100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany| Complete Chapters $17.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Principles Of Auditing And Other Assurance Service
  4.  
  5. Principles of Auditing and Other Assurance Service

Exam (elaborations)

TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany| Complete Chapters
 0 purchase
  • Course
  • Principles of Auditing and Other Assurance Service
  • Institution
  • Principles Of Auditing And Other Assurance Service

TEST BANK For Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany| Complete Chapters

Preview 10 out of 1003  pages

Document information

  • February 18, 2024
  • 1003
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • test bank for principles of auditing

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (77)

Written for

  • Principles of Auditing and Other Assurance Service
  • Principles of Auditing and Other Assurance Service

Seller

avatar-seller
TESTBANKSOLVER

Reviews received

Content preview

Test Bank for Principles of Auditing and Other Assurance
Services 22nd Edition by Ray Whittington, Kurt Pany




This Is A Test Bank Of Test (Study Questions) To Help You Prepare For the Tests
To Clarify, This Is A Test Bank, Not A Textbook You Have Immediate
Access To Download Your Test Bank.

No Delays In Loading Is Fast And Instant Immediately After Purchase! You Will
Receive A Full Bank Of Tests, In Other Words, All Chapters Will Be There.

Test Banks Are Presented In PDF Format Therefore, No Special Software
Is Required To Download Them

,Version 1 1

, This Is A Test Bank Of Test (Study Questions) To Help You Prepare For the Tests
To Clarify, This Is A Test Bank, Not A Textbook You Have Immediate
Access To Download Your Test Bank.

No Delays In Loading Is Fast And Instant Immediately After Purchase! You Will
Receive A Full Bank Of Tests, In Other Words, All Chapters Will Be There.

Test Banks Are Presented In PDF Format Therefore, No Special Software
Is Required To Download Them




Full Test Bank for Principles of Auditing and Other Assurance Services 22ndEdition
by Ray Whittington, Kurt Pany

Answers are at the end of each chapter
Chapter 1
Student name:_

1) Accountants are regulated by a variety of organizations. Match the statements with the
most directly related organization:
● Accounting and Review Services Committee.
● American Institute of Certified Public Accountants.
● Auditing Standards Board.
● Federal Accounting Standards Advisory Board.
● Financial Accounting Standards Board.
● General Accounting Office.
● Government Accounting Standards Board.
● Public Company Accounting Oversight Board.
● Securities and Exchange Commission.
● State Boards of Accountancy.
Organizations may be used once, more than once, or not at all.
Statements Organizations
Version 1 2

, A. Develops accounting standards
for public and nonpublic
companies.
B. Develops accounting standards
for the U.S. Government.
C. Improves standards of financial
accounting for state and local
government entities.
D. Issues auditing standards for
public companies.
E. Issues CPA certificates.

F. Prepares the CPA exam.


Organizations: American Institute of Certified Public Accountants, Federal Accounting
Standards Advisory Board, Financial Accounting Standards Board, Government Accounting
Standards Board, Public Company Accounting Oversight Board, State Boards of Accountancy.




Version 1 3

,2) The Sarbanes-Oxley Act of 2002 made significant reforms for public companies and their
auditors.
a. Describe the events that led up to the passage of the Act.
b. Describe the major changes made by the Act.




3) Many people confuse the responsibilities of the independent auditors and the client's
management with respect to audited financial statements.
a. Describe management's responsibility regarding audited financial statements.
b. Describe the independent auditors' responsibility regarding audited financial statements.
c. Evaluate the following statement: "If the auditors disagree with management regarding an
accounting principle used in the financial statements, the auditors should express their views in
the notes to the financial statements."




4) An investor is considering investing in one of two companies. The companies have very
similar reported financial position and results of operations. However, only one of the companies
has its financial statements audited.
a. Describe what creates the demand for an audit in this situation. Include a discussion of how
audited financial statements facilitate this investment transaction, and the effect of the audit on
business risk and information risk.

Version 1 4

, b. Identify the potential consequences to the company of not having its financial statements
audited.


5) A summary of findings rather than assurance is most likely to be included in a(n):


A) Agreed-upon procedures report.
B) Compilation report.
C) Audit report.
D) Review report.




Version 1 5

,6) The Statements on Auditing Standards have been issued by the:


A) Auditing Standards Board.
B) Financial Accounting Standards Board.
C) Securities and Exchange Commission.
D) Federal Bureau of Investigation.




7) The risk that a company’s financial statements will materially depart from generally
accepted accounting principles is referred to as:


A) Business Risk.
B) Information Risk.
C) Detection Risk.
D) Document Risk.




8) Historically, which of the following has the AICPA been most concerned with
providing?


A) Auditing standards.
B) Professional guidance for regulating financial markets.
C) Internal auditing standards.
D) Staff support to Congress.
Version 1 6

,9) The organization charged with protecting investors and the public by requiring full
disclosure of financial information by companies offering securities to the public is the:


A) Auditing Standards Board.
B) Financial Accounting Standards Board.
C) Government Accounting Standards Boards.
D) Securities and Exchange Commission.




Version 1 7

,10) An engagement in which a CPA firm arranges for a critical review of its practices by
another CPA firm is referred to as a(n):


A) Peer Review Engagement.
B) Quality Control Engagement.
C) Quality Assurance Engagement.
D) Attestation Engagement.




11) The sequentially-numbered pronouncements issued by the Auditing Standards Board
over a period of years are known as:


A) Auditing Statements of Position (ASPs).
B) Accounting Series Releases (ASRs).
C) Statements on Auditing Standards (SASs).
D) Statements on Auditing Principles (SAPs).




12) Government Accountability Office (GAO):


A) is primarily concerned with rapid processing of all accounts payable incurred by the
federal government.
B) responsibilities include audits of government agencies.
C) is an organization of professional accountants whose primary interest is in the

Version 1 8

, effectiveness of presidential expenditures.
D) is primarily concerned with budgets and forecasts approved by the PCAOB.




13) The risk associated with survivability and profitability is referred to as:




Version 1 9

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TESTBANKSOLVER. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64232 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$17.99
  • (0)
Add to cart
Added