Auditing - Study guides, Class notes & Summaries

ACCP301 - Auditing and Assurance Principles (1)

Audit CPA Exam Questions and answers, 100% Accurate. Graded A+ Management is responsible for - -Financial statements - the preparation and fair presentation Internal controls - design, implementation and maintenance relevant to the FS Providing auditor with access to info and persons needed to complete the audit The preparation and fair presentation of the FS requires - -identification of the applicable financial reporting framework preparation and fair presentation in accordanc...

Chapter Two: The CPA Profession. Exam Questions & Answers. Rated A+ The legal right to perform audits is granted to a CPA firm by regulation of A. the Financial Accounting Standards Board (FASB). B. the American Institute of Certified Public Accountants (AICPA). C. the Auditing Standards Board. D. each state - -Each state Which of the following is not a characteristic of a small firm? A. Small firms are prohibited by the SEC from auditing publicly traded companies. B. Tax services ...

Accounting CPA, Top Exam Questions and answers. Graded A+ AICPA - -American Institute of Certified Public Accountants, a voluntary organization of CPAs that sets professional requirements, conducts research, and publishes materials relevant to accounting, auditing, management consulting services, and taxes Center for Audit Quality (CAQ) - -An autonomous public policy organization with a mission to foster confidence in the audit process and to make public company auits even more reliable ...

CPA Audit Exam Questions and answers. 100% Accurate. Rated A+ What does TID stand for in the GAAS general standards? - -Training, Independence, and Due professional care What does PIE stand for in the standards of field work? - -Planning and supervision, Internal Control, and Evidence What does GCDO stand for in the standards of reporting? - -GAAP, Consistency, Disclosure, and Opinion When is an adverse opinion rendered? - -When a severe GAAP departure is present in the financial s...

Chapter 2: The CPA Profession (PowerPoint). Exam Questions & Answers. Rated A+ Activities of CPA Firms - --CPA firms provide audit services as well as other attestation and assurance services. -CPA firms also provide accounting and bookkeeping services, tax services, and management consulting and risk advisory services. -Although the Sarbanes-Oxley Act and the SEC restrict auditors from providing many consulting services to public company audit clients, audit firms are not restricted ...

Chapter 1: The Role of the Public Accountant Questions & Answers. Rated A+ Agreed-upon procedures engagement - -An attest engagement in which the CPAs agree to perform procedures for a specified party and issue a report that is restricted to use by that party. American Institute of Certified Public Accountants (AICPA) - -The national professional organization of CPAs engaged in promoting high professional standards to ensure that CPAs serve the public interest. Applicable financial re...

Chapter 2 The CPA Profession. Exam Questions and answers. 100% Acurate. 1) The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the: - -B) Form 8-K. 2) The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the: - -A) Form S-1. 3) The AICPA has authority to establish standards a...

The CPA Profession, Top Questions and answers. 100% Accurate. VERIFIED. State the four major types of services CPAs perform, and explain each. - -1. Accounting and bookkeeping services, which are the major source of revenue for most large CPA firms. 2. Tax services, especially are more common to many small firms than accounting and bookkeeping service. 3. Management consulting services. Audit firms are not restricted from providing consulting to private companies and public companies that...

Assurance Services - An objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization. Examples may include financial, performance, compliance, system security, and due diligence engagements. Compliance - Adherence to policies, plans, procedures, laws, regulations, contracts, or other requirements. Consulting Services - Advisory and related client service activities, the nature and sc...