ACCT 311 - Exam Questions and Answers Already Passed Latest Update 2025-2026
An engagement in which a CPA firm arranges for a critical review of its practices by another
CPA firm is referred to as a(n):
A. Peer review engagement
B. Quality control engagement
C. Quality assurance engagement
D. Attestation engagement - Answers A.
An engagement in which a CPA firm arranges for a critical review of its practices by another
CPA firm is referred to as a(n):
A. Peer review engagement
B. Quality control engagement
C. Quality assurance engagement
D. Attestation engagement - Answers A
Passage of the Sarbanes-Oxley Act led to the establishment of the:
A. Auditing Standards Board
B. Accounting Enforcement Releases Board
C. Public Accounting Oversight Board.
D. Securities and Exchange Commission - Answers C
Which of the following types of services is generally provided only by CPA firms?
A. Tax audits
B. Financial statement audits
C. Compliance audits
D. Operational audits - Answers B
The right to practice as a CPA is given by which of the following organizations?
A. State Boards of Accountancy
B. The AICPA
, C. The SEC
D. The General Accounting Office - Answers A
Which of the following terms best describes the audit of a taxpayer's tax return by an IRS
auditors?
A. Operational audit
B. Internal audit
C. Compliance audit
D. Government audit - Answers C
An integrated audit performed under the Sarbanes-Oxley Act requires that auditors report on:
A. Financial Statements: Yes, Internal Control: Yes
B. Financial Statements: Yes, Internal Control: No
C. Financial Statements: No, Internal Control: Yes
D. Financial Statements: No, Internal Control: No - Answers A
Which of the following is not a type of auditors' opinion?
A. Adverse
B. Opinion
C. Qualified
D. Unqualified - Answers B
Requirements for competence/training, independence and due professional care are included in
which organization's generally accepted auditing standards?
A. FASB
B. PCAOB
C. SEC
D. GASB - Answers B
An audit should be designed to achieve reasonable assurance of detecting material
misstatements due to:
A. Errors
An engagement in which a CPA firm arranges for a critical review of its practices by another
CPA firm is referred to as a(n):
A. Peer review engagement
B. Quality control engagement
C. Quality assurance engagement
D. Attestation engagement - Answers A.
An engagement in which a CPA firm arranges for a critical review of its practices by another
CPA firm is referred to as a(n):
A. Peer review engagement
B. Quality control engagement
C. Quality assurance engagement
D. Attestation engagement - Answers A
Passage of the Sarbanes-Oxley Act led to the establishment of the:
A. Auditing Standards Board
B. Accounting Enforcement Releases Board
C. Public Accounting Oversight Board.
D. Securities and Exchange Commission - Answers C
Which of the following types of services is generally provided only by CPA firms?
A. Tax audits
B. Financial statement audits
C. Compliance audits
D. Operational audits - Answers B
The right to practice as a CPA is given by which of the following organizations?
A. State Boards of Accountancy
B. The AICPA
, C. The SEC
D. The General Accounting Office - Answers A
Which of the following terms best describes the audit of a taxpayer's tax return by an IRS
auditors?
A. Operational audit
B. Internal audit
C. Compliance audit
D. Government audit - Answers C
An integrated audit performed under the Sarbanes-Oxley Act requires that auditors report on:
A. Financial Statements: Yes, Internal Control: Yes
B. Financial Statements: Yes, Internal Control: No
C. Financial Statements: No, Internal Control: Yes
D. Financial Statements: No, Internal Control: No - Answers A
Which of the following is not a type of auditors' opinion?
A. Adverse
B. Opinion
C. Qualified
D. Unqualified - Answers B
Requirements for competence/training, independence and due professional care are included in
which organization's generally accepted auditing standards?
A. FASB
B. PCAOB
C. SEC
D. GASB - Answers B
An audit should be designed to achieve reasonable assurance of detecting material
misstatements due to:
A. Errors
