Pcaob - Study guides, Class notes & Summaries

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial reporting framework (i.e., GAAP in the United States). - D: the applicable financial reporting framework (i.e., GAAP...

1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion on management’s assessment of internal control...

WGU D251 Advanced Auditing Final Exam Questions with 100% Correct Answers Latest Updated 2024/2025 | Guaranteed A+. The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial r...

Audited Financial Statements- The Basics 1-01 What is the objective of the independent audit? correct answers to express an opinion stating whether the financial statements, taken as a whole, are fairly presented in all material respects in conformity with accounting principles generally accepted in the U.S. Audited Financial Statements- The Basics 1-02 Which standards provide the most authoritative U.S. auditing guidance for nonissuers and issuers and who issues those standards? corr...

AUD CPA Exam Notes 2024/2025 SU 1 - ANS-Engagement Responsibilities Nature of an Attest Engagement - ANS-Gives an assertion or opinion on the material of the responsible party. They only apply to a CPA operating in public practice. Some services require a CPA to disclaim assurance. Attestation Standards - ANS-General Standards (training, proficiency, knowledge). Should be measurable. CPA must maintain independence. Field Work Standards (planning and supervision & sufficient appropriate...

EthicsFinal–AICPAExam120QuestionswithCorrect Answers. Generally, ethical dilemmas are not routine. Therefore, there is no way that an individual can be prepared or informed for a problem ahead of time. - Correct Answer False, It is important that you do your homework and understand how to protect yourself and your employer. This will give you a "head's up" when you face potential ethical dilemmas PCAOB set auditing, quality control, ethics, independence and other standards relat...

The Public Company Accounting Oversight Board [PCAOB] derives its authority to set and enforce auditing standards for public company audits from A The American Institute of Certified Public Accountants [AICPA]. B The Securities and Exchange Commission [SEC]. C An Act of Congress. D A Presidential executive order. C An Act of Congress Which of the following is generally not considered one of the five business processes or cycles? A Information technology. B Revenue [or sales]. C Financing. D Inv...

Accounting for decision makers C213 WGU Exam Questions and Answers 100% Pass 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. - Answer- Accounting steps. Inside, Internal - Answer- Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. - Answer- True or false, managerial accounting uses BOTH managerial and financial accounting? Outside, External, includes lenders and investo...

ACC 480 Chapter 19 Exam Questions With 100% Correct Answers. The term "ethics" refers to a person's propensity to follow the laws of the land. - answerFalse Professionalism refers to the conduct, aims, or qualities that characterize a given profession. - answerTrue When auditing a public company, a CPA must follow the auditing standards and Code of Professional Conduct of the PCAOB. - answerTrue The AICPA Code of Professional Conduct guidance starts at a conceptual level with the prin...

Wiley Exam Questions with 100% Correct Answers 2024 Which of the following is not a primary responsibility of an auditor: - answerProvide management with an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. The phrase "generally accepted accounting principles" is an accounting term that - answerEncompasses the conventions, rules, and procedures necessary to define accepted accounti...