Exam (elaborations)

Auditing Exam 1 Chapters 1-6 Questions and Verified Correct Answers

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Course
CPA - Certified Public Accountant

Institution
CPA - Certified Public Accountant

Business Risk answer - Risk associated with a company's survival and profitability Information Risk answer - Risk that information used to assess business risk is not accurate Assurance Service answer - Used to describe the broad range of information enhancement services that are provided ...

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Uploaded on May 14, 2025
Number of pages 15
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

auditing exam 1 chapters 1 6 questions and verifie

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

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Auditing Exam 1 Chapters 1-6 Questions
and Verified Correct Answers

Business Risk answer - Risk associated with a company's survival and profitability

Information Risk answer - Risk that information used to assess business risk is not accurate

Assurance Service answer - Used to describe the broad range of information enhancement
services that are provided by CPA

Attestation Service answer - To attest to information means to provide assurance as to its
reliability

ASB: Auditing Standards Board answer - Responsibility for issuing official pronouncements on
auditing matters.

AICPA: America Institute of Certified Public Accountant answer - National organization of CPAs

FASB: Financial Accounting Standards Board answer - Body designated to establish accounting
standards for entities other than state and local governments.

GAO: Government Accountability Office answer - The audit arm of Congress.

FASAB: Federal Accounting Standards Advisory Board answer - Body designated to establish
accounting standards for the federal government.

, GASB: Governmental Accounting Standards Board answer - Body designated to establish
accounting standards for state and local governments

SEC: Security and Exchange Commission answer - Administers the Securities Acts.

Government Accountability Office Auditors answer - The work of GAO auditors includes
compliance, operational, and financial audits

Internal Revenue Agents answer - The Internal Revenue Service is responsible for enforcement
of the federal tax laws. (Compliance)

Audit risk answer - Risk that the auditors may unknowingly fail to appropriately modify the
opinion on financial statements that are materially misstated, is at an acceptable low level.

Errors answer - An unintentional misstatements or omissions of amounts or disclosure in the
financial statements

Frauds answer - Relates to intentional acts that cause a misstatement of the financial
statements

Misstatements due to fraud may occur due to either answer - (1) Fraudulent financial reporting
or

(2) Misappropriation of assets (also referred to as defalcation")

Financial statements may be misstated answer - due to various causes, including errors, fraud,
and noncompliance with certain laws and regulations

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