with internal controls, risk management, fraud
deference
1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring
Solution
Save
Practice questions for this set
Learn 1 /7 Study using Learn
statements/representations explicit or implied, made by management, regarding
recognition, measurement, presentation, disclosure of items included in
statements
Choose an answer
1 2 types of audit services 2 COSO Framework
3 assertion 4 Attestation Services
Don't know?
Terms in this set (98)
2 types of audit services audit of financial statements, audit of internal
controls over financial reporting (ICFR)
what is audit of financial statements? purpose is to provide statement users with auditor
opinion ensuring statements are being presented in
accordance with reporting framework
, what is audit of internal controls provides statement users with opinion by auditor on
(ICFR)? design and operating effectiveness of controls
Assurance Services independent professional services that improve the
quality of information, or its context, for decision
makers
Attestation Services when independent CPA is engaged to issue report
on subject that is another party's responsibility
umbrella of audit services assurance -> attestation -> audit services
compliance audit gathering evidence to determine whether entity
under review has followed policies/regulations/etc
operational/performance audit concerned with the economy, efficiency, and
effectiveness of an organization's activities
internal audit evaluates/improves risk management, internal
control procedures, elements of governance process
management's audit responsibilities ensures statement info presented fairly, complies
with financial reporting framework
non-audit services not assurance services, CPA doesn't need to be
independent
PCAOB (Public Company Accounting overseas audits of public companies (AS: auditing
Oversight Board) standards)
COSO Framework provides guidance to management and expertise
with internal controls, risk management, fraud
deference
1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring
