Becker CPA Exam Audit Chapter A1 -Complete
Exam Study Guide with Verified Answers |
Guaranteed A+
Statements on Auditing Standards (SAS) ------- ✔ CORRECT ANSWER ✓✓AICPA; Nonissuers;
private company
Non-Issuers ------- ✔ CORRECT ANSWER ✓✓Private
Issuers ------- ✔ CORRECT ANSWER ✓✓Public
Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) ------- ✔ CORRECT
ANSWER ✓✓Public; Issuers; Public Company
Generally Accepted Government Auditing Standards (GAGAS) ------- ✔ CORRECT ANSWER
✓✓Governmental; government
Statements on Standards for Attestation Engagements ------- ✔ CORRECT ANSWER ✓✓AT-C;
AICPA; Examination, Review, or Agreed-Upon Procedures
Statements on Standards for Accounting and Review Services ------- ✔ CORRECT ANSWER
✓✓AR-C; AICPA; Unaudited financial statements for non-issuers; Private Company
Most Authoritative ------- ✔ CORRECT ANSWER ✓✓SAS (Nonissuers) and PCAOB AS (Issuers)
, "Must" or "Is Required" ------- ✔ CORRECT ANSWER ✓✓Indicates an unconditional requirement
"Should" ------- ✔ CORRECT ANSWER ✓✓Indicates a presumptively mandatory requirement
"May", "Might", and "Could" ------- ✔ CORRECT ANSWER ✓✓Indicate explanatory material that
does not impose a professional requirement for performance
Management Responsibilities ------- ✔ CORRECT ANSWER ✓✓1.) Financial Statements
2.) Internal Control
Auditor Responsibilities ------- ✔ CORRECT ANSWER ✓✓Attest function (opinion)
Professional Skepticism ------- ✔ CORRECT ANSWER ✓✓-Professional Judgement (make
assessment yourself, each year)
-Plan and perform the audit with professional skepticism
Conditions that indicate possible fraud ------- ✔ CORRECT ANSWER ✓✓Pressure, Opportunity,
and Rationalization
Ethical Requirements ------- ✔ CORRECT ANSWER ✓✓-Independent
-Independent in both fact and appearance
Professional Judgment ------- ✔ CORRECT ANSWER ✓✓Exercise professional judgment in
planning and performing an audit
Nature, Extent, Timing ------- ✔ CORRECT ANSWER ✓✓NET
Exam Study Guide with Verified Answers |
Guaranteed A+
Statements on Auditing Standards (SAS) ------- ✔ CORRECT ANSWER ✓✓AICPA; Nonissuers;
private company
Non-Issuers ------- ✔ CORRECT ANSWER ✓✓Private
Issuers ------- ✔ CORRECT ANSWER ✓✓Public
Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) ------- ✔ CORRECT
ANSWER ✓✓Public; Issuers; Public Company
Generally Accepted Government Auditing Standards (GAGAS) ------- ✔ CORRECT ANSWER
✓✓Governmental; government
Statements on Standards for Attestation Engagements ------- ✔ CORRECT ANSWER ✓✓AT-C;
AICPA; Examination, Review, or Agreed-Upon Procedures
Statements on Standards for Accounting and Review Services ------- ✔ CORRECT ANSWER
✓✓AR-C; AICPA; Unaudited financial statements for non-issuers; Private Company
Most Authoritative ------- ✔ CORRECT ANSWER ✓✓SAS (Nonissuers) and PCAOB AS (Issuers)
, "Must" or "Is Required" ------- ✔ CORRECT ANSWER ✓✓Indicates an unconditional requirement
"Should" ------- ✔ CORRECT ANSWER ✓✓Indicates a presumptively mandatory requirement
"May", "Might", and "Could" ------- ✔ CORRECT ANSWER ✓✓Indicate explanatory material that
does not impose a professional requirement for performance
Management Responsibilities ------- ✔ CORRECT ANSWER ✓✓1.) Financial Statements
2.) Internal Control
Auditor Responsibilities ------- ✔ CORRECT ANSWER ✓✓Attest function (opinion)
Professional Skepticism ------- ✔ CORRECT ANSWER ✓✓-Professional Judgement (make
assessment yourself, each year)
-Plan and perform the audit with professional skepticism
Conditions that indicate possible fraud ------- ✔ CORRECT ANSWER ✓✓Pressure, Opportunity,
and Rationalization
Ethical Requirements ------- ✔ CORRECT ANSWER ✓✓-Independent
-Independent in both fact and appearance
Professional Judgment ------- ✔ CORRECT ANSWER ✓✓Exercise professional judgment in
planning and performing an audit
Nature, Extent, Timing ------- ✔ CORRECT ANSWER ✓✓NET
