Question 1.The name _____ is used to describe the broad range of information enhancement servicesthat are provided by certified public accountants.

29 Jun Question 1.The name _____ is used to describe the broad range of information enhancement servicesthat are provided by certified public accountants.

Question

1.The name _____ is used to describe the broad range of information enhancement servicesthat are provided by certified public accountants.

A.assurance service

B.attest engagement

C.audit of financial statements

D.compliance audit

E.CPA examination

2.To _____to information means to provide assurance as to its reliability.

A.assert

B.assure

C.attest

D.audit

E.comply

3.Ina(n) _____ audit, the auditors undertake to gather evidence and provide a high level ofassurance that the financial statements follow generally accepted accounting principles,or some other appropriate basis of accounting.

A.compliance

B.financial statement

C.integrated

D.operational

E.systems

4.In adequate accounting and reporting _____.

A.conceal waste and inefficiency

B.prevent an efficient allocation of economic resources

C.promote an efficient allocation of economic resources

D.A and/or B

E.A and/or C

5.The Sarbanes-Oxley Act of 2002 _____.

A.created the Public Company Accounting Oversight Board to oversee theaccounting profession

B.included a set of reforms that toughened penalties for corporate fraud

C.restricted the types of consulting CPAs may perform on public company auditclients

D.all of the above

E.A and/or B, only

6.An integrated audit includes providing assurance on the _____.

A.the effectiveness and efficiency of operations

B.effectiveness of internal controls over financial reporting

C.financial statements

D.all of the above

E.B and C, only

7.With respect to the accounting profession, _____.

A.each state recognizes public accountancy as a profession and issues a certificate ofcertified public accountant

B.the CPA examination is a uniform national examination prepared and graded bythe American Institute of Certified Public Accountants

C.the CPA examination is a uniform national examination prepared and graded bythe Public Company Accounting Oversight Board

D.A and B, only

E.A and C, only

8.Public accounting firms are organized as_____,

A.limited liability companies

B.partnerships

C.practitioners

D.professional corporations

E.all of the above

9.Critical to the profession is the need for independence in _____.

A.appearance

B.fact

C.both A and B

D.either A or B, but not both

E.neither A nor B

10.Errors relate to _____ the financial statements.

A.intentional acts that cause a misstatement of

B.unintentional misstatement or omissions of amounts in

C.unintentional misstatement or omissions of disclosures in

D.any of the above

E.B or C, only