Principles of Auditing & Other Assurance Services Chapter 2 Exam Bank Solution Manual Already Passed
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Principles of Auditing & Other Assurance Services
Institution
Principles Of Auditing & Other Assurance Services
Principles of Auditing & Other Assurance Services Chapter 2 Exam Bank Solution Manual Already Passed
What are the appropriate standard use for audit guidance for:
Nonpublic companies in the United States
Public Company in the United States
International companies - Answers Nonpublic co...
Principles of Auditing & Other Assurance Services Chapter 2 Exam Bank Solution Manual Already
Passed
What are the appropriate standard use for audit guidance for:
Nonpublic companies in the United States
Public Company in the United States
International companies - Answers Nonpublic companies in the United States - AICPA Standards
Public Company in the United States - PCAOB Standards
International companies - IAASB Standards
A financial reporting framework is a set of criteria used to prepare: - Answers financial statements
An auditor's personal responsibility to maintain a questioning mind, be alert to conditions that may
indicate possible misstatement due to fraud or error, and a critical assessment of audit evidence is
called: - Answers professional skepticism
To obtain reasonable assurance, the auditor should: - Answers plan the work and properly supervise
assistants
determine and apply appropriate materiality levels throughout the audit.
The auditor's standard of independence is violated when an auditor: - Answers holds shares of stock in
the company that he audits
The highest authoritative guidance in the GAAS Hierarchy are: - Answers Statements on Auditing
Standards
Jones, CPA samples a large amount of the clients invoices to reduce the risk that auditors may
unknowingly fail to modify the opinion on financial statements that are materially misstated. This is
known as _______ risk. - Answers audit
, Auditing standards define unintentional misstatements or omissions of amounts or disclosures in the
financial statements as_______. - Answers errors
An intentional misstatement of inventory to overstate net income is considered: - Answers fraud
Materiality depends on the _______ and the nature of the item. - Answers dollar amount
The PCAOB audit "Basis for Opinion" paragraph describes or alludes to: - Answers registration
requirements
independence requirements
the nature of a PCAOB audit
Preparing proper financial statements for the use of stockholders and creditors is the responsibility of
_______ . - Answers management
Because of the various types of evidence obtained, it is appropriate for the auditors to state they have
audited the _______ of a company. - Answers financial statements
Effective in 2019 (large public companies) and 2020 (other public companies) the PCAOB requires the
auditors to present _______ _______ matters in their report - Answers critical audit
Blane, an auditor for Femi & Co. LLP, has been asked to draft an auditors' report for Sole Shoes Inc., a
nonpublic company. The report should include: - Answers Auditor's Opinion
Management's Responsibility
Auditor's Responsibility
True or false: Generally Accepted Accounting Principles are the most frequently used financial reporting
framework in the United States. - Answers True
Maria needs to research an issue for a nonpublic company. Identify which source she is most likely to
search first: - Answers FASB Codification
A company failed to report in its financial statements a current lawsuit with a probable negative
outcome that will harm the company. This is a violation of the _______ concept. - Answers adequate
disclosure
When an item in the financial statements is not presented in accordance with applicable accounting
principles, but not significant or material enough to overshadow an overall opinion or misstate the
financial statements, the auditor will issue a(n) _______ opinion. - Answers qualified
If the auditors deem that the financial statement are not fairly presented, they will issue a(n) _______
opinion. - Answers adverse
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