Exam (elaborations)
ACTG 435 AUDITING EXAM 1 STUDY QUESTIONS WITH ALL PASSED ANSWERS!!
- Course
- Institution
ACTG 435 AUDITING EXAM 1 STUDY QUESTIONS WITH ALL PASSED ANSWERS!!
[Show more]
Content preview
ACTG 435 AUDITINGEXAM 1 STUDY
QUESTIONS WITH ALL
PASSED ANSWERS!!
ACTG 435
Evatee 9/2/24 ACTG 435
, ACTG 435 AUDITING EXAM 1 STUDY
QUESTIONS WITH ALL PASSED ANSWERS!!
How is auditing different? Answer - - Uses analytical and logical skills
- Much more conceptual in nature
What is the purpose of an audit? Answer - To provide reasonable assurance
that the financial statements are free of material misstatement
Why are audits demanded? Answer - - Public companies are required to have
audited financial statements
- Even if not public, banks require audits when giving loans
- Investors like company transparency from outside party
During the economic boom of the late 1990s and early 2000s, accounting firms
aggressively sought opportunities to market various what? Answer - high-
margin non audit services
Sarbanes-Oxley Act (2002) Answer - Regulation of audit profession and
creation of PCAOB
Dodd-Frank Act (2010) Answer - Expanded the Fed's regulatory authority over
financial institutions & shaped the accounting profession and environment
Manager's responsibilities Answer - Establish and maintain internal controls
and ensure fair presentation of financial statements
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
