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ACCT417 Exam 1 Questions With Complete Solutions
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ACCT417 Exam 1 Questions With Complete Solutions
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ACCT417 Exam 1 Questions With Complete Solutions8 Parts of the Standard Unmodified Opinion Correct Answer -
Title
- Address
- Introduction
- Management Responsibilities
- Auditors Responsibilities
- Opinion
- Signature
- Location
- Date
AICPA Conceptual Framework Correct Answer - Identify
threats
- Evaluate the significance of the threat
- Identify and apply safeguards
Covered member Correct Answer - individual on the audit
engagement
- individual who can influence the engagement
- partner/manager providing more than 10 hours of service to a
audit client
- a partner in the office location of the partner responsible for the
engagement
- the firm and its employee benefit plan
Cycle Approach to auditing Correct Answer Dividing closely
related types of transactions and account balances in smaller
segment which is audited independently and a conclusion drawn
together
,Cycles of the Cycle Approach Correct Answer - Sales and
collections
- Acquisition and payment
- Payroll and personell
- Inventory and warehousing
- Capital aquisition and repayment
Does AICPA or PCAOB allow or not allow:
Designing and implementing a financial information system for
a non-audit client Correct Answer Both - allow
Non audit client
Does AICPA or PCAOB allow or not allow:
Interviewing and hiring the new controller for a non-audit client
Correct Answer Both - allow
Non-audit client
Does AICPA or PCAOB allow or not allow:
Interviewing and hiring the new controller for an audit client
Correct Answer Both - not allow
Management of human resource functions are not allowed as
they are a management service
Does AICPA or PCAOB allow or not allow:
, Preparing the corporate tac return for an audit client Correct
Answer Both - allow
Management consulting service
Does AICPA or PCAOB allow or not allow:
Providing bookkeeping services to an audit client Correct
Answer AICPA - allow
PCAOB - not allow
Management consulting service but PCAOB exception does not
allow
Does AICPA or PCAOB allow or not allow:
Providing individual tax services to the CFO of an adit client
Correct Answer AICPA - allow
PCAOB - not allow
Management consulting service but PCAOB exception does not
allow
Does AICPA or PCAOB allow or not allow:
Providing internal audit services for an audit client Correct
Answer AICPA - allow
PCAOB - not allow
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