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

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ACC403 Week 2 Quiz 1: Auditing and Assurance Services Strayer UniversityQuestion 1In "auditing" financial accounting data, the primary concern is with:Answerdetermining whether recorded information properly reflects the economic events thatoccurredduring the accounting perioddetermining if fraud has occurred..determining if taxable income has been calculated correctly.analyzing the financial information to be sure that it complies with government requirements.Question 2The Sarbanes-Oxley Act applies to which of the following companies?AnswerAll companiesPrivately held companiesPublic companiesAll public companies and privately held companies with assets greater than $500 millionQuestion 3Which of the following isnotaSysTrustServices principle as defined by the AICPA?AnswerOnline privacyAvailabilityProcessing integrityOperational integrityQuestion 4Which of the following services provides the lowest level of assurance on a financial statement?AnswerA reviewAn auditNeither service provides assurance on financial statements.Each service provides the same level of assurance on financial statements.Question 5An accountant:Answermust possess expertise in the accumulation of audit evidence.must decide the number and types of items to test.must have an understanding of the principles and rules that provide the basis for preparing theaccounting information.must be a CPA.Question 6Recording, classifying, and summarizing economic events in a logical manner for the purpose ofproviding financial information for decision making is commonly called:Answerfinance.

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auditing.accounting.economics.Question 7Any service that requires a CPA firm to issue a report about the reliability of an assertion that ismade by another party is a(n):Answeraccounting and bookkeeping service.attestation service.assurance service.tax service.Question 8The use of the Certified Public Accountant title is regulated by:Answerthe federal government.state law through alicensing department or agency of each state.the American Institute of Certified Public Accountants through the licensing departments of thetax and auditing committees.the Securities and Exchange Commission.Question 9The most common way for users to obtain reliable information is to:Answerhave an internal audit.have an independent audit.verify all information individually.verify the information with management.Question 10An examination of part of an organization's procedures and methods for the purpose ofevaluating efficiency and effectiveness is what type of audit?AnswerOperational auditCompliance auditFinancial statement auditProduction auditQuestion 11One objective of an operational audit is to:Answerdetermine whether the financial statements fairly present the entity's operations.determine if the auditee is in compliance with GAAP.make recommendations for improving performance.report on the entity's relative success in attaining profit maximization.Question 12Which of thefollowing is considered audit evidence?AnswerOral statementsmade by managementWrittenCommunicationsAuditorObservation

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