04 Jun IF AN AUDITOR OF A PUBLIC COMPANY CANNOT FIND GUIDANCE ISSUED BY THE PCAOB ON A PARTICULAR AUDIT MATTER, THE AUDITOR SHOULD GENERALLY SEEK GUIDANCE FROM WHICH OF THE FOLLOWING SOURCES?
The Fieldwork Standards will be termed Performance
Principles. III. The Reporting Standards will be termed Communication
Principles.
A)
I and II
B) I and III
C) II and III
D) I, II and III
7) Auditors of public companies should,
in the absence of guidance issued by the PCAOB, follow auditing standards
issued by the SEC.
A)
True
B) False
8) International Standards on
Auditing are issued by the International Auditing Practices Committee.
A)
True
B)False
Learning Objective 2-6
1) Which one of the following is not one
of the three General Standards? A) Proper planning and supervision.
B) Independence of mental attitude.
C) Adequate training and proficiency. D) Due professional care.
2) Which one of the following is not a
Field Work Standard?
A)
Adequate planning and supervision.
B) Due professional care.
C) Understand the entity and its
environment including internal control.
D) Sufficient appropriate audit
evidence.
3) The generally accepted auditing
standard that requires “Adequate technical training and proficiency”
is normally interpreted as requiring the auditor to have:
A)
formal education in auditing and accounting.
B) worked for an entity similar to the
entity being audited.
C) independence in mental attitude.
D)
a graduate degree in a business field.
4) Which of the following statements
most accurately captures the intent of the standards of field work?
A) Field work standards are primarily
concerned with personal attributes necessary during the conduct of the audit.
B) Field work standards provide
extensive guidance regarding the conduct of an audit.
C) Field work standards are primarily
directed at the auditor’s planning, understanding of internal control, and
evidence accumulation.
D) Field work standards are primarily
concerned with the conduct of substantive testing as opposed to testing of
internal controls.
5) The Statements on Auditing Standards
issued by the Auditing Standards Board: A) interpret generally accepted
auditing standards.
B)
are the equivalent of laws for audit practitioners. C) must be followed in all
situations.
D)
are optional guidelines which an auditor may choose to follow or not follow
when conducting an audit.
6) An auditor need not abide by a
particular auditing standard if the auditor believes that:
A)
the issue in question is immaterial in amount.
B) more expertise is needed to fulfill
the requirement.
C) the requirement of the standard has
not been addressed by the PCAOB.
D)
any of the above three are correct.
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