LSU ACCT 3222 Exam 1 - Questions With Accurate
Solutions
Any independent service that improves the quality of information (financial or
non-financial) Right Ans - Assurance Services
What two other services fall under the umbrella of Assurance services?
Right Ans - 1. Attestation Services
2. Audit Services
Name the 4 other services of Assurance services: Right Ans - 1. Risk
advisory services
2. Compliance with EPA standards
3. Website security
4. Data integrity
independent CPA (or practitioner) reports on subject matter (usually financial
related info) prepared by someone else Right Ans - Attestation services
Is audit an attestation service? Right Ans - yes
3 services of attestation services: Right Ans - 1. Examination of financial
forecast
2. Review of historical FS
3. Examination of control process
T/F: Attestation services only focus on historical financial reporting. Right
Ans - FALSE - they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella: Right Ans - 1.
Historical FS
2. Internal Controls
Who makes GAAP? Right Ans - FASB
What does ASB stand for? Right Ans - Auditing Standards Board
Who created/is in charge of ASB? Right Ans - AICPA
, What does SAS stand for? Right Ans - Statements on Auditing Standards
What does SSAE stand for? Right Ans - Statements on Standards for
Attestation Engagements
What does SQCS stand for? Right Ans - Statements on Quality Control
Standards
ASB pertain to: Right Ans - private companies
What does PCAOB stand for? Right Ans - Public Companies Accounting
Oversight Board
What does AS stand for? Right Ans - Auditing Standards (public company)
AS pertains to: Right Ans - public companies
a privately funded organization whose mission is to establish financial
accounting and reporting standards for nongovernmental entities with the
goal of providing information that is useful for decision making Right Ans -
FASB
Who maintains the ASC? What does it stand for? What is it usually referred to
as? Right Ans - FASB maintains the Accounting Standards Codification.
Usually referred to as GAAP.
an independent private sector group that focuses on providing guidance to
management and expertise in the areas of internal control, enterprise risk
management, and fraud deterrence Right Ans - COSO
(Committee on Sponsoring Organizations of Treadway Commission)
acts as a collective voice for the boards of accountancy and works to promote
the interests of the state boards with legislation and regulatory bodies
Right Ans - NASBA
(National Association of State Boards of Accountancy)
a high, but not absolute, level or assurance Right Ans - reasonable
assurance
Solutions
Any independent service that improves the quality of information (financial or
non-financial) Right Ans - Assurance Services
What two other services fall under the umbrella of Assurance services?
Right Ans - 1. Attestation Services
2. Audit Services
Name the 4 other services of Assurance services: Right Ans - 1. Risk
advisory services
2. Compliance with EPA standards
3. Website security
4. Data integrity
independent CPA (or practitioner) reports on subject matter (usually financial
related info) prepared by someone else Right Ans - Attestation services
Is audit an attestation service? Right Ans - yes
3 services of attestation services: Right Ans - 1. Examination of financial
forecast
2. Review of historical FS
3. Examination of control process
T/F: Attestation services only focus on historical financial reporting. Right
Ans - FALSE - they focus on future, historical, and IC reporting
Name 2 services that fall under the Audit Service umbrella: Right Ans - 1.
Historical FS
2. Internal Controls
Who makes GAAP? Right Ans - FASB
What does ASB stand for? Right Ans - Auditing Standards Board
Who created/is in charge of ASB? Right Ans - AICPA
, What does SAS stand for? Right Ans - Statements on Auditing Standards
What does SSAE stand for? Right Ans - Statements on Standards for
Attestation Engagements
What does SQCS stand for? Right Ans - Statements on Quality Control
Standards
ASB pertain to: Right Ans - private companies
What does PCAOB stand for? Right Ans - Public Companies Accounting
Oversight Board
What does AS stand for? Right Ans - Auditing Standards (public company)
AS pertains to: Right Ans - public companies
a privately funded organization whose mission is to establish financial
accounting and reporting standards for nongovernmental entities with the
goal of providing information that is useful for decision making Right Ans -
FASB
Who maintains the ASC? What does it stand for? What is it usually referred to
as? Right Ans - FASB maintains the Accounting Standards Codification.
Usually referred to as GAAP.
an independent private sector group that focuses on providing guidance to
management and expertise in the areas of internal control, enterprise risk
management, and fraud deterrence Right Ans - COSO
(Committee on Sponsoring Organizations of Treadway Commission)
acts as a collective voice for the boards of accountancy and works to promote
the interests of the state boards with legislation and regulatory bodies
Right Ans - NASBA
(National Association of State Boards of Accountancy)
a high, but not absolute, level or assurance Right Ans - reasonable
assurance
