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LSU ACCT 3222 TESTS COMPILATION BUNDLE
LSU ACCT 3222 TESTS COMPILATION BUNDLE
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unmodified report correct answer: the name of a clean report for private companies 
 
unqualified report correct answer: the name of a clean report for public companies 
 
clean report correct answer: means that in the auditors' opinion if the company follows GAAP 
 
end of field work correct an...
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Añadir al carritounmodified report correct answer: the name of a clean report for private companies 
 
unqualified report correct answer: the name of a clean report for public companies 
 
clean report correct answer: means that in the auditors' opinion if the company follows GAAP 
 
end of field work correct an...
What is the role of auditing? correct answer: To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) 
 
What is the main task of the auditor? correct answer: To collect sufficient appropriate evidence that management's assertions ...
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Añadir al carritoWhat is the role of auditing? correct answer: To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) 
 
What is the main task of the auditor? correct answer: To collect sufficient appropriate evidence that management's assertions ...
any independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services 
 
What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services 
2. Audit Services 
 
Name the 4 other services of Assu...
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Añadir al carritoany independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services 
 
What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services 
2. Audit Services 
 
Name the 4 other services of Assu...
Assurance Services correct answer: Indepent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest services and financial statement audits 
 
Attest Services correct answer: Services provided by a practitioner engaged to issue a repor...
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Añadir al carritoAssurance Services correct answer: Indepent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest services and financial statement audits 
 
Attest Services correct answer: Services provided by a practitioner engaged to issue a repor...
Audit Risk correct answer: - The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. 
- Risk auditor will issue an unqualified opinion on materially misstated financial statements. 
 
Assertions in relation to Audit Risk correct ans...
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Añadir al carritoAudit Risk correct answer: - The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. 
- Risk auditor will issue an unqualified opinion on materially misstated financial statements. 
 
Assertions in relation to Audit Risk correct ans...
Components of unmodified opinion for PUBLIC co: 
(9) correct answer: 1. Title ("registered" "independent") 
2. Addressed to BOD and shareholders 
3. Opinion paragraph (statements audited and opinion) 
4. Audit of IC - effectiveness of ICFR 
5. Basis for opinion - responsibilities and adher...
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Añadir al carritoComponents of unmodified opinion for PUBLIC co: 
(9) correct answer: 1. Title ("registered" "independent") 
2. Addressed to BOD and shareholders 
3. Opinion paragraph (statements audited and opinion) 
4. Audit of IC - effectiveness of ICFR 
5. Basis for opinion - responsibilities and adher...
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Assertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes 
 
Relevant assertion correct answer: An assertion that has a reasonable poss...
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Añadir al carritoAssertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes 
 
Relevant assertion correct answer: An assertion that has a reasonable poss...
Revenue Recognition correct answer: - FASB Definition: inflows or other enahancements of assets of an entity or settlements of its liabilities from delivery or producing goods, rendering services or other activities that consistute the entity's major or central operations. 
- FASB Statement of Fin...
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Añadir al carritoRevenue Recognition correct answer: - FASB Definition: inflows or other enahancements of assets of an entity or settlements of its liabilities from delivery or producing goods, rendering services or other activities that consistute the entity's major or central operations. 
- FASB Statement of Fin...
What assertion is most important in auditing payables and liabilities? correct answer: completeness 
 
What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 
 
4 initial procedures for A/P correct answer: 1. agree BB to PY 
2. obtain A/P TB 
3. ...
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Añadir al carritoWhat assertion is most important in auditing payables and liabilities? correct answer: completeness 
 
What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 
 
4 initial procedures for A/P correct answer: 1. agree BB to PY 
2. obtain A/P TB 
3. ...
Internal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making. ...
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Añadir al carritoInternal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making. ...
What assertion is of most concern when auditing payables/liabilities? correct answer: completeness 
 
what should you be aware of when auditing payables/liabilities? correct answer: beware of understatement of liabilities/expenses and unrecorded liabilities/expenses 
 
