Exam (elaborations)

Auditing (Chapters 1-4) Exam Questions and Verified Answers

0 purchase

Course
CPA - Certified Public Accountant

Institution
CPA - Certified Public Accountant

members of the board of directors who do no also serve as corporate officers of have other relationships that might impair independence audit of financial statements answer - an examination designed to provide an opinion, the CPA's highest level of assurance that the financial statements follow...

[Show more]

Preview 3 out of 17 pages

View example

Uploaded on May 14, 2025
Number of pages 17
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

auditing chapters 1 4 exam questions and verifie

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

$16.49

Add to cart

Save

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Auditing (Chapters 1-4) Exam Questions
and Verified Answers

members of the board of directors who do no also serve as corporate officers of have other
relationships that might impair independence

audit of financial statements answer - an examination designed to provide an opinion, the
CPA's highest level of assurance that the financial statements follow generally accepted
accounting principles, or another acceptable basis of accounting

board of directors answer - individuals elected by a corporation's shareholders to oversee the
activities of the corporation. a board of directors ordinarily is composed of executives from the
company and non executive directors

business risk (of the client) answer - the risk assumed by investors or creditors that is
associated with the company's survival and profitability

certified public accountant (CPA) answer - a person licensed by the state to practice public
accounting as a profession, based on having passed the Uniform CPA Examination and having
met certain educational and experience requirements.

compliance audit answer - an audit to measure the compliance of the organization with some
established criteria (e.g. laws and regulations, or internal control policies and procedures)

corporate governance answer - the rules, processes, and laws by which businesses are
operated, regulated and controlled. a primary concern of corporate governance is the nature
and extent of accountability of people in the corporation

,CPA examination answer - a uniform examination administered by the AICPA for state boards of
accountancy to enable them to issue CPA licenses. The examinations covers topics of accounting
and reporting, auditing, business environment, regulation and professional responsibilities

Dodd-Frank Act (the Wall Street Reform and Consumer Protection Act) answer - A U.S. federal
law that increases federal government regulation of the financial industry. The legislation,
enacted in July 2010, aims to prevent a major financial crisis by creating new financial
regulatory processes that are aimed at enforcing transparency and accountability while
implementing rules for consumer protection. the act also expands the PCAOB's authority to
oversee audits of brokers and dealers.

examination answer - an attest engagement designed to provide the highest level of assurance
that CPAs provide on an assertion. an examination of financial statement sis referred to as an
audit.

financial audit answer - an audit of the financial accounting information of an organization or
segment of the organization. this may involve a complete set of financial states of a portion of a
statement.

financial reporting framework answer - a set of criteria used to determine measurement,
recognition, presentation, and disclosure of all material items appearing in the financial
statements: for example, accounting principles generally accepted in the United States, or
International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB).

fraud answer - intentional misstatement of financial statements by management (fraudulent
financial reporting), or theft of assets by employees (employee fraud). fraud is also referred to
as irregularities.

, generally accepted accounting principles (GAAP) answer - concepts and standards established
by such authoritative bodies as the FASB and the GASB and accepted by the accounting
profession as essential to proper financial reporting

information risk answer - the risk that information used by investors, creditors and others to
assess business risk is not accurate

integrated audit answer - as required by the Sarbanes-Oxley Act and the PCAOB, an audit that
includes providing assurance on both financial statements and internal control over financial
reporting. integrated audits are required for publicly traded companies in the USA.

International Accounting Education Standards Board (IAESB) answer - A committee of the
International Federation of Accountants, established to develop guidance to improve the
standards of accountancy education around the world. The organization focuses on (1) the
essential elements of accreditation, which are education, practical experience an tests of
professional competence, and (2) the nature and extent of continuing professional education
needed by accountants

International Auditing and Assurance Standards Board (IAASB) answer - a committee of the
International Federation of Accountants, established to issue standards on auditing and
reporting practices to improve the degree of uniformity of auditing practices and services
throughout the world

International Ethics Standards Board for Accountants (IESBA) answer - a committee of the
International Federation of Accountants, established to develop ethical standards and guidance
for use by professional accountants. It encourages member bodies to adopt high standards of
ethics for their members and promotes good ethical practices globally. The IESBA also fosters
international debate on ethical issues faced by accountants

International Federation of Accountants (IFAC) answer - A worldwide organization of national
accounting bodies established to help foster and coordinated worldwide accounting profession
with harmonized standards

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller RICKPATMO. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

43291 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling