1
Chapter 5 - Audit Theory and Practice |
UPDATE|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED
SOLUTIONS|GET IT 100% ACCURATE!!
1. The first general standard of the PCAOB requires that an audit be performed
by which type of person?
a.
An auditor with seasoned judgment in varying degrees of supervision and review.
b.
An auditor with appropriate technical training and proficiency.
c.
An auditor with adequate knowledge of the standards of field work and reporting.
d.
An auditor satisfying the independence standards. - (ANSWER)An auditor with
appropriate technical training and proficiency.
2. Which auditing standards apply to private companies?
a.
The AICPA Standards.
b.
The IASSB Standards.
c.
,2
The Standards of the PCAOB.
d.
All of the above. - (ANSWER)The AICPA Standards.
3. The AICPA includes which of the following categories that guide the conduct of
an audit?
a.
Purpose of an audit and premise upon which an audit is conducted.
b.
Responsibilities.
c.
Performance.
d.
All of the above. - (ANSWER)All of the above.
4. What is the scope of applicability of the auditing standards of the AICPA?
a.
Nonpublic companies traded in non-U.S. markets.
b.
Nonpublic companies in the U.S.
c.
Public companies traded in non-U.S. markets.
, 3
d.
Public companies traded in the U.S. - (ANSWER)Nonpublic companies in the U.S.
5. To satisfy the fieldwork standards, what must an auditor do?
a.
Act with due care.
b.
Gather sufficient appropriate evidence.
c.
Be independent in mental attitude.
d.
Have adequate knowledge about the client's industry.
e.
All of the above. - (ANSWER)Gather sufficient appropriate evidence.
6. Which one of the following organizations provides auditing standards for public
companies?
a.
GAO.
b.
AICPA.
c.
Chapter 5 - Audit Theory and Practice |
UPDATE|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED
SOLUTIONS|GET IT 100% ACCURATE!!
1. The first general standard of the PCAOB requires that an audit be performed
by which type of person?
a.
An auditor with seasoned judgment in varying degrees of supervision and review.
b.
An auditor with appropriate technical training and proficiency.
c.
An auditor with adequate knowledge of the standards of field work and reporting.
d.
An auditor satisfying the independence standards. - (ANSWER)An auditor with
appropriate technical training and proficiency.
2. Which auditing standards apply to private companies?
a.
The AICPA Standards.
b.
The IASSB Standards.
c.
,2
The Standards of the PCAOB.
d.
All of the above. - (ANSWER)The AICPA Standards.
3. The AICPA includes which of the following categories that guide the conduct of
an audit?
a.
Purpose of an audit and premise upon which an audit is conducted.
b.
Responsibilities.
c.
Performance.
d.
All of the above. - (ANSWER)All of the above.
4. What is the scope of applicability of the auditing standards of the AICPA?
a.
Nonpublic companies traded in non-U.S. markets.
b.
Nonpublic companies in the U.S.
c.
Public companies traded in non-U.S. markets.
, 3
d.
Public companies traded in the U.S. - (ANSWER)Nonpublic companies in the U.S.
5. To satisfy the fieldwork standards, what must an auditor do?
a.
Act with due care.
b.
Gather sufficient appropriate evidence.
c.
Be independent in mental attitude.
d.
Have adequate knowledge about the client's industry.
e.
All of the above. - (ANSWER)Gather sufficient appropriate evidence.
6. Which one of the following organizations provides auditing standards for public
companies?
a.
GAO.
b.
AICPA.
c.
