FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
TEST BANK FOR PRINCIPLES OF
AUDITING AND OTHER ASSURANCE
SERVICES 23RD EDITION BY
WHITTINGTON &
PANY|9781265221317| ALL
CHAPTERS 1-21| LATEST UPDATE
2025/2026 A+
Version 1 1
, FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
TABLE OF CONTENTS
Chapter 1: The Role Of The Public Accountant In The Americaneconomy
Chapter 2: Professional Standards
Chapter 3: Professional Ethics
Chapter 4: Legal Liability Of Cpas
Chapter 5: Audit Evidence And Documentation
Chapter 6: Audit Planning, Understanding The Client, Assessingrisks, And
Responding
Chapter 7: Internal Control
Chapter 8: Consideration Of Internal Control In An Informationtechnology
Environment
Chapter 9: Audit Sampling
Chapter 10: Cash And Financial Investments
Chapter 11: Accounts Receivable, Notes Receivable, Andrevenue
Chapter 12: Inventories And Cost Of Goods Sold
Chapter 13: Property, Plant, And Equipment: Depreciation Anddepletion
Chapter 14: Accounts Payable And Other Liabilities
Chapter 15: Debt And Equity Capital
Chapter 16: Auditing Operations And Completing The Audit
Chapter 17: Auditors’ Reports
Chapter 18: Integrated Audits Of Public Companies
Chapter 19: Additional Assurance Services: Historical Financialinformation
Chapter 20: Additional Assurance Services: Other Information
Chapter 21: Internal, Operational, And Compliance Auditing
Version 1 2
,FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
Answers Are At The End Of Each Chapter Chapter 1
STUDENT NAME:
1) Accountants Are Regulated By A Variety Of Organizations. Match The Statements With
The Most Directly Related Organization:
● Accounting And Review Services Committee.
● American Institute Of Certified Public Accountants.
● Auditing Standards Board.
● Federal Accounting Standards Advisory Board.
● Financial Accounting Standards Board.
● General Accounting Office.
● Government Accounting Standards Board.
● Public Company Accounting Oversight Board.
● Securities And Exchange Commission.
● State Boards Of Accountancy.
Organizations May Be Used Once, More Than Once, Or Not At All.
Statements Organizations
A. Develops Accounting Standards
For Public And Nonpublic Companies.
B. Develops Accounting Standards For The U.S.
Government.
C. Improves Standards Of Financial Accounting For
State And Local
Government Entities.
D. Issues Auditing Standards For Public Companies.
E. Issues CPA Certificates.
F. Prepares The CPA Exam.
Organizations: American Institute Of Certified Public Accountants, Federal Accounting Standards
Advisory Board, Financial Accounting Standards Board, Government Accounting Standards Board,
Public Company Accounting Oversight Board, State Boards Of Accountancy.
Version 1 3
, FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
2) The Sarbanes-Oxley Act Of 2002 Made Significant Reforms For Public Companies And Their
Auditors.
a. Describe The Events That Led Up To The Passage Of The Act.
b. Describe The Major Changes Made By The Act.
3) Many People Confuse The Responsibilities Of The Independent Auditors And The Client's
Management With Respect To Audited Financial Statements.
a. Describe Management's Responsibility Regarding Audited Financial Statements.
b. Describe The Independent Auditors' Responsibility Regarding Audited Financial Statements.
c. Evaluate The Following Statement: "If The Auditors Disagree With Management Regarding An
Accounting Principle Used In The Financial Statements, The Auditors Should Express Their Views
In The Notes To The Financial Statements."
4) An Investor Is Considering Investing In One Of Two Companies. The Companies Have Very
Similar Reported Financial Position And Results Of Operations. However, Only One Of The
Companies Has Its Financial Statements Audited.
a. Describe What Creates The Demand For An Audit In This Situation. Include A Discussion Of
How Audited Financial Statements Facilitate This Investment Transaction, And The Effect Of The
Audit On Business Risk And Information Risk.
b. Identify The Potential Consequences To The Company Of Not Having Its Financial
Statements Audited.
5) A Summary Of Findings Rather Than Assurance Is Most Likely To Be Included In A(N):
A) Agreed-Upon Procedures Report.
B) Compilation Report.
C) Audit Report.
D) Review Report.
