LSU ACCT 3222 LAURA WILEY -
CHAPTER 1 EXAM 1 QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS
100% CORRECT!!!
any independent service that improves the quality of information (financial or non-
financial) - ANSWER✔✔ Assurance Services
What two other services fall under the umbrella of Assurance services? -
ANSWER✔✔ 1. Attestation Services
2. Audit Services
Name the 4 other services of Assurance services: - ANSWER✔✔ 1. Risk advisory
services
2. Compliance with EPA standards
3. Website security
4. Data integrity
independent CPA (or practitioner) reports on subject matter (usually financial
related info) prepared by someone else - ANSWER✔✔ Attestation services
Is audit an attestation service? - ANSWER✔✔ yes
3 services of attestation services: - ANSWER✔✔ 1. Examination of financial
forecast
2. Review of historical FS
3. Examination of control process
, T/F: Attestation services only focus on historical financial reporting. -
ANSWER✔✔ FALSE - they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella: - ANSWER✔✔ 1.
Historical FS
2. Internal Controls
Who makes GAAP? - ANSWER✔✔ FASB
What does ASB stand for? - ANSWER✔✔ Auditing Standards Board
Who created/is in charge of ASB? - ANSWER✔✔ AICPA
What does SAS stand for? - ANSWER✔✔ Statements on Auditing Standards
What does SSAE stand for? - ANSWER✔✔ Statements on Standards for
Attestation Engagements
What does SQCS stand for? - ANSWER✔✔ Statements on Quality Control
Standards
ASB pertain to: - ANSWER✔✔ private companies
What does PCAOB stand for? - ANSWER✔✔ Public Companies Accounting
Oversight Board
CHAPTER 1 EXAM 1 QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS
100% CORRECT!!!
any independent service that improves the quality of information (financial or non-
financial) - ANSWER✔✔ Assurance Services
What two other services fall under the umbrella of Assurance services? -
ANSWER✔✔ 1. Attestation Services
2. Audit Services
Name the 4 other services of Assurance services: - ANSWER✔✔ 1. Risk advisory
services
2. Compliance with EPA standards
3. Website security
4. Data integrity
independent CPA (or practitioner) reports on subject matter (usually financial
related info) prepared by someone else - ANSWER✔✔ Attestation services
Is audit an attestation service? - ANSWER✔✔ yes
3 services of attestation services: - ANSWER✔✔ 1. Examination of financial
forecast
2. Review of historical FS
3. Examination of control process
, T/F: Attestation services only focus on historical financial reporting. -
ANSWER✔✔ FALSE - they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella: - ANSWER✔✔ 1.
Historical FS
2. Internal Controls
Who makes GAAP? - ANSWER✔✔ FASB
What does ASB stand for? - ANSWER✔✔ Auditing Standards Board
Who created/is in charge of ASB? - ANSWER✔✔ AICPA
What does SAS stand for? - ANSWER✔✔ Statements on Auditing Standards
What does SSAE stand for? - ANSWER✔✔ Statements on Standards for
Attestation Engagements
What does SQCS stand for? - ANSWER✔✔ Statements on Quality Control
Standards
ASB pertain to: - ANSWER✔✔ private companies
What does PCAOB stand for? - ANSWER✔✔ Public Companies Accounting
Oversight Board
