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AC 432 Exam 1 with complete solutions
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Business Risk Those factors, events, and conditions that could prevent the organization from achieving its business objectives What are the four environmental conditions in big data that increase user demand for relevant and reliable information? Complexness, remoteness, time sensitivity, ...

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  • September 3, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ac 432 exam 1 with complete solutions

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AC 432 Exam 1 with complete solutions




Business Risk - ANSWER- Those factors, events, and conditions that could
prevent the organization from achieving its business objectives

What are the four environmental conditions in big data that increase user demand
for relevant and reliable information? - ANSWER- Complexness, remoteness, time
sensitivity, and consequences

Information Risk - ANSWER- The probability that the information circulated by an
entity will be false or misleading

Assurance - ANSWER- The lending of credibility to information

Attestation - ANSWER- A professional service resulting in a report on an
assertion (or assertions) about subject matter that is the responsibility of another
party

Auditing - ANSWER- The systematic process of objectively obtaining and
evaluating evidence regarding assertions about economic actions and events to
ascertain the degree of correspondence between the assertions and established
criteria and communicating the results to interested users

System-generated reports - ANSWER- Any report that is generated by the audit
client's information system that is used to execute its internal control procedures
or produce its financial statements. It is important to test that each system-
generated report is complete and accurate if it is being used for either of these
purposes

Attestation engagement - ANSWER- An engagement in which a practitioner is
engaged to issue a report on an assertion (or assertions) about subject matter
that is the responsibility of another party

, Assurance services - ANSWER- Independent professional services that improve
the quality of information, or its context, for decision makers

AICPA - ANSWER- American Institute of Certified Public Accountants

Financial reporting - ANSWER- Process of providing statements of financial
position (balance sheets), results of operations (income statements, statements
of shareholders' equity, and statements of comprehensive income), changes in
cash flows (statements of cash flows), and accompanying disclosures to outside
decision makers who do not have access to management's internal sources of
information; a company's accountants, under the direction of its management,
perform this function

ASB - ANSWER- Auditing standards board

PCAOB - ANSWER- Public Company Accounting Oversight Board

Existence - ANSWER- Management assertion that all assets, liabilities, and equity
interests do actually exist

Occurence - ANSWER- Management assertion that all of the transactions and
events that have been recorded are valid, pertain to the entity, and have actually
taken place

Completeness - ANSWER- Management assertion that all of the transactions,
events, assets, liabilities, equity interests, and other disclosures that should have
been recorded in the financial statements have been recorded

Valuation or allocation - ANSWER- Management assertion that all assets,
liabilities, and equity interests of the entity have been valued in accordance with
the relevant financial reporting standards (e.g., GAAP) and are listed in the
financial statements at the proper amount, and any resulting valuation
adjustments have been appropriately recorded in the financial statements

Rights and obligations - ANSWER- Management assertion that the entity is
entitled to all rights of the assets, the liabilities are the legal responsibility of the
entity, and all of the disclosed events and transactions pertain to the entity

Presentation and disclosure - ANSWER- Management assertion that all
transactions and events have been presented correctly and that all relevant

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