Auditing > QUESTIONS & ANSWERS > ACCT 4318 EXAM 1 REVIEW QUESTIONS WITH 100% CORRECT ANSWERS (All)

ACCT 4318 EXAM 1 REVIEW QUESTIONS WITH 100% CORRECT ANSWERS

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An independent professional service that improves the quality of information for decision makers Correct Answer Assurance service A type of assurance service in which the CPA firm issues a report a... bout a subject matter or assertion that is made by another party Correct Answer Attestation service A nonpartisan agency in the legislative branch of the federal government whose primary responsibility is to perform the audit function for congress Correct Answer Government Accountability Office (GAO) Has the authority to set standards and make rules in the following areas: auditing standards, preparation, compilation, and review standards, other attestation standards, and code of professional conduct Correct Answer American Institute of Public Accountants (AICPA) who is responsible for issuing pronouncements on auditing matters in the US, called Statements on Auditing Standards (SASs)? Correct Answer The Auditing Standards Board (ASB) of the AICPA What are the AICPA auditing standards for private companies (and other entities) established by the ASB called? Correct Answer Generally Accepted Auditing Standards (GAAS) what are auditing standards for public companies and other SEC registrants? Correct Answer Public Company Accounting Oversight Board (PCAOB) who has primary responsibility to notify regulators or other outside parties when violations are revealed or discovered? Correct Answer Management Must be a CPA (or CPA firm) who independently verifies a set of financial statements that presents fairly in conformity with an Applicable Financial Reporting Framework (usually GAAP or FASB) in all material respects Correct Answer External Auditor list the 3 types of audits Correct Answer compliance audits, operational audits, and financial statement audits Largely done by internal auditors to see if company controls and policies are being followed; results are typically reported to management rather than outside users Correct Answer Compliance audits [Show More]

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