AUDITING THEORY EXAM 1
QUESTIONS AND VERIFIED ANSWERS
operational audits ANSW✅✅efficiency and effectiveness of operations
financial related audits
internal controls
compliance audits
operational audits
fraud audits
assisting external auditors with the annual financial statement audit ANSW✅✅6 roles of an
internal auditor
federal
state
local agencies ANSW✅✅who are government auditors employed by
compliance and operational audits ANSW✅✅generally government auditors are performing what
Internal Revenue Service (IRS)
Government accountability office (GAO) ANSW✅✅two specific federal government units with
auditors
Inspector General (IG) ANSW✅✅what do all department-level of the federal government have
Stockmarket Crash of 1929 ANSW✅✅what started the great depression
Securities Act of 1933 ANSW✅✅newly issuers must register with the federal government
Securities and exchange act of 1934 ANSW✅✅established SEC and requires public updates with
the sect public audit traded security
, Sarbanes-Oxley Act of 2002 ANSW✅✅Has to deal with the PCAOB and AICPA
Public Company Accounting Oversight Board (PCAOB) ANSW✅✅what does pcaob stand for
SEC form s1 ANSW✅✅What you file when you want to go newly public
SEC form 10-k ANSW✅✅annually filling
Form 10-Q SEC ANSW✅✅quarterly report (only 3)
SEC form 8-k ANSW✅✅any material that is an important event within a company, typically filed
within four days
Security and exchange comission ANSW✅✅POST SARS 2002 step one
1.) auditing standards are publicly traded company's
2.)formulation of accounting principles (U.S GAAP)
3.)private company audit standard setting ANSW✅✅step two of flow chart
PCAOB
FASB
AICPA ANSW✅✅Step three of flow chart
auditing standards board of AICPA ANSW✅✅step four of flow chart
Public = PCAOB
Standard setting = FASB
Private = AICPA ANSW✅✅where should a cpa firm go if they want to go public, standard, or
private?
QUESTIONS AND VERIFIED ANSWERS
operational audits ANSW✅✅efficiency and effectiveness of operations
financial related audits
internal controls
compliance audits
operational audits
fraud audits
assisting external auditors with the annual financial statement audit ANSW✅✅6 roles of an
internal auditor
federal
state
local agencies ANSW✅✅who are government auditors employed by
compliance and operational audits ANSW✅✅generally government auditors are performing what
Internal Revenue Service (IRS)
Government accountability office (GAO) ANSW✅✅two specific federal government units with
auditors
Inspector General (IG) ANSW✅✅what do all department-level of the federal government have
Stockmarket Crash of 1929 ANSW✅✅what started the great depression
Securities Act of 1933 ANSW✅✅newly issuers must register with the federal government
Securities and exchange act of 1934 ANSW✅✅established SEC and requires public updates with
the sect public audit traded security
, Sarbanes-Oxley Act of 2002 ANSW✅✅Has to deal with the PCAOB and AICPA
Public Company Accounting Oversight Board (PCAOB) ANSW✅✅what does pcaob stand for
SEC form s1 ANSW✅✅What you file when you want to go newly public
SEC form 10-k ANSW✅✅annually filling
Form 10-Q SEC ANSW✅✅quarterly report (only 3)
SEC form 8-k ANSW✅✅any material that is an important event within a company, typically filed
within four days
Security and exchange comission ANSW✅✅POST SARS 2002 step one
1.) auditing standards are publicly traded company's
2.)formulation of accounting principles (U.S GAAP)
3.)private company audit standard setting ANSW✅✅step two of flow chart
PCAOB
FASB
AICPA ANSW✅✅Step three of flow chart
auditing standards board of AICPA ANSW✅✅step four of flow chart
Public = PCAOB
Standard setting = FASB
Private = AICPA ANSW✅✅where should a cpa firm go if they want to go public, standard, or
private?
