D215 Auditing WGU All Chapter Quizzes Questions and
Answers
Terms in this set (336)
Module 1-LO1.1- Differentiate between assurance, Examination of historical financial statements
attestation, and audit services. 3 multiple choice options
Identify a service that falls under audit services.
Module 1-LO1.1- Differentiate between assurance, attestation; assurance
attestation, and audit services. 3 multiple choice options
Examination of internal controls is a service that comes
under _______ services, which fall under services.
Module 1-LO1.2- Describe the different types of Generally Accepted Accounting Principles (GAAP)
assurance services. 3 multiple choice options
Within a U.S. context, the applicable financial reporting
framework is typically____.
Module 1-LO1.2- Describe the different types of A financial statement audit and an audit of the effectiveness of Internal Control
assurance services. Over Financial Reporting (ICFR)
3 multiple choice options
Which two audits does an integrated audit combine?
Module 1-LO1.3-Identify the demand for audit and government
assurance services. 3 multiple choice options
Who among the following users of the 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?
Which items are part of the organizational structure as division
detailed in the Committee of Sponsoring Organizations' 3 multiple choice options
framework?
,Module 1-LO1.3-Identify the demand for audit and reliability
assurance services. 3 multiple choice options
Since users of financial statements 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?
Module 1-LO1.4-Differentiate between the roles of the Changes in equity
financial statement preparer and the auditor. 3 multiple choice options
Which of the following falls within the purview of a
financial statement preparer?
Module 1-LO1.4- Differentiate between the roles of the Designing, implementing, and maintaining internal control relevant to the
financial statement preparer and the auditor. preparation of the financial statements.
3 multiple choice options
Management is responsible for which of the following?
Module 1-LO1.5- Identify the roles of different regulators Auditing Standards (AS)
and organizations that affect the audit profession. 3 multiple choice options
Which of the following comes under the purview of the
Public Company Accounting Oversight Board?
Module 1-LO1.5- Identify the roles of different regulators AICPA
and organizations that affect the audit profession. 3 multiple choice options
Which of the following is a private professional
membership organization of CPAs representing the
accounting profession?
Module 1-LO1.6- Describe the concepts of reasonable There is a standard report for the audit of public company financial statements
assurance, materiality, and the unqualified report on the and a standard report for the audit of private company financial statements.
audit of financial statements. 3 multiple choice options
Which statement is correct as to financial statement audit
reports for public versus private companies?
Module 1-LO1.6- Describe the concepts of reasonable high, but not absolute
assurance, materiality, and the unqualified report on the 3 multiple choice options
audit of financial statements.
With regard to financial statements, the auditor is
required to obtain reasonable assurance, which is a level
of assurance that is_ _.
, Module 1-LO1.7- Describe the concept of reasonable Material weakness
assurance and the nature of an unqualified report on 3 multiple choice options
internal controls over financial reporting.
If auditors conclude the company did not maintain
effective Internal Control Over Financial Reporting (ICFR)
over the period under audit, it would mean the auditors
discovered a/an____ in the client’s ICFR.
Module 1-LO1.7- Describe the concept of reasonable Conclusion that the company did not maintain effective Internal Control Over
assurance and the nature of an unqualified report on Financial Reporting (ICFR) over the period under audit
internal controls over financial reporting. 3 multiple choice options
Which of the following is the discovery of material
weakness?
Module 1-LO1.8- Explain the audit expectation gap. There is no guarantee the auditor will find all material fraud, should fraud have
occurred.
Which of the following beliefs will narrow the audit 3 multiple choice options
expectation gap?
Module 1-LO1.8-Explain the audit expectation gap. financial statement user's expectations
3 multiple choice options
Economic conditions impact____ _.
Module 2-LO2.1-Identify what it means to be a concern for the public interest
professional and how these traits apply to auditors.
3 multiple choice options
In defining a profession or professional, one common
characteristic is___ _.
Module 2-LO2.1-Identify what it means to be a The state boards of accountancy
professional and how these traits apply to auditors.
3 multiple choice options
Which group licenses CPAs?
Module 2-LO2.1-Identify what it means to be a Required education, pass the CPA exam, and requisite experience requirement.
professional and how these traits apply to auditors.
3 multiple choice options
What must CPAs complete to obtain licensure?
Module 2-LO2.1-Identify what it means to be a Code of Ethics
professional and how these traits apply to auditors.
3 multiple choice options
Susan, a college student, is preparing an essay. Which of
the following principles should she use to explain why a
Certified Public Accountant (CPA) is defined as a
Concern for Public Interest (CPI) professional?
Answers
Terms in this set (336)
Module 1-LO1.1- Differentiate between assurance, Examination of historical financial statements
attestation, and audit services. 3 multiple choice options
Identify a service that falls under audit services.
Module 1-LO1.1- Differentiate between assurance, attestation; assurance
attestation, and audit services. 3 multiple choice options
Examination of internal controls is a service that comes
under _______ services, which fall under services.
Module 1-LO1.2- Describe the different types of Generally Accepted Accounting Principles (GAAP)
assurance services. 3 multiple choice options
Within a U.S. context, the applicable financial reporting
framework is typically____.
Module 1-LO1.2- Describe the different types of A financial statement audit and an audit of the effectiveness of Internal Control
assurance services. Over Financial Reporting (ICFR)
3 multiple choice options
Which two audits does an integrated audit combine?
Module 1-LO1.3-Identify the demand for audit and government
assurance services. 3 multiple choice options
Who among the following users of the 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?
Which items are part of the organizational structure as division
detailed in the Committee of Sponsoring Organizations' 3 multiple choice options
framework?
,Module 1-LO1.3-Identify the demand for audit and reliability
assurance services. 3 multiple choice options
Since users of financial statements 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?
Module 1-LO1.4-Differentiate between the roles of the Changes in equity
financial statement preparer and the auditor. 3 multiple choice options
Which of the following falls within the purview of a
financial statement preparer?
Module 1-LO1.4- Differentiate between the roles of the Designing, implementing, and maintaining internal control relevant to the
financial statement preparer and the auditor. preparation of the financial statements.
3 multiple choice options
Management is responsible for which of the following?
Module 1-LO1.5- Identify the roles of different regulators Auditing Standards (AS)
and organizations that affect the audit profession. 3 multiple choice options
Which of the following comes under the purview of the
Public Company Accounting Oversight Board?
Module 1-LO1.5- Identify the roles of different regulators AICPA
and organizations that affect the audit profession. 3 multiple choice options
Which of the following is a private professional
membership organization of CPAs representing the
accounting profession?
Module 1-LO1.6- Describe the concepts of reasonable There is a standard report for the audit of public company financial statements
assurance, materiality, and the unqualified report on the and a standard report for the audit of private company financial statements.
audit of financial statements. 3 multiple choice options
Which statement is correct as to financial statement audit
reports for public versus private companies?
Module 1-LO1.6- Describe the concepts of reasonable high, but not absolute
assurance, materiality, and the unqualified report on the 3 multiple choice options
audit of financial statements.
With regard to financial statements, the auditor is
required to obtain reasonable assurance, which is a level
of assurance that is_ _.
, Module 1-LO1.7- Describe the concept of reasonable Material weakness
assurance and the nature of an unqualified report on 3 multiple choice options
internal controls over financial reporting.
If auditors conclude the company did not maintain
effective Internal Control Over Financial Reporting (ICFR)
over the period under audit, it would mean the auditors
discovered a/an____ in the client’s ICFR.
Module 1-LO1.7- Describe the concept of reasonable Conclusion that the company did not maintain effective Internal Control Over
assurance and the nature of an unqualified report on Financial Reporting (ICFR) over the period under audit
internal controls over financial reporting. 3 multiple choice options
Which of the following is the discovery of material
weakness?
Module 1-LO1.8- Explain the audit expectation gap. There is no guarantee the auditor will find all material fraud, should fraud have
occurred.
Which of the following beliefs will narrow the audit 3 multiple choice options
expectation gap?
Module 1-LO1.8-Explain the audit expectation gap. financial statement user's expectations
3 multiple choice options
Economic conditions impact____ _.
Module 2-LO2.1-Identify what it means to be a concern for the public interest
professional and how these traits apply to auditors.
3 multiple choice options
In defining a profession or professional, one common
characteristic is___ _.
Module 2-LO2.1-Identify what it means to be a The state boards of accountancy
professional and how these traits apply to auditors.
3 multiple choice options
Which group licenses CPAs?
Module 2-LO2.1-Identify what it means to be a Required education, pass the CPA exam, and requisite experience requirement.
professional and how these traits apply to auditors.
3 multiple choice options
What must CPAs complete to obtain licensure?
Module 2-LO2.1-Identify what it means to be a Code of Ethics
professional and how these traits apply to auditors.
3 multiple choice options
Susan, a college student, is preparing an essay. Which of
the following principles should she use to explain why a
Certified Public Accountant (CPA) is defined as a
Concern for Public Interest (CPI) professional?
