Question 1. 1.
The Securities Exchange Commission (SEC) has oversight authority over the PCAOB. Which of the following is not within the SEC’s oversight authority?
The SEC approves the PCAOB’s rules
The members of the PCAOB are appointed by the SEC
The SEC approves the PCAOB’s budget
The SEC determines which audit firms will be inspected by the PCAOB
Question 2. 2.
Before the creation of the PCAOB, the auditing standards of the Auditing Standards Board were used to audit all companies. Which statement best describes the PCAOB and auditing standards?
In 2003, the PCAOB adopted certain auditing standards of the ASB as interim standards
In 2003, the PCAOB developed over 100 new auditing standards
In 2003, the PCAOB developed audit standards to audit all companies, private and public
In 2003, the PCAOB adopted all the standards of the AICPA to save time in the development of new standards
Question 3. 3.Corresponds to CLO 1(c)
Which of the following is correct about the PCAOB?
The PCAOB receives its authority from the SEC
Auditing standards issued by the PCAOB must be approved by the SEC
Anyone who wants to purchase stock on a U.S. stock exchange must follow the rules of the SEC
All audit firms performing audits of public companies are registered with and agree to comply with the auditing procedures established by the PCAOB
Question 4. 4. Corresponds to CLO 1(d)
Which of the following is correct about the PCAOB? (Points : 6)
The PCAOB receives its authority from the SEC
Auditing standards issued by the PCAOB must be approved by the U.S. Congress
Anyone who wants to purchase stock on a U.S. stock exchange must follow the rules of the SEC
All audit firms performing audits of public companies are registered with and agree to comply with the auditing standards established by the PCAOB
Question 5. 5.Corresponds to CLO 2(a)
When management presents the financial statements to the auditor, management makes several assertions about the financial statements. Which of the following is not one of these assertions?
residence
valuation and allocation
accuracy
classification
Question 6. 6.Corresponds to CLO 2(b)
When management presents the financial statements to the auditor, management makes several assertions about the financial statements. Which of the following is not one of these assertions?
existence or occurrence
valuation and allocation
accuracy
categorization
Question 7. 7.Corresponds to CLO 2(c)
Which of the following are assertions about the revenue process?
existence or occurrence – for both classes of transactions and account balances
completeness – account balances
valuation and allocation – for account balances
rights and obligations – for classes of transactions and account balances
accuracy – for classes of transactions and account balances
both A and C
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