LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1
Quizzes Exam With Complete Solutions Graded
A+
QUESTIONS AND ANSWERS
any independent service that improves the quality of information (financial or non-financial).
ANSWER -Assurance Services
What two other services fall under the umbrella of Assurance services?. ANSWER -1.
Attestation Services
2. Audit Services
Name the 4 other services of Assurance services:. ANSWER -1. 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. ANSWER -Attestation services
Is audit an attestation service?. ANSWER -yes
3 services of attestation services:. ANSWER -1. Examination of financial forecast
2. Review of historical FS
3. Examination of control process
T/F: Attestation services only focus on historical financial reporting.. ANSWER -FALSE -
they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella:. ANSWER -1. Historical FS
2. Internal Controls
, Who makes GAAP?. ANSWER -FASB
What does ASB stand for?. ANSWER -Auditing Standards Board
Who created/is in charge of ASB?. ANSWER -AICPA
What does SAS stand for?. ANSWER -Statements on Auditing Standards
What does SSAE stand for?. ANSWER -Statements on Standards for Attestation
Engagements
What does SQCS stand for?. ANSWER -Statements on Quality Control Standards
ASB pertain to:. ANSWER -private companies
What does PCAOB stand for?. ANSWER -Public Companies Accounting Oversight Board
What does AS stand for?. ANSWER -Auditing Standards (public company)
AS pertains to:. ANSWER -public companies
a privately funded organization whose mission is to establish financial accounting and
reporting standards for nongovernmental entities with the goal of providing information
that is useful for decision making. ANSWER -FASB
Who maintains the ASC? What does it stand for? What is it usually referred to as?.
ANSWER -FASB maintains the Accounting Standards Codification. Usually referred to as
GAAP.
an independent private sector group that focuses on providing guidance to management and
expertise in the areas of internal control, enterprise risk management, and fraud deterrence.
ANSWER -COSO
Quizzes Exam With Complete Solutions Graded
A+
QUESTIONS AND ANSWERS
any independent service that improves the quality of information (financial or non-financial).
ANSWER -Assurance Services
What two other services fall under the umbrella of Assurance services?. ANSWER -1.
Attestation Services
2. Audit Services
Name the 4 other services of Assurance services:. ANSWER -1. 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. ANSWER -Attestation services
Is audit an attestation service?. ANSWER -yes
3 services of attestation services:. ANSWER -1. Examination of financial forecast
2. Review of historical FS
3. Examination of control process
T/F: Attestation services only focus on historical financial reporting.. ANSWER -FALSE -
they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella:. ANSWER -1. Historical FS
2. Internal Controls
, Who makes GAAP?. ANSWER -FASB
What does ASB stand for?. ANSWER -Auditing Standards Board
Who created/is in charge of ASB?. ANSWER -AICPA
What does SAS stand for?. ANSWER -Statements on Auditing Standards
What does SSAE stand for?. ANSWER -Statements on Standards for Attestation
Engagements
What does SQCS stand for?. ANSWER -Statements on Quality Control Standards
ASB pertain to:. ANSWER -private companies
What does PCAOB stand for?. ANSWER -Public Companies Accounting Oversight Board
What does AS stand for?. ANSWER -Auditing Standards (public company)
AS pertains to:. ANSWER -public companies
a privately funded organization whose mission is to establish financial accounting and
reporting standards for nongovernmental entities with the goal of providing information
that is useful for decision making. ANSWER -FASB
Who maintains the ASC? What does it stand for? What is it usually referred to as?.
ANSWER -FASB maintains the Accounting Standards Codification. Usually referred to as
GAAP.
an independent private sector group that focuses on providing guidance to management and
expertise in the areas of internal control, enterprise risk management, and fraud deterrence.
ANSWER -COSO
