AUDIT CPA exam 2026 -Complete Exam Study
Guide with Verified Answers |
Guaranteed A+
SAS (audit standards) ------- ✔ CORRECT ANSWER ✓✓Statements on AUDITING Standards
- used by NONissuers
- set by AICPA ASB
PCAOB AS (audit standards) ------- ✔ CORRECT ANSWER ✓✓PCAOB AUDITING Standards
- used by issuers
- set by the PCAOB
GAGAS (audit standards) ------- ✔ CORRECT ANSWER ✓✓- used by gov organizations
- set by the GAO
SSAE (attestation standards) ------- ✔ CORRECT ANSWER ✓✓Statements on Standards for
ATTESTATION Engagements
- used by attestation engagements
- set by the AICPA
- applies to examinations, reviews, or assertions on 3rd party subject matter
SSARS (accounting and review standards) ------- ✔ CORRECT ANSWER ✓✓Statements on
Standards for Accounting and Review Services
- used by NONissuers on unaudited services
, - set by the AICPA
- applies to preparation/review of FS or forecasts for NONissuers
GAAS (auditing standards) ------- ✔ CORRECT ANSWER ✓✓Generally Accepted AUDITING
Standards
- ALL audits should be performed by the audited in accordance with GAAS
purpose of an audit ------- ✔ CORRECT ANSWER ✓✓to provide FS users with an opinion on
whether the entity's FS are presented fairly in all material respects in accordance with the
applicable financial reporting framework
- auditor reports give credibility to FS
5 Steps of the Audit Process ------- ✔ CORRECT ANSWER ✓✓1. accept engagement
2. RAP (risk assessment and planning)
3. perform procedures with the evidence obtained
4. form conclusions
5. report
Professional Skepticism ------- ✔ CORRECT ANSWER ✓✓having a questioning mindset
professional judgement ------- ✔ CORRECT ANSWER ✓✓applying relevant knowledge,
experience, and training to make informed decisions
objective of the audit of internal controls over financial reporting ------- ✔ CORRECT ANSWER
✓✓- To express an opinion on the effectiveness of the company's internal controls over financial
reporting.
- To obtain reasonable assurance about whether material weaknesses exist as of the date
specified in management's assessment.
Guide with Verified Answers |
Guaranteed A+
SAS (audit standards) ------- ✔ CORRECT ANSWER ✓✓Statements on AUDITING Standards
- used by NONissuers
- set by AICPA ASB
PCAOB AS (audit standards) ------- ✔ CORRECT ANSWER ✓✓PCAOB AUDITING Standards
- used by issuers
- set by the PCAOB
GAGAS (audit standards) ------- ✔ CORRECT ANSWER ✓✓- used by gov organizations
- set by the GAO
SSAE (attestation standards) ------- ✔ CORRECT ANSWER ✓✓Statements on Standards for
ATTESTATION Engagements
- used by attestation engagements
- set by the AICPA
- applies to examinations, reviews, or assertions on 3rd party subject matter
SSARS (accounting and review standards) ------- ✔ CORRECT ANSWER ✓✓Statements on
Standards for Accounting and Review Services
- used by NONissuers on unaudited services
, - set by the AICPA
- applies to preparation/review of FS or forecasts for NONissuers
GAAS (auditing standards) ------- ✔ CORRECT ANSWER ✓✓Generally Accepted AUDITING
Standards
- ALL audits should be performed by the audited in accordance with GAAS
purpose of an audit ------- ✔ CORRECT ANSWER ✓✓to provide FS users with an opinion on
whether the entity's FS are presented fairly in all material respects in accordance with the
applicable financial reporting framework
- auditor reports give credibility to FS
5 Steps of the Audit Process ------- ✔ CORRECT ANSWER ✓✓1. accept engagement
2. RAP (risk assessment and planning)
3. perform procedures with the evidence obtained
4. form conclusions
5. report
Professional Skepticism ------- ✔ CORRECT ANSWER ✓✓having a questioning mindset
professional judgement ------- ✔ CORRECT ANSWER ✓✓applying relevant knowledge,
experience, and training to make informed decisions
objective of the audit of internal controls over financial reporting ------- ✔ CORRECT ANSWER
✓✓- To express an opinion on the effectiveness of the company's internal controls over financial
reporting.
- To obtain reasonable assurance about whether material weaknesses exist as of the date
specified in management's assessment.
