Wgu d215 auditin - Study guides, Class notes & Summaries

WGU D215 Auditing(2023)With Complete Solutions.

In 2013, COSO published an updated version of the framework. The updated framework acknowledged the widespread use of the original COSO framework and desired to build upon the core tenets and definitions established in the original framework. - ANSWER What is the Committee of Sponsoring Organizations (COSO)? Briefly describe the original COSO framework from 1992 and the improvements made in the updated COSO framework from 2013. a) Reliability of financial reporting Is the most import...

WGU D215 Auditing, Pre-test With Correct Solutions.

WGU D215 Auditing Study Questions What is the objective of a financial statement audit? -Provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework Who are intended users of assurance services? - Decision makers ie Investors Creditors Regulators What does "independent" mean in the context of assurance services? -The person performing the service is not invol...

1. Which type of work performed by a CPA is an attestation service? Risk advisory Website security assurance Data integrity Financial statement review - ANSWER-Financial statement review 2. Which entity may obtain audited financial statements to ensure a company is complying with industry regulations? Lenders Consumers Governments General public - ANSWER-Governments 3. Which group performs an audit and review of financial statements to ensure financial statement users' nee...

WGU D215 Auditing __ Questions With Complete Solutions

WGU D215 Auditing Pre-test Questions & Answers

WGU D215 Auditing Exam With Complete Updated 2023 Solution

Ability of cash flow from operations to cover current debt and dividends - ANSWER-Measures ability to cover current debt maturities and dividends with operating cash flow. Accounting estimate - ANSWER-An approximation of a monetary amount when a precise means of measurement is not available. Accounting records - ANSWER-Client's records of the initial accounting entry and supporting documents. Acid-test (quick) ratio - ANSWER-Measures ability to meet short-term obligations with liquid a...

WGU D215 AUDITING QUESTIONS AND ANSWERS