ACC 403 Midterm Exam: Auditing and Assurance Services

Name: ACC 403 Midterm Exam: Auditing and Assurance Services
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Author: David Miller

Midterm exam covering auditing and assurance services.

David Miller

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ACC 403 Midterm Exam: Auditing and Assurance Services
Question 1
Which of the following services provides the lowest level of assurance on a financial statement?
Answer
A review
An audit
Neither service provides assurance on financial statements.
Each service provides the same level of assurance on financial statements.
Question 2
Recording, classifying, and summarizing economic events in a logical manner for the purpose of
providing financial information for decision making is commonly called:
Answer
finance.
auditing.
accounting.
economics.
Question 3
Which of the following is not a SysTrust Services principle as defined by the AICPA?
Answer
Online privacy
Availability
Processing integrity
Operational integrity
Question 4
An audit to determine whether an entity is following specific procedures or rules set down by
some higher authority is classified as a(n):
Answer
audit of financial statements.
compliance audit.
operational audit.
production audit
Question 5
The three requirements for becoming a CPA include all but which of the following?
Answer
Uniform CPA examination requirement
Educational requirements
Character requirements
Experience requirement

Question 6
A correct relationship among the auditor, the client, and the external users is:
Answer
management 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 the auditor's report to reduce information risk.
Question 7
Historically auditing standards have been organized into three categories, including:
Answer
Standards of field work.
Purpose of an audit.
Responsibilities of the auditor.
Proper planning and supervision
Question 8
Statements on Standards for Accounting and Review Services are issued by the:
Answer
Accounting and Review Services Committee.
Professional Ethics Executive Committee.
Securities and Exchange Commission.
Financial Accounting Standards Board.
Question 9
The AICPA has authority to establish standards and rules in all but which of the following areas?
Answer
Auditing standards applicable to financial statements of private companies
Compilation and review standards
Professional conduct
Auditing standards applicable to financial statements of private and public companies
Question 10
The "Principles Underlying an Audit in Accordance with Generally Accepted Auditing
Principles" provides a framework to help auditors:
Answer
understand the ten GAAS standards.
obtain complete assurance that the financial statements are free from any error.
report on the financial statements.
prevent fraud.
Question 11
Which of the following are audit standards used in professional practice by audit firms?
Answer
International

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Strayer University

Subject

Accounting

ACC 403 Midterm Exam: Auditing and Assurance Services

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