AUD CPA Exam April 2025 Questions
and Answers
Given the standard, what is the body and description?
SAS - ANS-AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - ANS-PCAOB
issuers (public)
Given the standard, what is the body and description?
GAGAS - ANS-GAO
government
Given the standard, what is the body and description?
SSAE - ANS-AICPA
attestation, not historical financial stmts
Given the standard, what is the body and description?
SSARS - ANS-AICPA
unaudited of nonissuers
objective of f/s audit - ANS-obtain reasonable assurance the f/s is free of material
mistmt whether due to error or fraud
objective of the audit of IC over financial reporting - ANS-opinion on effectiveness of IC
plan and perform audit to obtain approp. evidence to obtain reas. assurance
GAAS vs GAAP - ANS-GAAS: guidelines how to perform audit
GAAP: if transactions reported fairly
unmodified vs unqualified - ANS-unmodified: private
unqualified: public
4 required sections of audit report (unmodified, nonissuer) - ANS-OBRA
-auditor's opinion
-basis for opinion
-responsibilities of management for the f/s
, -auditor's responsibilities for the audit of the f/s
Key audit matter vs. critical audit matter - ANS-after the basis of opinion
- KAM = nonissuer
- CAM = issuer
Where in the audit report would you say the audit is in accordance with two sets of
standards? - ANS-Basis of Opinion paragraph
Where to site GAAS in the audit report? - ANS-Basis of Opinion and Auditor's
Responsibilities paragraph
Where to site GAAP in the audit report? (nonissuer) - ANS-Opinion paragraph and
managements responsibility paragraph
KAM - ANS--optional
-not a separate opinion
-if it changes your opinion then not a KAM
-cant communicate a KAM if adverse or disclaimer
-document required
3 required sections of audit report (unmodified, issuer) - ANS-OBA
-Opinion section
-Basis of opinion section
-Critical audit matters
CAM - ANS--generally after O&B
-doesn't alter opinion
-only info publically aware
-usually required (except broakers, invest. etc.)
document CAM
IPAD - ANS-For each CAM, audit report to include
-Identification of CAM
-desc. of Principle consideration for auditor to determine was a CAM
-desc. how the CAM was Addressed
-reference to relevant f/s accounts or Disclosures
Where to site PCAOB AS in the audit report? - ANS-Basis of Opinion section
Where to site GAAP in the audit report? (issuer) - ANS-opinion on the f/s
When to file form AP? - ANS-by 35th day after audit report filed with SEC or 10 days if
in a registration statement
and Answers
Given the standard, what is the body and description?
SAS - ANS-AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - ANS-PCAOB
issuers (public)
Given the standard, what is the body and description?
GAGAS - ANS-GAO
government
Given the standard, what is the body and description?
SSAE - ANS-AICPA
attestation, not historical financial stmts
Given the standard, what is the body and description?
SSARS - ANS-AICPA
unaudited of nonissuers
objective of f/s audit - ANS-obtain reasonable assurance the f/s is free of material
mistmt whether due to error or fraud
objective of the audit of IC over financial reporting - ANS-opinion on effectiveness of IC
plan and perform audit to obtain approp. evidence to obtain reas. assurance
GAAS vs GAAP - ANS-GAAS: guidelines how to perform audit
GAAP: if transactions reported fairly
unmodified vs unqualified - ANS-unmodified: private
unqualified: public
4 required sections of audit report (unmodified, nonissuer) - ANS-OBRA
-auditor's opinion
-basis for opinion
-responsibilities of management for the f/s
, -auditor's responsibilities for the audit of the f/s
Key audit matter vs. critical audit matter - ANS-after the basis of opinion
- KAM = nonissuer
- CAM = issuer
Where in the audit report would you say the audit is in accordance with two sets of
standards? - ANS-Basis of Opinion paragraph
Where to site GAAS in the audit report? - ANS-Basis of Opinion and Auditor's
Responsibilities paragraph
Where to site GAAP in the audit report? (nonissuer) - ANS-Opinion paragraph and
managements responsibility paragraph
KAM - ANS--optional
-not a separate opinion
-if it changes your opinion then not a KAM
-cant communicate a KAM if adverse or disclaimer
-document required
3 required sections of audit report (unmodified, issuer) - ANS-OBA
-Opinion section
-Basis of opinion section
-Critical audit matters
CAM - ANS--generally after O&B
-doesn't alter opinion
-only info publically aware
-usually required (except broakers, invest. etc.)
document CAM
IPAD - ANS-For each CAM, audit report to include
-Identification of CAM
-desc. of Principle consideration for auditor to determine was a CAM
-desc. how the CAM was Addressed
-reference to relevant f/s accounts or Disclosures
Where to site PCAOB AS in the audit report? - ANS-Basis of Opinion section
Where to site GAAP in the audit report? (issuer) - ANS-opinion on the f/s
When to file form AP? - ANS-by 35th day after audit report filed with SEC or 10 days if
in a registration statement
