ACCT 311 - Exam Questions and Answers Already Passed Latest Update

ACCT 311 - Exam Questions and Answers Already Passed Latest Update An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm is referred to as a(n): A. Peer review engagement B. Quality control engagement C. Quality assurance engagement D. Attestation engagement - Answers A. An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm is referred to as a(n): A. Peer review engagement B. Quality control engagement C. Quality assurance engagement D. Attestation engagement - Answers A Passage of the Sarbanes-Oxley Act led to the establishment of the: A. Auditing Standards Board B. Accounting Enforcement Releases Board C. Public Accounting Oversight Board. D. Securities and Exchange Commission - Answers C Which of the following types of services is generally provided only by CPA firms? A. Tax audits B. Financial statement audits C. Compliance audits D. Operational audits - Answers B The right to practice as a CPA is given by which of the following organizations? A. State Boards of Accountancy B. The AICPA C. The SEC D. The General Accounting Office - Answers A Which of the following terms best describes the audit of a taxpayer's tax return by an IRS auditors? A. Operational audit B. Internal audit C. Compliance audit D. Government audit - Answers C An integrated audit performed under the Sarbanes-Oxley Act requires that auditors report on: A. Financial Statements: Yes, Internal Control: Yes B. Financial Statements: Yes, Internal Control: No C. Financial Statements: No, Internal Control: Yes D. Financial Statements: No, Internal Control: No - Answers A Which of the following is not a type of auditors' opinion? A. Adverse B. Opinion C. Qualified D. Unqualified - Answers B Requirements for competence/training, independence and due professional care are included in which organization's generally accepted auditing standards? A. FASB B. PCAOB C. SEC D. GASB - Answers B An audit should be designed to achieve reasonable assurance of detecting material misstatements due to: A. Errors B. Errors and fraud C. Misappropriation of assets D. Corruption - Answers B Financial statements are prepared following a(an) A. Applicable financial reporting framework B. Appropriate subject matter C. Generally accepted auditing standards D. Set of quality control standards - Answers A Which of the following is accurate, as indicated in the principles underlying an audit?