Quiz
Chapter 1
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Questions in this quiz (13)
1An integrated audit is
- Arequired for all companies
- Brequired by the IAASB
- CComposed of financial statement audit and an audit of internal control over financial reporting
- Dconducted according to audit standards of AICPA
2Evidence
- Ais composed of various items including underlying records of accounts and docs
- Bmust be in written form
- Cincludes records created by the auditor to document audit activities
- Dincludes only corroborating info obtained from outside the client
3The PCAOB
- Ais a not for profit entity
- Bshares responsibility for standard setting with AICPA
- Ccreates audit standards that CPA firms must use in all audits
- Dis independent of SEC oversight
4The “highest” level of a CPA firm hierarchy is:
- AThe shareholders.
- BThe partners
- CThe managers
- DBoth a and b
5Which of the following is NOT a “Big Four” firm?
- APWC
- BGrant Thornton
- CDeloitte
- DEY
6Which body regulates the audits of nonpublic companies in the United States?
- APCAOB
- BAICPA
- CIFRS
- DSEC
7The Securities and Exchange Commission:
- Ais a govt. entity
- Bauthorizes all PCAOB standards before they become effective
- CCan reject company filings or suspend trading of company stocks
- DAll of the above
8The GASB:
- ASets audit standards for auditors engaged in auditing not-for-profit entities.
- BRegulates state and local governments.
- CSet reporting standards for state and local government entities
- DAll of the above
9Financial statements must be prepared:
- Ain accordance with GAAP
- Bin accordance with IFRS.
- Cin accordance with OCBOA
- DAny of the above, depending on which set of standards the circumstances dictate as applicable.
10The audit engagement team consists of:
- Amore than one partner.
- Bassociates and seniors.
- CManagers
- DAll of the above
11Which of the following organizations is considered to be a public company?
- AA firm whose privately held stock is owned exclusively by an individual.
- BA partnership of doctors.
- CA privately-held firm controlled by three family members
- DA firm whose stock is registered with the SEC
12The auditor
- Aprepares the financial statements after the client agrees to all adjustments.
- Bwrites the footnotes to the financial statements to ensure their accuracy.
- Cperforms work to reach an opinion on the ICFR and financial statements.
- DNone of the above
13To which of the following would AICPA attest standards not apply?
- AStandard for Accounting and Review Services (SSARS)
- BElder Care
- CLoans under TALF
- DInternal Control for nonpublic company
Information
- Description
- An Introduction to Auditing
- Author
- Lauren Alsobrook
- Language
- English
- Views
- 11
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