Wgu d215 Study guides, Class notes & Summaries

WGU D215 Auditing Pre-test Questions & Answers

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 Exam With Complete Updated 2023 Solution

Which type of threat to ethical decision-making is demonstrated by this practice? Self-review Self-interest Adverse interest Undue influence - ANSWER Undue influence 8. A CPA has prepared a couple's joint tax returns for 10 years, but the couple is now experiencing a complicated divorce where both parties wish to claim the same child as a dependent. The CPA agrees to work with both clients on their tax returns. Which standard of the AICPA Code of Professional Conduct is being vi...

WGU D215 – Auditing | Questions With Complete 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...

(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024

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 assets such as cash, short-term investments, and receivables. Advanced shipping notice (ASN) - ANSWER-An electronic acknowledgement of a transaction by a supplier indicating g...

(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024(WGU D215) ACCT 3340 AUDITING FINAL EXAM REVIEW Q & A 2024

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...