Audit Wiley Exam Questions and Answers with Complete Solutions 2024

Audit Wiley Exam Questions and Answers with Complete Solutions 2024 Which of the following is not a primary responsibility of an auditor: - answerProvide management with an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. The phrase "generally accepted accounting principles" is an accounting term that - answerEmcompassess the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The auditor's judgement concerning the overall fairness of the presentation of financial position, results of operations, and statement of cash flows is applied within the framework of - answerGenerally accepted accounting principles Which of the following is most likely to be unique to the audit work of CPAs as compared to work performed by practitioners of other professions? - answerIndependence An attestation engagement is one in which a CPA is engaged to - answerIssue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. An entity engaged a CPA to determine whether the client's web sites meet defined criteria for standard business practices and controls over transaction integrity and information protection. In performing this engagement, the CPA should comply with the provisions of - answerStatements on Standards for attestation engagements Which of the following activities would most likely be considered an attestation engagement? - answerIssuing a report about a firm's compliance with laws and regulations. In performing an attestation engagement, a CPA typically - answerExpresses a conclusion about the assertion on the subject matter. Which of the following professional services would be considered an attest engagement? - answerAn engagement to report on compliance with statutory requirements. Principles underlying an audit conducted in accordance with GAAS state that sufficient appropriate audit evidence is to be obtained through designing and implementing appropriate responses, i.e., by performing audit procedures, to afford a reasonable bases for an opinion regarding the financial statements under audit. The substantive evidential matter required by this standard may be obtained, in part, through - answerAnalytical procedures The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the - answerResults are consistent with the conclusions to be presented in the auditor's report. The auditor faces a risk that the examination will not detect material misstatements which occur in the accounting process. In regard to minimizing this risk, the auditor primarily relies on - answerSubstantive tests According to GAAS, which of the following terms identifies a requirement for audit evidence? - answerAppropriate An independent auditor must have which of the following? - answerTechnical training that is adequate to meet the requirements of a professional The exercise of due professional care requires that an auditor - answerCritically review the judgement exercised at every level of supervision The GAAS requirement states that due care is to be exercised in the performance of an audit is ordinarily interpreted to require - answerCritical review of the judgement exercised at every level of supervision Which of the following underlies the application of generally accepted auditing standards, particularly the standards for obtaining sufficient appropriate audit evidence? - answerThe elements of materiality and audit risk The independent auditor's plan for an examination in accordance with generally accepted auditing standards is influenced by the possibility of material misstatements. The auditor will therefore conduct the examination with an attitude of - answerProfessional skepticism Generally accepted auditing standards are - answerPronouncements issued by the Auditing Standards Board Which of the following best describes what is meant by the term generally accepted auditing standards? - answerPronouncements issued by the Auditing Standards Board As guidance for measuring the quality of the performance of an auditor, the auditor should refer to - answerGenerally accepted auditing standards In AICPA professional standards, the word should indicates an (a) - answerPresumptively mandatory requirement from which the CPA may depart in rare circumstances Interpretive publications include all of the following, except for - answerArticles in the AICPA's Journal of Accountancy