LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions with Correct Answers

LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions with Correct Answers any independent service that improves the quality of information (financial or non-financial) - answerAssurance Services What two other services fall under the umbrella of Assurance services? - answer1. Attestation Services 2. Audit Services Name the 4 other services of Assurance services: - answer1. Risk advisory services 2. Compliance with EPA standards 3. Website security 4. Data integrity independent CPA (or practitioner) reports on subject matter (usually financial related info) prepared by someone else - answerAttestation services Is audit an attestation service? - answeryes 3 services of attestation services: - answer1. Examination of financial forecast 2. Review of historical FS 3. Examination of control process T/F: Attestation services only focus on historical financial reporting. - answerFALSE - they focus on future, historical, and IC reporting Name 2 services that fall under the Audit Service umbrella: - answer1. Historical FS 2. Internal Controls Who makes GAAP? - answerFASB What does ASB stand for? - answerAuditing Standards Board Who created/is in charge of ASB? - answerAICPA What does SAS stand for? - answerStatements on Auditing Standards What does SSAE stand for? - answerStatements on Standards for Attestation Engagements What does SQCS stand for? - answerStatements on Quality Control Standards ASB pertain to: - answerprivate comp