BA 323 – NIELANDER – EXAM 1 2026 ACTUAL
EXAM PAPER QUESTIONS WITH SOLUTIONS
GRADED A+
◉ An engagement to help a company structure a merger transaction
to minimize the taxes of the combined entity. Audit, attest,
assurance, or non-assurance?
Answer: Non-assurance (consulting)
◉ Evaluating the voting process and certifying the outcome for
Rolling Stone Magazine's "Greatest Singer of All Time" poll. Audit,
attest, assurance, or non-assurance?
Answer: Attestation (written report)
◉ A review report that provides limited assurance about whether
the financial statements are fairly stated in accordance with U.S.
GAAP. Audit, attest, assurance, or non-assurance?
Answer: Attestation
◉ Rank auditing, attest, and assurance from narrowest to broadest
Answer:
◉ Key difference between assurance and attest
,Answer: Attest services includes the auditor issuing a report
◉ Definition of auditing
Answer: A systematic process of objectively obtaining and
evaluating evidence regarding assertions about economic actions
and events to ascertain the degree of correspondence between those
assertions and established criteria and communicating the results to
interested users
◉ Who oversees the formulation of auditing standards for publicly
traded companies?
Answer: SEC
◉ Who oversees the formulation of accounting principles?
Answer: SEC
◉ Who issues auditing standards for audits of public companies?
Answer: PCAOB
◉ Who issues accounting principles for use by preparers?
Answer: FASB
,◉ Who issues auditing standards for audits of non-public companies
and also issues attestation and assurance standards?
Answer: AICPA/ASB
◉ Who oversees the formulation of auditing standards for audits
outside the US?
Answer: IFAC
◉ Who issues auditing standards for audits in jurisdictions outside
the US?
Answer: IAASB
◉ Who oversees the formulation of international accounting
principles?
Answer: IFRS Foundation
◉ Who issues international accounting principles?
Answer: IASB
◉ What does the ASB issue?
Answer: Statements on Auditing Standards (SAS)
, ◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are not specifically
enforceable?
Answer: Principles of Professional Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are specifically enforceable?
Answer: Rules of Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are not specifically
enforceable, but departures must be justified?
Answer: Interpretations of Rules of Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct is the most general?
Answer: Principles of Professional Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct is between general and
specific?
Answer: Rules of Conduct
EXAM PAPER QUESTIONS WITH SOLUTIONS
GRADED A+
◉ An engagement to help a company structure a merger transaction
to minimize the taxes of the combined entity. Audit, attest,
assurance, or non-assurance?
Answer: Non-assurance (consulting)
◉ Evaluating the voting process and certifying the outcome for
Rolling Stone Magazine's "Greatest Singer of All Time" poll. Audit,
attest, assurance, or non-assurance?
Answer: Attestation (written report)
◉ A review report that provides limited assurance about whether
the financial statements are fairly stated in accordance with U.S.
GAAP. Audit, attest, assurance, or non-assurance?
Answer: Attestation
◉ Rank auditing, attest, and assurance from narrowest to broadest
Answer:
◉ Key difference between assurance and attest
,Answer: Attest services includes the auditor issuing a report
◉ Definition of auditing
Answer: A systematic process of objectively obtaining and
evaluating evidence regarding assertions about economic actions
and events to ascertain the degree of correspondence between those
assertions and established criteria and communicating the results to
interested users
◉ Who oversees the formulation of auditing standards for publicly
traded companies?
Answer: SEC
◉ Who oversees the formulation of accounting principles?
Answer: SEC
◉ Who issues auditing standards for audits of public companies?
Answer: PCAOB
◉ Who issues accounting principles for use by preparers?
Answer: FASB
,◉ Who issues auditing standards for audits of non-public companies
and also issues attestation and assurance standards?
Answer: AICPA/ASB
◉ Who oversees the formulation of auditing standards for audits
outside the US?
Answer: IFAC
◉ Who issues auditing standards for audits in jurisdictions outside
the US?
Answer: IAASB
◉ Who oversees the formulation of international accounting
principles?
Answer: IFRS Foundation
◉ Who issues international accounting principles?
Answer: IASB
◉ What does the ASB issue?
Answer: Statements on Auditing Standards (SAS)
, ◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are not specifically
enforceable?
Answer: Principles of Professional Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are specifically enforceable?
Answer: Rules of Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct are not specifically
enforceable, but departures must be justified?
Answer: Interpretations of Rules of Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct is the most general?
Answer: Principles of Professional Conduct
◉ Which of the Principles of Professional Conduct, Rules of Conduct,
and Interpretations of Rules of Conduct is between general and
specific?
Answer: Rules of Conduct