Steps to audit payables/liab...
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Añadir al carritoWhat assertion is of most concern when auditing payables/liabilities? correct answer: completeness 
 
what should you be aware of when auditing payables/liabilities? correct answer: beware of understatement of liabilities/expenses and unrecorded liabilities/expenses 
 
Steps to audit payables/liab...
Transactions and Events: CAPCO correct answer: Completeness, Proper period cutoff, Accuracy, Classification, Occurrence 
 
Account Balances: CARE correct answer: Completeness, Allocation and valuation, rights and obligations, Existence 
 
Presentation and Disclosure: CURV correct answer: Complete...
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Añadir al carritoTransactions and Events: CAPCO correct answer: Completeness, Proper period cutoff, Accuracy, Classification, Occurrence 
 
Account Balances: CARE correct answer: Completeness, Allocation and valuation, rights and obligations, Existence 
 
Presentation and Disclosure: CURV correct answer: Complete...
Auditor's Responsibilities w.r.t. Auditing Standards and Standards of Professional Conduct correct answer: - Private Entity: CPA must follow standards established by the ASB, as well as the independence and other standards of professional conduct established by the AICPA Code of Professional Condu...
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Añadir al carritoAuditor's Responsibilities w.r.t. Auditing Standards and Standards of Professional Conduct correct answer: - Private Entity: CPA must follow standards established by the ASB, as well as the independence and other standards of professional conduct established by the AICPA Code of Professional Condu...
Auditing Prepaid Expenses correct answer: - Examples: prepaid insurance, prepaid rent, and prepaid interest 
- Prepaid expense balances are generally not highly material; as a result, substantive analytical procedures are often used to verify these accounts 
- Inherent Risk: generally assessed as l...
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Añadir al carritoAuditing Prepaid Expenses correct answer: - Examples: prepaid insurance, prepaid rent, and prepaid interest 
- Prepaid expense balances are generally not highly material; as a result, substantive analytical procedures are often used to verify these accounts 
- Inherent Risk: generally assessed as l...
an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 
 
3 categories of the likelihood of loss correct answer: 1. Probably 
2. Reasonably possible 
3. R...
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Añadir al carritoan existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 
 
3 categories of the likelihood of loss correct answer: 1. Probably 
2. Reasonably possible 
3. R...
What are the three risk phases of an audit? correct answer: 1. risk assessment phase 
2. risk response phase 
3. reporting phase 
 
gaining an understanding of the client, identifying risk factors, developing an audit strategy, and setting planning materials correct answer: risk assessment phase...
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Añadir al carritoWhat are the three risk phases of an audit? correct answer: 1. risk assessment phase 
2. risk response phase 
3. reporting phase 
 
gaining an understanding of the client, identifying risk factors, developing an audit strategy, and setting planning materials correct answer: risk assessment phase...
Substantive procedures correct answer: audit procedures designed to detect material misstatements at the assertion level and to gather evidence to support management assertions 
 
Some risks impact at the F/S level correct answer: Management pressure to not violate debt covenants ex. 
 
Some risks...
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Añadir al carritoSubstantive procedures correct answer: audit procedures designed to detect material misstatements at the assertion level and to gather evidence to support management assertions 
 
Some risks impact at the F/S level correct answer: Management pressure to not violate debt covenants ex. 
 
Some risks...
1. The risk that the auditor expresses an inappropriate audit opinion when the financial 
statements are materially misstated is referred to as 
a. Inherent risk 
b. Audit risk 
c. Engagement risk 
d. Detection risk 
2. Which of the following relates to the sufficiency of audit evidence? 
a. The aud...
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Añadir al carrito1. The risk that the auditor expresses an inappropriate audit opinion when the financial 
statements are materially misstated is referred to as 
a. Inherent risk 
b. Audit risk 
c. Engagement risk 
d. Detection risk 
2. Which of the following relates to the sufficiency of audit evidence? 
a. The aud...
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Audit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effec...
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Añadir al carritoAudit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effec...
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