AUD QUIZ WITH 100% CORRECT
ANSWERS [GRADED A+]
Generally Accepted Auditing Standards (GAAS) - ✔✔The standards by
which the quality of the auditor's performance is judged
Generally Accepted Accounting Principles (GAAP) - ✔✔The standards by
which the quality of the financial statements are judged
Auditor's Primary Role - ✔✔To provide an impartial (independent)
assessment of the reliability of management's financial statements
Statements on Auditing Standards (SASs) - ✔✔Pronouncements issued
by the Auditing Standards Board of the AICPA that serve as interpretations
of GAAS
©morren2026/2027.Year published 2026.
, Administration of Quality Control System - ✔✔May be vested in one
person but everyone shares responsibility
Types of Tests of Details - ✔✔1. Tests of ending balances 2. Tests of
transactions
Types of Substantive Audit Procedures - ✔✔1. Analytical Procedures 2.
Tests of details
Reasons for a Disclaimer of Opinion - ✔✔1. Lack of independence 2.
Major scope limitation
Types of Opinions - ✔✔1. Unqualified 2. Qualified 3. Adverse 4.
Disclaimer
Compilation - ✔✔When the CPA assembles into financial statement
format the financial records of a private company, without expressing any
degree of assurance on the reliability of those financial statements
©morren2026/2027.Year published 2026.
ANSWERS [GRADED A+]
Generally Accepted Auditing Standards (GAAS) - ✔✔The standards by
which the quality of the auditor's performance is judged
Generally Accepted Accounting Principles (GAAP) - ✔✔The standards by
which the quality of the financial statements are judged
Auditor's Primary Role - ✔✔To provide an impartial (independent)
assessment of the reliability of management's financial statements
Statements on Auditing Standards (SASs) - ✔✔Pronouncements issued
by the Auditing Standards Board of the AICPA that serve as interpretations
of GAAS
©morren2026/2027.Year published 2026.
, Administration of Quality Control System - ✔✔May be vested in one
person but everyone shares responsibility
Types of Tests of Details - ✔✔1. Tests of ending balances 2. Tests of
transactions
Types of Substantive Audit Procedures - ✔✔1. Analytical Procedures 2.
Tests of details
Reasons for a Disclaimer of Opinion - ✔✔1. Lack of independence 2.
Major scope limitation
Types of Opinions - ✔✔1. Unqualified 2. Qualified 3. Adverse 4.
Disclaimer
Compilation - ✔✔When the CPA assembles into financial statement
format the financial records of a private company, without expressing any
degree of assurance on the reliability of those financial statements
©morren2026/2027.Year published 2026.