Version 1 4
EDITION BY RAY WHITTINGTON, KURT PANY
TEST BANK FOR PRINCIPLES OF
AUDITING AND OTHER ASSURANCE
SERVICES 23RD EDITION BY
WHITTINGTON &
PANY|9781265221317| ALL
CHAPTERS 1-21| LATEST UPDATE
2025/2026 A+
Version 1 1
, FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
TABLE OF CONTENTS
Chapter 1: The Role Of The Public Accountant In The Americaneconomy
Chapter 2: Professional Standards
Chapter 3: Professional Ethics
Chapter 4: Legal Liability Of Cpas
Chapter 5: Audit Evidence And Documentation
Chapter 6: Audit Planning, Understanding The Client, Assessingrisks, And
Responding
Chapter 7: Internal Control
Chapter 8: Consideration Of Internal Control In An Informationtechnology
Environment
Chapter 9: Audit Sampling
Chapter 10: Cash And Financial Investments
Chapter 11: Accounts Receivable, Notes Receivable, Andrevenue
Chapter 12: Inventories And Cost Of Goods Sold
Chapter 13: Property, Plant, And Equipment: Depreciation Anddepletion
Chapter 14: Accounts Payable And Other Liabilities
Chapter 15: Debt And Equity Capital
Chapter 16: Auditing Operations And Completing The Audit
Chapter 17: Auditors’ Reports
Chapter 18: Integrated Audits Of Public Companies
Chapter 19: Additional Assurance Services: Historical Financialinformation
Chapter 20: Additional Assurance Services: Other Information
Chapter 21: Internal, Operational, And Compliance Auditing
Version 1 2
,FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
Answers Are At The End Of Each Chapter Chapter 1
STUDENT NAME:
1) Accountants Are Regulated By A Variety Of Organizations. Match The Statements With
The Most Directly Related Organization:
● Accounting And Review Services Committee.
● American Institute Of Certified Public Accountants.
● Auditing Standards Board.
● Federal Accounting Standards Advisory Board.
● Financial Accounting Standards Board.
● General Accounting Office.
● Government Accounting Standards Board.
● Public Company Accounting Oversight Board.
● Securities And Exchange Commission.
● State Boards Of Accountancy.
Organizations May Be Used Once, More Than Once, Or Not At All.
Statements Organizations
A. Develops Accounting Standards
For Public And Nonpublic Companies.
B. Develops Accounting Standards For The U.S.
Government.
C. Improves Standards Of Financial Accounting For
State And Local
Government Entities.
D. Issues Auditing Standards For Public Companies.
E. Issues CPA Certificates.
F. Prepares The CPA Exam.
Organizations: American Institute Of Certified Public Accountants, Federal Accounting Standards
Advisory Board, Financial Accounting Standards Board, Government Accounting Standards Board,
Public Company Accounting Oversight Board, State Boards Of Accountancy.
Version 1 3
, FULL TEST BANK FOR PRINCIPLES OF AUDITING AND OTHER ASSURANCE SERVICES 23RD
EDITION BY RAY WHITTINGTON, KURT PANY
2) The Sarbanes-Oxley Act Of 2002 Made Significant Reforms For Public Companies And Their
Auditors.
a. Describe The Events That Led Up To The Passage Of The Act.
b. Describe The Major Changes Made By The Act.
3) Many People Confuse The Responsibilities Of The Independent Auditors And The Client's
Management With Respect To Audited Financial Statements.
a. Describe Management's Responsibility Regarding Audited Financial Statements.
b. Describe The Independent Auditors' Responsibility Regarding Audited Financial Statements.
c. Evaluate The Following Statement: "If The Auditors Disagree With Management Regarding An
Accounting Principle Used In The Financial Statements, The Auditors Should Express Their Views
In The Notes To The Financial Statements."
4) An Investor Is Considering Investing In One Of Two Companies. The Companies Have Very
Similar Reported Financial Position And Results Of Operations. However, Only One Of The
Companies Has Its Financial Statements Audited.
a. Describe What Creates The Demand For An Audit In This Situation. Include A Discussion Of
How Audited Financial Statements Facilitate This Investment Transaction, And The Effect Of The
Audit On Business Risk And Information Risk.
b. Identify The Potential Consequences To The Company Of Not Having Its Financial
Statements Audited.
5) A Summary Of Findings Rather Than Assurance Is Most Likely To Be Included In A(N):
A) Agreed-Upon Procedures Report.
B) Compilation Report.
C) Audit Report.
D) Review Report.
Version 1 4
