LSU ACCT 3222 Chapter 1 Exam 1 By Laura Wiley 2023 with Questions and Answers 100% Graded A+

LSU ACCT 3222 Chapter 1 Exam 1 By Laura Wiley 2023 with Questions and Answers 100% Graded A+ Any independent service that improves the quality of information (financial or non-financial) - CORRECT ANSWER-Assurance Services What two other services fall under the umbrella of Assurance services? - CORRECT ANSWER-1. Attestation Services 2. Audit Services Name the 4 other services of Assurance services: - CORRECT ANSWER-1. Risk advisory services 2. Compliance with EPA standards 3. Website security 4. Data integrity independent CPA (or practitioner) reports on subject matter (usually financial related info) prepared by someone else - CORRECT ANSWER-Attestation services Is audit an attestation service? - CORRECT ANSWER-yes 3 services of attestation services: - CORRECT ANSWER-1. Examination of financial forecast 2. Review of historical FS 3. Examination of control process T/F: Attestation services only focus on historical financial reporting. - CORRECT ANSWER-FALSE - they focus on future, historical, and IC reporting Name 2 services that fall under the Audit Service umbrella: - CORRECT ANSWER-1. Historical FS 2. Internal Controls Who makes GAAP? - CORRECT ANSWER-FASB What does ASB stand for? - CORRECT ANSWER-Auditing Standards Board Who created/is in charge of ASB? - CORRECT ANSWER-AICPA What does SAS stand for? - CORRECT ANSWER-Statements on Auditing Standards What does SSAE stand for? - CORRECT ANSWER-Statements on Standards for Attestation Engagements What does SQCS stand for? - CORRECT ANSWER-Statements on Quality Control Standards ASB pertain to: - CORRECT ANSWER-private companies What does PCAOB stand for? - CORRECT ANSWER-Public Companies Accounting Oversight Board What does AS stand for? - CORRECT ANSWER-Auditing Standards (public company) AS pertains to: - CORRECT ANSWER-public companies a privately funded organization whose mission is to establish financial accounting and reporting standards for nongovernmental entities with the goal of providing information that is useful for decision making - CORRECT ANSWER-FASB Who maintains the ASC? What does it stand for? What is it usually referred to as? - CORRECT ANSWER-FASB maintains the Accounting Standards Codification. Usually referred to as GAAP. an independent private sector group that focuses on providing guidance to management and expertise in the areas of internal control, enterprise risk management, and fraud deterrence - CORRECT ANSWER-COSO (Committee on Sponsoring Organizations of Treadway Commission) acts as a collective voice for the boards of accountancy and works to promote the interests of the state boards with legislation and regulatory bodies - CORRECT ANSWER-NASBA (National Association of State Boards of Accountancy) a high, but not absolute, level or assurance - CORRECT ANSWER-reasonable assurance the risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated - CORRECT ANSWER-audit risk for a private company, when auditors have determined the financial statements are presented