ACCT 3222-3, Wiley, LSU, Exam 1| 270 QUESTIONS| WITH COMPLETE SOLUTIONS

Audit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effectiveness of ICFR, which enhance the degree of confidence that intended users can place in the financial statements Attestation Services correct answer: Services performed when an independent practitioner, or CPA, is engaged to issue a report on subject matter that is the responsibility of another party Relationship of assurance, attestation, and auditing services from most to least improved of quality (i.e., assurance) correct answer: Audit - highest quality/reasonable assurance (i.e., historical financial statements) Attestation - mid quality/limited assurance (i.e., review of historical financial statements, examination of internal controls, review of financial forecast) Assurance - lowest quality (i.e., compilation of historical financial statements, website security, IT operations, non-financial information) Assurance Services correct answer: independent professional services that improve the quality of information, or its context, for decision makers Applicable financial reporting framewo