Auditing profession act Study guides, Class notes & Summaries

PRSA APR EXAM 2023 WITH CORRECT ANSWERS. Universe The number of possible respondents available to draw survey sample from Representative sample Number needed to be representative of the universe. Any universe that is 100,000 or more requires a sample of 384 10-K Annual Report must file 60 days after close of companies fiscal year 10-Q Quarterly financial Report containing unaudited data-filed 35 days after close of first three fiscal quarters 95% Confidence level If the same survey w...

CIA Triangle - ANSWER Cornerstone of infosec. Confidentiality, Integrity, Availability Confidentiality (CIA Triangle) - ANSWER prevention of unauthorized disclosure of information; prevention of unauthorized read access to data Integrity (CIA Triangle) - ANSWER prevention of unauthorized modification of data; prevention of unauthorized write access to data Availability (CIA Triangle) - ANSWER ensures data is available when needed to authorized users Opposing forces to CIA - ANSWER DA...

CQA Exam 163 Questions with Verified Answers Audit - CORRECT ANSWER a systematic, independent and documented process for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled Product audit - CORRECT ANSWER examination of a particular product or service( hardware, software,processed material) Service audit - CORRECT ANSWER an audit performed on a service product quality audit - CORRECT ANSWER the examination or test of a p...

1) A series of business and related auditing failures led to the passage of the Sarbanes-Oxley Act (2002). Answer: TRUE Difficulty: 1 Easy Topic: A Decade of Challenge and Change for Financial Statement Auditors Learning Objective: 02-04 Understand the significant changes that have taken place in the auditing profession over the past two decades. Bloom's: Remember AACSB: Communication AICPA: BB Legal; FN Measurement 2) The primary audit context with which an auditor is concerned is th...

When the Auditor has no reservations about management's financial statements or internal controls, the audit opinion is said to be unqualified (True or False) - correct answer True Independence is referred to as the cornerstone of the auditing profession (True or False) - correct answer True The sole responsibility of management with regard to financial reporting involves preparing and presenting financial statements in accordance with the applicable financial reporting framework (True or...

Section 404 of the Sarbanes-Oxley Act of 2002, provided for increased scrutiny over which area of corporate governance: a. Internal controls design, implementation and effectiveness. b. The COSO framework that was created by the PCAOB to regulate auditor activities. c. Audit committees of boards of directors were now responsible for management of the company's financial reporting efforts. d. The reliability of financial reporting because CEOs must serve on the board of directors. - Inter...

Auditing, 12e (Arens) Chapter 1 The Demand for an Auditing and Assurance Profession 1.1 Identify the components of an audit and explain why there is a demand for audits 1) Which of the following illustrates the definition of auditing with respect to the evidence analysis process? A) accumulation and evaluation of evidence about balance sheet accounts B) learning about different types of computing technology, such as mainframes C) writing an operational audit report that is tailored to the ...

Chapter 4. Professional Legal Liability/ Chapter 4. Professional Legal Liability. 1. Under Common Law, liability concepts are developed through court decisions based on negligence, gross negligence, or fraud. True False 2. Public confidence is mostly maintained by the public accounting profession through integrity based on personal moral standards and it is reinforced by codes of conduct. True False 3. An individual does not need to agree to uphold the ...

Chapter 2: The CPA Profession (PowerPoint). Exam Questions & Answers. Rated A+ Activities of CPA Firms - --CPA firms provide audit services as well as other attestation and assurance services. -CPA firms also provide accounting and bookkeeping services, tax services, and management consulting and risk advisory services. -Although the Sarbanes-Oxley Act and the SEC restrict auditors from providing many consulting services to public company audit clients, audit firms are not restricted ...

Chapter 2 The CPA Profession. Exam Questions and answers. 100% Acurate. 1) The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the: - -B) Form 8-K. 2) The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the: - -A) Form S-1. 3) The AICPA has authority to establish standards a...