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ACC 599 Final Exam VERSIONS 1 & 2

A comprehensive final exam covering financial and managerial accounting.

Scarlett Anderson
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ACC 599 FINAL EXAM VERSIONS 1 & 2VERSIONS 1Question 1The first general standard of the PCAOB requires that an audit be performed by which type ofperson?AnswerAn auditor with seasoned judgment in varying degrees of supervision and review.Anauditor with appropriate technical training and proficiency.An auditor with adequate knowledge of the standards of field work and reporting.An auditor satisfying the independence standardsQuestion 2Which assertion addresses whether all transactions and accounts that should be included in thefinancial statements are included?AnswerExistence.Valuation.Completeness.Rights and ObligationsQuestion 3Which one of the following attributes is not required of an auditor?AnswerIndependence.Bias.Integrity.Technical competenceQuestion 4Which one of the following is a reporting standard requirement?AnswerThe auditor will state explicitly whether the financial statements are fairly presented inaccordance with the applicable financialreporting framework.The auditor will identify in the auditor’s report, those circumstances in which auditing principleshave not been consistently observed in the current period in comparison to the preceding period.The auditor will review adjusting journal entries for accuracy, and if the auditor concludes thoseentries are not reasonable accurate, the auditor must so state in the auditor’s report.The auditor will express an unqualified opinion on the financial statements, or will conductadditional audit procedures until such an opinion can be expressedQuestion 5When obtaining an understanding of internal controls, what is the independent external auditorprimary concerned with?

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Document Details

University
Strayer University
Course
ACC 599
Subject
Accounting

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