Exam (elaborations)
ACCT 409 Chapter 1 Smart Book (1).
- Institution
- CISA: Domain #2, Part A: IT Governance
ACCT 409 Chapter 1 Smart Book (1).
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ACCT 409 Chapter 1 Smart Bookattestation engagement - ANS-An audit is a specific type of ______.
a. attestation engagement
b. assertion
c. internal control
d. explicit representation
may not be - ANS-The existence of cash is always relevant, and valuation ______ a relevant
assertion for the cash account
a. is never
b. is always
c. may not be
B, C, D and E - ANS-Assurance services include ______. Select all that apply
a. consulting services
b. cyber risk assessment
c. internal audit outsourcing
d. regulatory compliance
e. customer satisfaction surveys
PCAOB - ANS-Responsibility for setting all audit standards to be followed on audit's of public
companies rests with the ______.
a. FASB
b. ASB
c. PCAOB
d. GASB
assurance - ANS-Lending credibility to information is known as providing
B, C, and D - ANS-Financial statements contain management's assertions about ______. Select
all that apply
a. management effectiveness
b. presentation and disclosure
c. account balances
d. transactions and events
significant accounts - ANS-The auditor considers the relevance of each financial statement
assertion, one at a time, after the ____ _____ and disclosures have been identified
B and C - ANS-The most appropriate certifications for accountants working outside of public
accounting include ______. Select all that apply
, a. certified forensic accountant
b. certified management accountant
c. certified information technology professional
d. certifies information systems security professional
relevant - ANS-If there is a "reasonable possibility" that a material misstatement exists related to
an assertion for the significant account being audited, the assertion is considered to be _____.
attestation; consulting - ANS-Financial statement auditing and ____ services are both types of
assurance services, but __ services are not.
in the footnotes - ANS-Management assertions about financial statement presentation and
disclosure are primarily found ______.
a. on the statement of comprehensive income
b. on the income statement
c. on the balance sheet
d. in the footnotes
False - ANS-True or false: A specific error in a financial statement affects only one management
assertion.
first - ANS-Auditors understand that receiving explanations from an entity's management is the
______ step in the professional judgment process.
a. only
b. last
c. first
significant - ANS-If there is a reasonable possibility that an account or disclosure could contain
a misstatement that is material, the account or disclosure is identified as _____.
A, C, and D - ANS-Designations for accountants within public accounting other than a CPA
include ______. Select all that apply
a. certified fraud examiner
certified
b. management accountant
c. certified internal auditor
d. certified forensic accountant
C and D - ANS-Which of the following statements are correct? Select all that apply:
a. Objectivity is not important when performing assurance services.
b. For assurance services, improving the context of information refers to the information itself.
c. an assurance engagement is a type of professional service
d. the consumers of assurance services may be either a very small or very large targeted group
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