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Ch. 13 1. The nurse is caring for a terminally ill client who has 20-second periods of apnea followed by periods of deep and rapid breathing. Which of the following terms should the nurse use to document this finding? a. Agonal breathing b. Apneustic breathing c. Death rattle respirations d. Cheyne-Stokes respirations - Answer ANS: D 4. The nurse is caring for a client who has been diagnosed with metastatic cancer and plans a trip across the country "to settle some issues with my...

1 Exam (elaborations) Exam 3 CPA Questions with Quality Answers. 2 Exam (elaborations) CPA - Audit Vocabulary Questions and Correct Answers. 3 Exam (elaborations) CPA Exam Becker Audit 6 Questions with Complete Solutions.

The objective of tests of details of transactions performed as tests of controls is to A. Monitor the design and use of entity documents such as pre numbered shipping forms B. Determine whether controls have been implemented C. Detect material misstatements in the account balances of the financial statements D. Evaluate whether controls operated effectively - Answer D. Evaluate whether controls operated effectively Which of the following is the best example of a substantive procedure? ...

Account Balances - Answer One of three categories of financial statement assertions, relating primarily to assets, liabilities, and equity interest Accounting Estimate - Answer An approximation of a financial statement element, item, or account used because data either is not readily available or is dependent upon the outcome of future events Accounts Payable Confirmation - Answer A request for independent verification of payables Accounts Receivable Confirmation - Answer A ...

Who can revoke/suspend your CPA license? - Answer The state board What services does the AICPA Code of Professional Conduct govern? - Answer Any service that a member of the AICPA performs. T or F: The AICPA code of conduct only applies to members in public practice. - Answer F: It applies to all members of the AICPA What are the six principles of the AICPA Code of Professional Conduct? - Answer 1. Responsibilities 2. Public Interest 3. Integrity 4. Objectivity and Indepe...

Commissions prohibited - Answer Any sale for or to a client for whom the CPA performs: *audit or review of financial statement(s) *Compilation of financial statement(s) to be used by third party (unless lack of independence disclosed) *examination of prospective financial information Independence requirements of Sarbanes-Oxley for audits of issuers - Answer *Auditor must cool off for one year before taking key role with client *Auditor cannot perform most nonaudit services for audit...

1) In the auditing process A) the types and amounts of evidence remain constant from audit to audit. B) the criteria for evaluating information will not vary depending on the information being audited. C) the audit report communicates the auditor's findings to users. D) records are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards. - Answer C) the audit report communicates the auditor's findings to users. 3) Which of t...

Account Balances - Answer One of three categories of financial statement assertions, relating primarily to assets, liabilities, and equity interests. Accounting Estimate - Answer An approximation of a financial statement element, item, or account used because data either is not readily available or is dependent upon the outcome of future events. Accounts Payable Confirmation - Answer A request for independent verification of payables. Accounts Receivable Confirmation - Answer ...

1 - Answer Engagement Responsibilities Nature of an Attest Engagement - Answer Gives an assertion or opinion on the material of the responsible party. They only apply to a CPA operating in public practice. Some services require a CPA to disclaim assurance. Attestation Standards - Answer General Standards (training, proficiency, knowledge). Should be measurable. CPA must maintain independence. Field Work Standards (planning and supervision & sufficient appropriate evidence) Repor...

The accuracy of information included in notes that accompany the audited financial statements of a company whose shares are traded on a stock exchange is the primary responsibility of the a. Stock exchange officials. b. Independent auditor. c. Company's management. d. Securities and Exchange Commission. - Answer c. Company's management. When financial statements are presented fairly, they are a. Free from material misstatement but not free from material error due to fr...

Audit evidence is support for the ___________. - Answer audit opinion Audit evidence is gathered throughout the audit. What are the four categories of procedures that are performed to obtain audit evidence? - Answer 1. Risk assessment procedures 2. Tests of controls 3. Substantive procedures 4. Other audit procedures What is the objective of substantive testing? - Answer The objective is to detect material misstatements in the FS. What are the three general types of audit ev...

Which of the following represents an appropriate overall response to an increase in financial statement level risk? a. Changing the general approach of the audit to ensure control testing of all significant accounts. b. Providing management with more specific details about audit sampling procedures. c. Shifting substantive procedures to interim. d. Increasing the level of supervision. - Answer d. Increasing the level of supervision. Using a combined approach with most likely in...

Which standards provide the most authoritative U.S auditing guidance for nonissues and issuers, and who issues those standards? - Answer - Nonissues o SASs, AICPA (Statement on Auditing Standards issued by he Auditing Standards Board) - Issuers o Ass, PCAOB (Auditing Standards issued by the Public Company Accounting Oversight Board ) Primary purpose of an Audit - Answer To provide financial statement users with an opinion on whether the financial statements are fairly presented, in a...

Situations when audit documentation must be provided to a 3rd party without the permission of the client - Answer 1) Subpoenaed by a court 2) For investigation by the state board of accountancy 3) Management's responsibility - Answer An indication that management is responsible for the fair presentation of the financial statements Auditor's responsibility - Answer A description of the auditor's responsibility for expressing an opinion on the financial statements. Emp...

Which of the following individuals would be least likely to be considered a "covered member" by the independence standard for the audit of Wingo Company performed by a CPA firm with one office? a. A staff assistant on the audit b. A staff assistant who prepares Wingo Company's tax returns c. A tax partner who performs no attest services for Wingo Company or for any other clients d. The partner in charge of the CPA firm (she does not work on the Wingo Company audit). - Answer b. A...

To exercise due professional care an auditor should A. Attain the proper balance of professional experience and formal education. B. Design the audit to detect all instances of illegal acts. C. Critically review the judgment exercised by those assisting in the audit. D. Examine all available corroborating evidence supporting management's assertions. - Answer C. Critically review the judgment exercised by those assisting in the audit. The auditor is required by GAAS to exerci...

The principle of due care in the AICPA Code of Professional Conduct relates to which of the following professional requirements? A. Providing services with an unbiased, open mind B. Providing services without conflicts of interest C. Providing services with a sense of integrity D. Providing services with competence and diligence - Answer D Which of the following statements with respect to the PCAOB rules on independence is correct? A. Public confidence would usually not be impaire...

order of Unmodified audit report - Answer (OBRA) -opinion -basis for opinion -responsibilities of management -auditors responsibilities SSAE (Statements on Standards for Attestation Engagements) - Answer -examination -review -agreed upon procedures *must all be independent SSARS (Statements on Standards for Accounting and Review Services) - Answer -preparation -compilation -review Audit Process - Answer 1. Engagement Acceptance 2. Assess Risk and Plan Response ...

what auditor should consider for firm's client acceptance & continuance policies - Answer ability to meet reporting deadlines, ability to staff engagements, independence, & integrity of client mgmt (do we want to be associated with them) before accepting audit engagement - Answer determine if financial reporting framework is acceptable & obtain agreement of mgmt that it acknowledges and understands responsibilities management responsibilities - Answer preparation & fair present...

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