Exam (elaborations)
Advanced Auditing Final Exam
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Advanced Auditing Final Exam
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The process of a CPA obtaining a certificate and license in a state other than the state
in which the CPA's certificate was originally obtained is referred to as
A: substantial equivalency.
B: quid pro quo.
C: relicensing.
D: re-examination.
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A: substantial equivalency.
Which of the following is not included in the American Accounting Association (AAA)
definition of auditing?
A: Potential conflict of interest.
B: Systematic process.
C: Assertions about economic actions.
D: Established criteria.
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A: Potential conflict of interest.
The audit objective that all the transactions and accounts presented in the financial
statements represent real assets, liabilities, revenues, and expenses is related most
closely to which of the PCAOB assertions?
A: Existence or occurrence.
B: Rights and obligations.
C: Completeness.
D: Presentation and disclosure.
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, A: Existence or occurrence.
Which of the following is not true with respect to the auditors' report for a public
entity?
A. The report title should contain the word "independent."
B. The report provides a detailed listing of major auditing procedures performed
during the examination.
C. The opinion assesses the financial statements against an applicable financial
reporting framework.
D. The report specifically identifies the financial statements and years examined by
the auditor.
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B. The report provides a detailed listing of major auditing procedures
performed during the examination.
Which of the following best demonstrates the concept of professional skepticism?
A. Relying more extensively on external evidence rather than internal evidence.
B. Focusing on items that have a more significant quantitative effect on the entity's
financial statements.
C. Critically assessing verbal evidence received from the entity's management.
D. Evaluating potential financial interests held by auditors in the client.
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