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Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+$19.49
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Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+
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Course
Principles of Auditing
Institution
Principles Of Auditing
Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+Test Bank for -Principles of ...
,2) The2Sarbanes-
Oxley2Act2of220022made2significant2reforms2for2public2companies2and2their2auditors.
a. Describe2the2events2that2led2up2to2the2passage2of2the2Act.
b. Describe2the2major2changes2made2by2the2Act.
3) Many2people2confuse2the2responsibilities2of2the2independent2auditors2and2the2client's2
management2 with2respect2to2 audited2financial2statements.
a. Describe2management's2responsibility2regarding2audited2financial2statements.
b. Describe2the2independent2auditors'2responsibility2regarding2audited2financial2statements.
c. Evaluate2the2following2statement:2"If2the2auditors2disagree2with2management2regarding2an2
accounting2principle2used2in2the2financial2statements,2the2auditors2should2express2their2views2in2
the2notes2to2the2financial2statements."
4) An2investor2is2considering2investing2in2one2of2two2companies.2The2companies2have2very2
similar2reported2financial2position2and2results2of2operations.2However,2only2one2of2the2companies2
has2its2financial2statements2audited.
a. Describe2what2creates2the2demand2for2an2audit2in2this2situation.2Include2a2discussion2of2how2
audited2financial2statements2facilitate2this2investment2transaction,2and2the2effect2of2the2audit2on2
business2risk2and2 information2risk.
b. Identify2the2potential2consequences2to2the2company2of2not2having2its2financial2statements2
audited.
A) Auditing2Standards2Board.
B) Financial2Accounting2Standards2Board.
C) Government2Accounting2Standards2Boards.
D) Securities2and2Exchange2Commission.
A) Auditing2Statements2of2Position2(ASPs).
B) Accounting2Series2Releases2(ASRs).
C) Statements2on2Auditing2Standards2(SASs).
D) Statements2on2Auditing2Principles2(SAPs).
12) Government2Accountability2Office2(GAO):
A) is2primarily2concerned2with2rapid2processing2of2all2accounts2payable2incurred2by2the2
federal2government.
B) responsibilities2include2audits2of2government2agencies.
C) is2an2organization2of2professional2accountants2whose2primary2interest2 is2in2the2
effectiveness2of2presidential2expenditures.
D) is2primarily2concerned2with2budgets2and2forecasts2approved2by2the2PCAOB.
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