Auditing Theory Exam 1 questions and 100% correct answers
Why is there a demand for auditing? - correct answer Auditing can have a significant effect on information risk. Assurance service - correct answer An independent professional service that improves the quality of information for decision makers. Attestation service - correct answer A type of assurance service in which the CPA firm issues a report about the reliability of an assertion that is the responsibility of another party. What are the five categories of attestation services? - correct answer 1.Audit of historical financial statements. 2.Attestation of internal control over financial reporting. 3. Review of historical financial statements. 4.Attestation services on information technology. 5. Other attestation services. Non assurance services offered by CPAs. - correct answer 1. Accounting and bookkeeping services. 2. Tax services 3. Management consulting services. Other assurance services - correct answer 1. Compliance and trading policies and procedures. 2. Compliance with entertainment royalty agreements. 3. ISO 900 certification 4. Environmental audit What are the three types of audits? - correct answer 1. Operational
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