Auditing WGU D215 – Questions With Right
Solutions
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Terms in this set (117)
Identify a service that falls under audit Examination of historical financial statements
services.
Compilation of historical financial
statements
Review of financial forecast
Examination of historical financial
statements
Inspection of website security
Examination of internal controls is a attestation; assurance
service that comes under _______
services, which fall under _______ Attestation services (under the umbrella of assurance
services. services) include review of historical financial
assurance; attestation statements, review of financial forecast, and
attestation; assurance examination of internal control.
attestation; audit
acceptable; assurance
Within a U.S. context, the applicable Generally Accepted Accounting Principles (GAAP)
financial reporting framework is
typically _______.
American Accounting Association
(AAA)
Internationl Auditing and Assurance
Standards Board (IAASB)
Generally Accepted Accounting
Principles (GAAP)
Financial Accounting Standards Board
(FASB)
,Which two audits does an integrated A financial statement audit and an audit of the
audit combine? effectiveness of Internal Control Over Financial
A compliance audit and an audit of Reporting (ICFR)
the effectiveness of Internal Control
Over Financial Reporting (ICFR)
A financial statement audit and a
compliance audit
A financial statement audit and an
audit of the effectiveness of Internal
Control Over Financial Reporting
(ICFR)
A performance audit and an
environmental audit
Who among the following users of the government
financial statement of a company may
be particularly interested in evaluating
whether the company is paying a fair
amount of taxes given its reported
earnings, and to gain a better
understanding of the company's
activities?
government
employees
general pubic
customers
Since users of financial statements reliability
make financial decisions that have real
consequences, it is very important that
users can depend on the information
contained in the financial statements.
What term captures this problem?
reliability
competing incentives
remoteness
complexity
,Which of the following falls within the Changes in equity
purview of a financial statement
preparer?
Independent audit
Changes in equity
Business valuation
Mergers and acquisitions
Management is responsible for which Designing, implementing, and maintaining internal
of the following? control relevant to the preparation of the financial
Preparing financial statements which statements.
will please the board of directors and
investors.
Designing, implementing, and
maintaining internal control relevant
to the preparation of the financial
statements.
Preparing financial statements in
accordance with the appropriate
auditing standards.
Issuing an opinion on whether the
financial statements are presented
fairly in accordance with the
appropriate financial reporting
framework.
Which of the following comes under Auditing Standards (AS)
the purview of the Public Company
Accounting Oversight Board?
Auditing Standards (AS)
Statements on Standards for
Attestation Engagement (SSAE)
Statements on Quality Control
Standards (SQCS)
Statements on Auditing Standards
(SAS)
, Which of the following is a private AICPA
professional membership organization
of CPAs representing the accounting
profession?
IAASB
AICPA
ASB
PCAOB
Which statement is correct as to There is a standard report for the audit of public
financial statement audit reports for company financial statements and a standard report
public versus private companies? for the audit of private company financial statements.
There is a standard report for the audit
of private company financial
statements but none for auditing
public company financial statements.
There is a standard report for the audit
of public company financial
statements and a standard report for
the audit of private company financial
statements.
There is a standard report for the audit
of public company financial
statements but none for auditing
private company financial statements.
There is no distinction between
standard reports for the audit of
financial statements, regardless of
whether the company is private or
public.
With regard to financial statements, high, but not absolute
the auditor is required to obtain
reasonable assurance, which is a level
of assurance that is _______.
subjective and not absolute
100%, but not objective
high, but not absolute
guaranteed and absolute
Solutions
Save
Terms in this set (117)
Identify a service that falls under audit Examination of historical financial statements
services.
Compilation of historical financial
statements
Review of financial forecast
Examination of historical financial
statements
Inspection of website security
Examination of internal controls is a attestation; assurance
service that comes under _______
services, which fall under _______ Attestation services (under the umbrella of assurance
services. services) include review of historical financial
assurance; attestation statements, review of financial forecast, and
attestation; assurance examination of internal control.
attestation; audit
acceptable; assurance
Within a U.S. context, the applicable Generally Accepted Accounting Principles (GAAP)
financial reporting framework is
typically _______.
American Accounting Association
(AAA)
Internationl Auditing and Assurance
Standards Board (IAASB)
Generally Accepted Accounting
Principles (GAAP)
Financial Accounting Standards Board
(FASB)
,Which two audits does an integrated A financial statement audit and an audit of the
audit combine? effectiveness of Internal Control Over Financial
A compliance audit and an audit of Reporting (ICFR)
the effectiveness of Internal Control
Over Financial Reporting (ICFR)
A financial statement audit and a
compliance audit
A financial statement audit and an
audit of the effectiveness of Internal
Control Over Financial Reporting
(ICFR)
A performance audit and an
environmental audit
Who among the following users of the government
financial statement of a company may
be particularly interested in evaluating
whether the company is paying a fair
amount of taxes given its reported
earnings, and to gain a better
understanding of the company's
activities?
government
employees
general pubic
customers
Since users of financial statements reliability
make financial decisions that have real
consequences, it is very important that
users can depend on the information
contained in the financial statements.
What term captures this problem?
reliability
competing incentives
remoteness
complexity
,Which of the following falls within the Changes in equity
purview of a financial statement
preparer?
Independent audit
Changes in equity
Business valuation
Mergers and acquisitions
Management is responsible for which Designing, implementing, and maintaining internal
of the following? control relevant to the preparation of the financial
Preparing financial statements which statements.
will please the board of directors and
investors.
Designing, implementing, and
maintaining internal control relevant
to the preparation of the financial
statements.
Preparing financial statements in
accordance with the appropriate
auditing standards.
Issuing an opinion on whether the
financial statements are presented
fairly in accordance with the
appropriate financial reporting
framework.
Which of the following comes under Auditing Standards (AS)
the purview of the Public Company
Accounting Oversight Board?
Auditing Standards (AS)
Statements on Standards for
Attestation Engagement (SSAE)
Statements on Quality Control
Standards (SQCS)
Statements on Auditing Standards
(SAS)
, Which of the following is a private AICPA
professional membership organization
of CPAs representing the accounting
profession?
IAASB
AICPA
ASB
PCAOB
Which statement is correct as to There is a standard report for the audit of public
financial statement audit reports for company financial statements and a standard report
public versus private companies? for the audit of private company financial statements.
There is a standard report for the audit
of private company financial
statements but none for auditing
public company financial statements.
There is a standard report for the audit
of public company financial
statements and a standard report for
the audit of private company financial
statements.
There is a standard report for the audit
of public company financial
statements but none for auditing
private company financial statements.
There is no distinction between
standard reports for the audit of
financial statements, regardless of
whether the company is private or
public.
With regard to financial statements, high, but not absolute
the auditor is required to obtain
reasonable assurance, which is a level
of assurance that is _______.
subjective and not absolute
100%, but not objective
high, but not absolute
guaranteed and absolute
