ACC 403 Midterm Exam: Auditing and Assurance Services

Preview (3 of 7 Pages)

100%

Purchase to unlock

Loading page image...

ACC 403Midterm Exam: Auditing and Assurance ServicesQuestion 1Which of the following services provides the lowest level of assurance on a financial statement?AnswerA reviewAn auditNeither service provides assurance on financialstatements.Each service provides the same level of assurance on financial statements.Question 2Recording, classifying, and summarizing economic events in a logical manner for the purpose ofproviding financial information for decision making is commonly called:Answerfinance.auditing.accounting.economics.Question 3Which of the following is not a SysTrust Services principle as defined by the AICPA?AnswerOnline privacyAvailabilityProcessing integrityOperational integrityQuestion 4An auditto determine whether an entity is following specific procedures or rules set down bysome higher authority is classified as a(n):Answeraudit of financial statements.compliance audit.operational audit.production auditQuestion 5The three requirements for becoming a CPA include all but which of the following?AnswerUniform CPA examination requirementEducational requirementsCharacter requirementsExperience requirement

Loading page image...

Question 6A correct relationship among the auditor, the client, and the external users is:Answermanagement of a public company hires the independent auditor.the audit committee of a private company hires the independent auditor.the client provides capital to the external users.the external users can rely upon theauditor's report to reduce information risk.Question 7Historically auditing standards have been organized into three categories, including:AnswerStandards of field work.Purpose of an audit.Responsibilities of the auditor.Proper planning and supervisionQuestion 8Statements on Standards for Accounting and Review Services are issued by the:AnswerAccounting and Review Services Committee.Professional Ethics Executive Committee.Securities and Exchange Commission.Financial Accounting Standards Board.Question 9The AICPA has authority to establish standards and rules in all but which of the following areas?AnswerAuditing standards applicable to financial statements of private companiesCompilation and review standardsProfessional conductAuditing standards applicable to financial statements of private and public companiesQuestion 10The "Principles Underlying an Audit in Accordance with Generally Accepted AuditingPrinciples" provides a framework to help auditors:Answerunderstand the tenGAAS standards.obtain complete assurance that the financial statements are free from any error.report on the financial statements.prevent fraud.Question 11Which of the following are audit standards used in professional practice by audit firms?AnswerInternational

Preview Mode

This document has 7 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

ACC403 Week 2 Quiz 1: Auditing and Assurance Services Strayer University

ACC 403 Final Assessment Comprehensive Auditing and Internal Control Exam

Accounting

Master Managerial Accounting Techniques

Controlling and Reporting of Real Assets

Team A Week 5 Problems

Sarbanes Oxley Act, GAAP and IFRS

Accounting Audit Final Exam MCQs 2015

Financial Reporting, Regulations, and Corporate Governance

IFRS or US GAAP Which is the Best Reporting Standard

Company

Explore

Study Tools