Becker CPA Exam- Audit Chapter A1 || with 100% correct
answers.
Statements on Auditing Standards (SAS) correct answers AICPA; Nonissuers; private company
Non-Issuers correct answers Private
Issuers correct answers Public
Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) correct answers
Public; Issuers; Public Company
Generally Accepted Government Auditing Standards (GAGAS) correct answers Governmental;
government
Statements on Standards for Attestation Engagements correct answers AT-C; AICPA;
Examination, Review, or Agreed-Upon Procedures
Statements on Standards for Accounting and Review Services correct answers AR-C; AICPA;
Unaudited financial statements for non-issuers; Private Company
Most Authoritative correct answers SAS (Nonissuers) and PCAOB AS (Issuers)
"Must" or "Is Required" correct answers Indicates an unconditional requirement
"Should" correct answers Indicates a presumptively mandatory requirement
, "May", "Might", and "Could" correct answers Indicate explanatory material that does not impose
a professional requirement for performance
Management Responsibilities correct answers 1.) Financial Statements
2.) Internal Control
Auditor Responsibilities correct answers Attest function (opinion)
Professional Skepticism correct answers -Professional Judgement (make assessment yourself,
each year)
-Plan and perform the audit with professional skepticism
Conditions that indicate possible fraud correct answers Pressure, Opportunity, and
Rationalization
Ethical Requirements correct answers -Independent
-Independent in both fact and appearance
Professional Judgment correct answers Exercise professional judgment in planning and
performing an audit
Nature, Extent, Timing correct answers NET
Evaluating whether sufficient, appropriate evidence has been obtained correct answers Supports
the audit opinion (not the financial statement)
Compliance with GAAS correct answers Modify the auditor's opinion or withdraw from the
engagement
answers.
Statements on Auditing Standards (SAS) correct answers AICPA; Nonissuers; private company
Non-Issuers correct answers Private
Issuers correct answers Public
Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) correct answers
Public; Issuers; Public Company
Generally Accepted Government Auditing Standards (GAGAS) correct answers Governmental;
government
Statements on Standards for Attestation Engagements correct answers AT-C; AICPA;
Examination, Review, or Agreed-Upon Procedures
Statements on Standards for Accounting and Review Services correct answers AR-C; AICPA;
Unaudited financial statements for non-issuers; Private Company
Most Authoritative correct answers SAS (Nonissuers) and PCAOB AS (Issuers)
"Must" or "Is Required" correct answers Indicates an unconditional requirement
"Should" correct answers Indicates a presumptively mandatory requirement
, "May", "Might", and "Could" correct answers Indicate explanatory material that does not impose
a professional requirement for performance
Management Responsibilities correct answers 1.) Financial Statements
2.) Internal Control
Auditor Responsibilities correct answers Attest function (opinion)
Professional Skepticism correct answers -Professional Judgement (make assessment yourself,
each year)
-Plan and perform the audit with professional skepticism
Conditions that indicate possible fraud correct answers Pressure, Opportunity, and
Rationalization
Ethical Requirements correct answers -Independent
-Independent in both fact and appearance
Professional Judgment correct answers Exercise professional judgment in planning and
performing an audit
Nature, Extent, Timing correct answers NET
Evaluating whether sufficient, appropriate evidence has been obtained correct answers Supports
the audit opinion (not the financial statement)
Compliance with GAAS correct answers Modify the auditor's opinion or withdraw from the
engagement
