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Test Bank for Auditing and Assurance Services, 18th edition by Arens Alvin, Elder Randal, Beasley Mark & Hogan Chris, All Chapters 1-23 ||Complete A+ Guide $17.99
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Test Bank for Auditing and Assurance Services, 18th edition by Arens Alvin, Elder Randal, Beasley Mark & Hogan Chris, All Chapters 1-23 ||Complete A+ Guide
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Test Bank for Auditing and Assurance Services, 18th edition by Arens Alvin, Elder Randal, Beasley Mark & Hogan Chris, All Chapters 1-23 ||Complete A+ Guide

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  • October 28, 2024
  • 801
  • 2024/2025
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1

,Auditing and Assurance Services, 18e (Arens/Elder/Beasley)
f f f f f


Chapter 1 The Demand for Audit and Other Assurance Services
f f f f f f f f f f




Learning Objective 1-1 f f




1) The Sarbanes-Oxley Act applies to which of the following companies?
f f f f f f f f f


A) All companies f


B) Privately held companies f f


C) Public companies f


D) All public companies and privately held companies with assets greater than $500 million
f f f f f f f f f f f f


Answer: C
f f


Terms: Sarbanes-Oxley Act f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills f f f


Topic: SOX
f f




2) Which of the following is considered audit evidence?
f f f f f f f


A)
f


Oral statements Written
f Auditor
made by management Communications
f f Observation
Y N N

B)
Oral statements f Written Auditor
f made by management
f f Communications
f Observatio
f


n
N Y Y

C)
Oral statements f Written Auditor
made by management
f f Communications Observation
Y Y Y

D)
Oral statements f Written Auditor
made by management
f f Communications Observation
N N Y

Answer: C f


Terms: Audit evidence f f


Diff: Moderate
f f


Objective: LO 1-1
f f f


AACSB: Reflective thinking skills f f f




2

,3) Evidence is paramount to audit and attestation engagements. List the four basic types of audit
f f f f f f f f f f f f f f


evidence.
f


Answer: The four types of audit and attestation evidence include:
f f f f f f f f f


1. Electronic and documentary data about transactions
f f f f f


2. Written and electronic communications with outsiders
f f f f f


3. Observations by the auditor f f f


4. Oral testimony of the auditee (client)
f f f f f


Terms: Basic types of audit evidence
f f f f f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f




4) The criteria by which an auditor evaluates the information under audit may vary with the
f f f f f f f f f f f f f f


information being audited.
f f f


A) True
B) False
Answer: A
f f


Terms: Criteria which an auditor evaluates information
f f f f f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f




5) The criteria used by an external auditor to evaluate published financial statements are known as
f f f f f f f f f f f f f f


generally accepted auditing standards.
f f f f


A) True
B) False
Answer: B
f f


Terms: Criteria used by external auditor to evaluate published financial statements
f f f f f f f f f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f




6) The Sarbanes-Oxley Act establishes standards related to the audits of privately held
f f f f f f f f f f f


companies.
f


A) True
B) False
Answer: B
f f


Terms: Sarbanes-Oxley Act
f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f


Topic: SOX
f f




3

, 7) The Sarbanes-Oxley Act is widely viewed as having ushered in sweeping changes to auditing
f f f f f f f f f f f f f


and financial reporting.
f f f


A) True
B) False
Answer: A
f f


Terms: Sarbanes-Oxley Act
f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f


Topic: SOX
f f




8) An auditor must be competent and have an independent mental attitude.
f f f f f f f f f f


A) True
B) False
Answer: A
f f


Terms: Competence and independent mental attitude
f f f f f


Diff: Easy
f f


Objective: LO 1-1 f f


AACSB: Reflective thinking skills
f f f




f Learning Objective 1-2 f f




1) Recording, classifying, and summarizing economic events in a logical manner for the purpose of
f f f f f f f f f f f f f


providing financial information for decision making is commonly called:
f f f f f f f f f


A) finance.
B) auditing.
C) accounting.
D) economics.
Answer: C f


Terms: Recording, classifying, and summarizing economic events
f f f f f f


Diff: Easy
f f


Objective: LO 1-2 f f


AACSB: Reflective thinking skills f f f




2) An accountant:
f


A) must possess expertise in the accumulation of audit evidence.
f f f f f f f f


B) must decide the number and types of items to test.
f f f f f f f f f


C) must have an understanding of the principles and rules that provide the basis for preparing the
f f f f f f f f f f f f f f f


accounting information.
f f


D) must be a CPA. f f f


Answer: C f


Terms: Distinguishes auditors from accountants
f f f f


Diff: Moderate
f f


Objective: LO 1-2 f f


AACSB: Reflective thinking skills f f f




4

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