AUD Exam Questions with 100% Correct Answers | Graded A+

What does TID stand for in the GAAS general standards?-Training, Independence, and Due professional care What does PIE stand for in the standards of field work?-Planning and supervision, Internal Control, and Evidence What does GCDO stand for in the standards of reporting?-GAAP, Consistency, Disclosure, and Opinion When is an adverse opinion rendered?-When a severe GAAP departure is present in the financial statements. What are the two main differences between the standards of attestation and the auditing standards?- The attestation standards and generally accepted auditing standards differ conceptually in two main areas: 1) the attestation standards provide a framework for the attest function beyond historical financial statements; and 2) the attestation standards provide for the growing number of attest services in which the practitioner expresses assurances in forms other than the positive opinion. Formula for days sales in acc receivable?-Acc rec / credit sales per day.Credit sales per day = Total credit sales / 365. Adj entry for wages at end of year that weren't recorded:-DR: Operating expensesCR: Accrued wages payable(accrued liab) Why would an auditor modify the auditor's report based on the work of a specialist?-If there is a difference between the specialist's valuation of an asset and the client's. who should make up the audit committee?-members of the board or directors who are not officers or employees what are the 3 general standards?-adequete training, independence of mental attitude, and due professional care 3 fieldwork standards?-adequete planning, understanding the entity and its internal control, sufficient and appropriate audit evidence the auditors judgment of the overall fairness of the financial statements is applied within the framework of?-generally accepted audit principles what does the auditor primarily use to come up with materiality?-the prior year financial statements basics of independence concerning a close relative?