Exam (elaborations)

Auditing Exam Questions and Correct Answers

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Course
CPA - Certified Public Accountant

Institution
CPA - Certified Public Accountant

The primary objective of compliance auditing is to answer - Determine whether client personnel are following laws, rules, regulations, and policies. What requirements are usually necessary to become licensed as a certified public accountant? answer - all of the above The organization primar...

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Uploaded on May 16, 2025
Number of pages 8
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

auditing exam questions and correct answers

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

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Auditing Exam Questions and Correct
Answers

The primary objective of compliance auditing is to answer - Determine whether client
personnel are following laws, rules, regulations, and policies.

What requirements are usually necessary to become licensed as a certified public accountant?
answer - all of the above

The organization primarily responsible for ensuring that public officials are using public funds
efficiently, economically, and effectively is the answer - Government Accountability Office
(GAO)

Performance audits usually include (two answers) answer - economy and efficiency audits and
program audits

You've dated in an auditors review of credit ratings of a clients customers is to obtain evidence
related to management assertion about answer - Valuation and allocation

Jones, CPA, is planning the audit of Rhonda's company. Rhonda verbally asserts to Joannes that
all expenses for the year have been recorded in the accounts. Rhonda's representation in this
regards answer - Is not considered a sufficient basis for Jones to conclude that all expenses
have been recorded

, The risk to investors that a company's financial statements may be materially misleading is
called answer - Information risk

When auditing merchandise inventory at year-end, the auditor performs audit procedures to
ensure that all goods purchased before year-end are received before the physical inventory
count. This audit procedure provides assurance about which management assertion? answer -
Cutoff

When ordering merchandise inventory at year end, the auditor performs audit procedures to
obtain evidence that no good held on consignment or included in the clients ending inventory
balance. This audit procedure provide assurance about which management assertion? answer -
Rights and Obligations

When an auditor reviews additions to the equipment (fixed asset) Account to make sure that
fixed assets are not overstated, she wants to obtain evidence as to management assertion
regarding answer - Existence

The Sarbanes-Oxley Act of 2002 generally prohibits public accounting firms from answer - all of
the above

Substantially equivalent refers to answer - Permitting a CPA to practice in another state without
having to obtain a license in that state

Which of the following best describes the relationship between auditing and attestation
engagements? answer - Auditing is a subset of attestation engagements that focuses on the
certification of financial statements.

During an audit of a company's cash balance on a company with operations and only one
country, the auditors are most concerned with which management assertion? answer -
Existence

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