Audit and Assurance Exam 1
– Study Guide & Practice
Questions
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Terms in this set (124)
which if the following bodies develops auditing c.) The American Institute of Certified Public Accountants
standard that apply to nonpublic companies
a.) The U.S. Securities and Exchange Commission
b.) The Public Company Accounting Oversight
Board
c.) The American Insitute of Certified Public
Accountants
d.) The Financial Accounting Standards Board
which of the following Boards has the responsibility c.) Public Company Accounting Oversight Board
to regulate CPA firms that audit public companies?
a.) Auditing Standards Board
b.) Public Oversight Board
c.) Public Company Accounting Oversight Board
d.) Accounting Standards Board
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which of the following statements is correct c.) an auditor's responsibilities for audited financial statements are
concerning an auditor's responsibilities regarding confined to the expression of the auditor's opinion
financial statements?
a.) an auditor will assemble an entity's financial
statements based on information provided by
management
b.) the adoption of sound accounting policies is an
implicit part of an auditor's responsibilities
c.) an auditor's responsibilities for audited financial
statements are confined to the expression of the
auditor's opinion
d.) making suggestions that are adopted about an
entity's internal control environment impairs an
auditor's independence
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Which of the following best described what is c.) Standard on auditing standards issued by the Auditing Standards
meant by the term generally accepted auditing Board
standards?
a.) rules acknowledged by the accounting
profession because of their universal application
b.) auditing procedures issued by the American
Institute of Certified Public Accountants
c.) Statements on auditing standards issued by the
Auditing Standard Board
d.) Procedures to be used to gather evidence to
support financial statements
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