Exam (elaborations)

Audit Exam 1 (Chapters 1-4) Questions and Correct Valid Answers

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Course
CPA - Certified Public Accountant

Institution
CPA - Certified Public Accountant

Accounting answer - the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making Assurance service answer - an independent professional service that improves the quality of information for decision mak...

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Uploaded on May 14, 2025
Number of pages 11
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

audit exam 1 chapters 1 4 questions and correct

Institution CPA - Certified Public Accountant
Course CPA - Certified Public Accountant

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Audit Exam 1 (Chapters 1-4) Questions and
Correct Valid Answers

Accounting answer - the recording, classifying, and summarizing of economic events in a logical
manner for the purpose of providing financial information for decision making

Assurance service answer - an independent professional service that improves the quality of
information for decision makers

Attestation service answer - a type of assurance service in which the CPA firm issues a report
about a subject matter or assertion that is the responsibility of another party

Audit of historical financial statements answer - a form of attestation service in which the
auditor issues a written report stating whether the financial statements are in material
conformity with accounting standards

Most common form of attestation service

Audit report answer - the communication of audit findings to users

Auditing answer - the accumulation and evaluation of evidence about information to determine
and report on the degree of correspondence between the information and established criteria

Certified public accountant answer - a person who has met state regulatory requirements,
including passing the Uniform Examination, and has thus been certified; may have his or her
primary responsibility the performance of the audit function on published historical financial
statements of commercial and noncommercial financial entities

, Compliance audit answer - (1) a review of an organization's financial records performed to
determine whether the organization is following specific procedures, rules, or regulations set by
some higher authority

Results are typically reported to management rather than outside users, since they will find this
information most beneficial.

Evidence answer - any information used by the auditor to determine whether the information
being audited is stated in accordance with established criteria

Financial statement audit answer - an audit conducted to determine whether the overall
financial statements of an entity are stated in accordance with specified criteria (usually U.S. or
international accounting standards)

GAO Auditor answer - an auditor working for the U.S. Government Accountability Office (GAO);
the GAO reports to and is responsible solely to congress

Independent auditors answer - certified public accountants or accounting firms that perform
audits of commercial and non-commercial financial entities

Information risk answer - the risk that information upon which a business decision is made is
incorrect

Internal auditors answer - auditors employed by a company to audit for the company's board of
directors and management

The lack of independence is the major difference between these and those from CPA firms.

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