ACG 445 Final 2024/2025 Exam
Questions and Answers | 100% Pass
low-balling - 🧠 ANSWER ✔✔deliberately underbidding for an audit
engagement to obtain a client and secure more lucrative management
advisory or consulting services
competence and diligence - 🧠 ANSWER ✔✔one of the rules of professional
conduct and repeated in GAAS, due care, requires a member to discharge
professional responsibilities with what?
expectations gap - 🧠 ANSWER ✔✔the difference between what the public
expects an audit to uncover and what the profession believes is the
purpose of an audit
modified opinion with a qualification - 🧠 ANSWER ✔✔the inability to gather
any sufficient relevant info to form the basis for an opinion would lead to
what issuance of opinion?
disclaim opinion - 🧠 ANSWER ✔✔the auditor is unable to obtain sufficient
appropriate audit evidence on which to base the opinion
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, withdraw from an engagement - 🧠 ANSWER ✔✔when the auditor
concludes that management cannot be trusted
PCAOB audit standards - 🧠 ANSWER ✔✔the required standards apply to
all public companies only
general standards of GAAS - 🧠 ANSWER ✔✔the standards that guide
auditors in issuing the audit report
field work standards of GAAS - 🧠 ANSWER ✔✔criteria for judging the
quality of audit work
limits the usefulness of audit reports - 🧠 ANSWER ✔✔auditors do not
examine all transactions, language in the audit report relies on subjective
evaluations such as what is meant by "reasonable", transactions examined
are based on materiality and risk assessment determinations
FS present fairly - 🧠 ANSWER ✔✔whether the auditor has been able to
gather sufficient evidence to warrant the statement that the FS presents
fairly
auditors responsibility is greatest - 🧠 ANSWER ✔✔the illegal acts have a
direct and material effect on FS amounts
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
Questions and Answers | 100% Pass
low-balling - 🧠 ANSWER ✔✔deliberately underbidding for an audit
engagement to obtain a client and secure more lucrative management
advisory or consulting services
competence and diligence - 🧠 ANSWER ✔✔one of the rules of professional
conduct and repeated in GAAS, due care, requires a member to discharge
professional responsibilities with what?
expectations gap - 🧠 ANSWER ✔✔the difference between what the public
expects an audit to uncover and what the profession believes is the
purpose of an audit
modified opinion with a qualification - 🧠 ANSWER ✔✔the inability to gather
any sufficient relevant info to form the basis for an opinion would lead to
what issuance of opinion?
disclaim opinion - 🧠 ANSWER ✔✔the auditor is unable to obtain sufficient
appropriate audit evidence on which to base the opinion
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, withdraw from an engagement - 🧠 ANSWER ✔✔when the auditor
concludes that management cannot be trusted
PCAOB audit standards - 🧠 ANSWER ✔✔the required standards apply to
all public companies only
general standards of GAAS - 🧠 ANSWER ✔✔the standards that guide
auditors in issuing the audit report
field work standards of GAAS - 🧠 ANSWER ✔✔criteria for judging the
quality of audit work
limits the usefulness of audit reports - 🧠 ANSWER ✔✔auditors do not
examine all transactions, language in the audit report relies on subjective
evaluations such as what is meant by "reasonable", transactions examined
are based on materiality and risk assessment determinations
FS present fairly - 🧠 ANSWER ✔✔whether the auditor has been able to
gather sufficient evidence to warrant the statement that the FS presents
fairly
auditors responsibility is greatest - 🧠 ANSWER ✔✔the illegal acts have a
direct and material effect on FS amounts
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
