ACC 403 Quiz 1

17 Jun ACC 403 Quiz 1

Question 1

2 out of 2 points

The use of the Certified Public Accountant title is regulated by:

· Question 2

2 out of 2 points

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):

· Question 3

2 out of 2 points

Which of the following is not a SysTrust Services principle as defined by the AICPA?

· Question 4

2 out of 2 points

________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

· Question 5

2 out of 2 points

The most common way for users to obtain reliable information is to:

· Question 6

0 out of 2 points

Three common types of attestation services are:

· Question 7

2 out of 2 points

An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

· Question 8

2 out of 2 points

The three requirements for becoming a CPA include all but which of the following?

· Question 9

2 out of 2 points

Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

· Question 10

2 out of 2 points

One objective of an operational audit is to:

· Question 11

2 out of 2 points

In “auditing” financial accounting data, the primary concern is with:

· Question 12

2 out of 2 points

An accountant:

· Question 13

2 out of 2 points

Which of the following is considered audit evidence?

· Question 14

2 out of 2 points

An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

· Question 15

2 out of 2 points

A correct relationship among the auditor, the client, and the external users is:

· Question 16

2 out of 2 points

The organization that is responsible for providing oversight for auditors of public companies is called the ________.

· Question 17

2 out of 2 points

Historically auditing standards have been organized into three categories, including:

· Question 18

2 out of 2 points

The International Standards on Auditing (ISAs):

· Question 19

2 out of 2 points

In order to properly plan and perform an audit, an important fact for both the auditor and the client to understand is that:

· Question 20

2 out of 2 points

Which of the following is an element of the CPA’s quality control system that should be considered in establishing its quality control policies and procedures?

· Question 21

The Public Company Accounting Oversight Board:

· Question 22

2 out of 2 points

Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit:

· Question 23

2 out of 2 points

The methods used by a CPA firm to ensure that the firm meets is professional responsibilities to clients and others is:

· Question 24

2 out of 2 points

Which of the following statements best describes the primary purpose of Statements on Auditing Standards?

· Question 25

2 out of 2 points

The Statements on Auditing Standards issued by the Auditing Standards Board:

· Question 26

2 out of 2 points

Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:

· Question 27

2 out of 2 points

The “Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles” provides a framework to help auditors:

· Question 28

2 out of 2 points

To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, the auditor must fulfill several performance responsibilities, including:

· Question 29

2 out of 2 points

The legal right to perform audits is granted to a CPA firm by regulation of:

· Question 30

2 out of 2 points

Assume the Public Company Accounting Oversight Board (PCAOB) identifies a violation during its sinspection of a registered accounting firm. The PCAOB: