Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: Show . In the audit of historical financial statements, which of the following accounting bases is the most common? Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n): Three common types of attestation services are: The organization that is responsible for providing oversight for auditors of public companies is called the ________. The Sarbanes-Oxley Act applies to which of the following companies? Providing quantitative information that management and others can use to make decisions is the function of: An audit of historical financial statements most commonly includes the: The ___________ rate may be defined as approximately the rate a bank could earn by investing in U.S. treasury notes for the same length as the length of a business loan. The use of the Certified Public Accountant title is regulated by: An operational audit has as one of its objectives to: An audit of historical financial statements is most often performed to determine whether the: An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): Which of the following is a type of audit evidence? Which of the following services provides the lowest level of assurance on a financial statement? The three requirements for becoming a CPA include all but which of the following? In “auditing” financial accounting data, the primary concern is with: Financial statement users often receive unreliable financial information from companies. Which of the following is not a common reason for this? Which of the following is not a Trust Services principle as defined by the AICPA or CICA? Which one of the following is more difficult to evaluate objectively? The Sarbanes-Oxley Act prohibits a CPA firm that audits a public company from providing which of the following types of services to that company? Which of the following audits can be regarded as generally being a compliance audit? Which of the following can be significantly affected by an audit? The trait that distinguishes auditors from accountants is the: Attestation services on information technology include WebTrust services and SysTrust services. Which of the following statements most accurately describes SysTrust services? The criteria by which an auditor evaluates the information under audit may vary with the information being audited. The criteria used by an external auditor to evaluate published financial statements are known as generally accepted auditing standards. The Sarbanes-Oxley Act establishes standards related to the audits of privately held companies. The Sarbanes-Oxley Act is widely viewed as having ushered in sweeping changes to auditing and financial reporting. Only companies that file annual statements with the Securities and Exchange Commission are required to have an annual external audit. The financial statements most commonly audited by external auditors are the balance sheet, the income statement, and the statement of changes in retained earnings. The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles. Results of compliance audits are typically reported to someone within the organizational unit being audited rather than to a broad spectrum of outside users. The primary role of the United States General Accounting Office is the enforcement of the federal tax laws as defined by Congress and interpreted by the courts. CPA firms are never allowed to provide bookkeeping services for audit clients. Section 404 of the Sarbanes-Oxley Act requires public companies to have an external auditor attest to their internal control over financial reporting. The Sarbanes-Oxley Act requires a company’s chairman of the board of directors, CEO, and CFO to certify the company’s financial statements. The criterion that is most likely to be used as a framework in evaluating a company’s internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act is the Enterprise Risk Management framework. Most public companies’ audited financial statements are available on the SEC’s EDGAR database. What are the different types of attestation services?There are three types of attestation services: compilation, review and audit.
Which of the following is not primary category of attestation report?Which of the following is not primary category of attestation report? d. Special audit report based on a basis of accounting other than generally accepted accounting principles.
Which of the following is not one of the major categories of auditor's service?Which of the following is not one of the major categories of auditor's services? Audit and reviews of historical financial information.
Which of the following services would be considered attest services?Attestation Engagements
The audit of financial statements is the most common attestation service, but there are several others like agree-upon procedures engagements, review, and examination engagements.
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