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Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+$20.99
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Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+Test Bank for -Principles of Auditing and Other Assurance Services 22nd Edition by Ray Whittington, Kurt Pany,newest version 2024|25 A+Test Bank for -Principles of ...
b. Describe the independent auditors' responsibility regarding audited financial statements.
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c. Evaluate the following statement: "If the auditors disagree with management regarding an
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# accounting principle used in the financial statements, the auditors should express their views in the
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# notes to the financial statements."
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4) An investor is considering investing in one of two companies. The companies have very
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# similar reported financial position and results of operations. However, only one of the companies
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# has its financial statements audited.
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a. Describe what creates the demand for an audit in this situation. Include a discussion of how
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# audited financial statements facilitate this investment transaction, and the effect of the audit on
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# business risk and information risk.
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b. Identify the potential consequences to the company of not having its financial statements
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# audited.
5) A summary of findings rather than assurance is most likely to be included in a(n):
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A) Agreed-upon procedures report. # #
B) Compilation report. #
C) Audit report. #
D) Review report. #
#
6) The Statements on Auditing Standards have been issued by the:
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A+ Page 3 #
, A) Auditing Standards Board. # #
B) Financial Accounting Standards Board.
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C) Securities and Exchange Commission. # # #
D) Federal Bureau of Investigation.
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7) The risk that a company’s financial statements will materially depart from generally
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# accepted accounting principles is referred to as:
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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?
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A) Auditing standards. #
B) Professional guidance for regulating financial markets.
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C) Internal auditing standards.
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D) Staff support to Congress.
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9) The organization charged with protecting investors and the public by requiring full
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# disclosure of financial information by companies offering securities to the public is the:
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A+ Page 4
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