Package deal
LSU ACCT 3222 TESTS COMPILATION BUNDLE
LSU ACCT 3222 TESTS COMPILATION BUNDLE
[Show more]LSU ACCT 3222 TESTS COMPILATION BUNDLE
[Show more]3x sold
unmodified report correct answer: the name of a clean report for private companies 
 
unqualified report correct answer: the name of a clean report for public companies 
 
clean report correct answer: means that in the auditors' opinion if the company follows GAAP 
 
end of field work correct an...
Preview 3 out of 24 pages
Add to cartunmodified report correct answer: the name of a clean report for private companies 
 
unqualified report correct answer: the name of a clean report for public companies 
 
clean report correct answer: means that in the auditors' opinion if the company follows GAAP 
 
end of field work correct an...
What is the role of auditing? correct answer: To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) 
 
What is the main task of the auditor? correct answer: To collect sufficient appropriate evidence that management's assertions ...
Preview 3 out of 17 pages
Add to cartWhat is the role of auditing? correct answer: To determine whether the reports prepared by the manager conform to the contract's provisions (reduces information risk) 
 
What is the main task of the auditor? correct answer: To collect sufficient appropriate evidence that management's assertions ...
any independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services 
 
What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services 
2. Audit Services 
 
Name the 4 other services of Assu...
Preview 2 out of 7 pages
Add to cartany independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services 
 
What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services 
2. Audit Services 
 
Name the 4 other services of Assu...
Assurance Services correct answer: Indepent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest services and financial statement audits 
 
Attest Services correct answer: Services provided by a practitioner engaged to issue a repor...
Preview 2 out of 10 pages
Add to cartAssurance Services correct answer: Indepent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest services and financial statement audits 
 
Attest Services correct answer: Services provided by a practitioner engaged to issue a repor...
Audit Risk correct answer: - The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. 
- Risk auditor will issue an unqualified opinion on materially misstated financial statements. 
 
Assertions in relation to Audit Risk correct ans...
Preview 2 out of 10 pages
Add to cartAudit Risk correct answer: - The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. 
- Risk auditor will issue an unqualified opinion on materially misstated financial statements. 
 
Assertions in relation to Audit Risk correct ans...
Components of unmodified opinion for PUBLIC co: 
(9) correct answer: 1. Title ("registered" "independent") 
2. Addressed to BOD and shareholders 
3. Opinion paragraph (statements audited and opinion) 
4. Audit of IC - effectiveness of ICFR 
5. Basis for opinion - responsibilities and adher...
Preview 1 out of 4 pages
Add to cartComponents of unmodified opinion for PUBLIC co: 
(9) correct answer: 1. Title ("registered" "independent") 
2. Addressed to BOD and shareholders 
3. Opinion paragraph (statements audited and opinion) 
4. Audit of IC - effectiveness of ICFR 
5. Basis for opinion - responsibilities and adher...
1x sold
Assertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes 
 
Relevant assertion correct answer: An assertion that has a reasonable poss...
Preview 2 out of 12 pages
Add to cartAssertion correct answer: Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes 
 
Relevant assertion correct answer: An assertion that has a reasonable poss...
Revenue Recognition correct answer: - FASB Definition: inflows or other enahancements of assets of an entity or settlements of its liabilities from delivery or producing goods, rendering services or other activities that consistute the entity's major or central operations. 
- FASB Statement of Fin...
Preview 2 out of 15 pages
Add to cartRevenue Recognition correct answer: - FASB Definition: inflows or other enahancements of assets of an entity or settlements of its liabilities from delivery or producing goods, rendering services or other activities that consistute the entity's major or central operations. 
- FASB Statement of Fin...
What assertion is most important in auditing payables and liabilities? correct answer: completeness 
 
What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 
 
4 initial procedures for A/P correct answer: 1. agree BB to PY 
2. obtain A/P TB 
3. ...
Preview 2 out of 6 pages
Add to cartWhat assertion is most important in auditing payables and liabilities? correct answer: completeness 
 
What assertion is tested when performing initial procedures for A/P balances? correct answer: valuation 
 
4 initial procedures for A/P correct answer: 1. agree BB to PY 
2. obtain A/P TB 
3. ...
Internal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making. ...
Preview 2 out of 14 pages
Add to cartInternal Control (IC) correct answer: - Management has the responsibility to design and maintain a system of IC that provides reasonable assurance that assets and records are properly safeguarded, and that the entity's information system generates information that is reliable for decision making. ...
What assertion is of most concern when auditing payables/liabilities? correct answer: completeness 
 
what should you be aware of when auditing payables/liabilities? correct answer: beware of understatement of liabilities/expenses and unrecorded liabilities/expenses 
 
Steps to audit payables/liab...
Preview 1 out of 4 pages
Add to cartWhat assertion is of most concern when auditing payables/liabilities? correct answer: completeness 
 
what should you be aware of when auditing payables/liabilities? correct answer: beware of understatement of liabilities/expenses and unrecorded liabilities/expenses 
 
Steps to audit payables/liab...
Transactions and Events: CAPCO correct answer: Completeness, Proper period cutoff, Accuracy, Classification, Occurrence 
 
Account Balances: CARE correct answer: Completeness, Allocation and valuation, rights and obligations, Existence 
 
Presentation and Disclosure: CURV correct answer: Complete...
Preview 2 out of 8 pages
Add to cartTransactions and Events: CAPCO correct answer: Completeness, Proper period cutoff, Accuracy, Classification, Occurrence 
 
Account Balances: CARE correct answer: Completeness, Allocation and valuation, rights and obligations, Existence 
 
Presentation and Disclosure: CURV correct answer: Complete...
Auditor's Responsibilities w.r.t. Auditing Standards and Standards of Professional Conduct correct answer: - Private Entity: CPA must follow standards established by the ASB, as well as the independence and other standards of professional conduct established by the AICPA Code of Professional Condu...
Preview 3 out of 18 pages
Add to cartAuditor's Responsibilities w.r.t. Auditing Standards and Standards of Professional Conduct correct answer: - Private Entity: CPA must follow standards established by the ASB, as well as the independence and other standards of professional conduct established by the AICPA Code of Professional Condu...
Auditing Prepaid Expenses correct answer: - Examples: prepaid insurance, prepaid rent, and prepaid interest 
- Prepaid expense balances are generally not highly material; as a result, substantive analytical procedures are often used to verify these accounts 
- Inherent Risk: generally assessed as l...
Preview 2 out of 8 pages
Add to cartAuditing Prepaid Expenses correct answer: - Examples: prepaid insurance, prepaid rent, and prepaid interest 
- Prepaid expense balances are generally not highly material; as a result, substantive analytical procedures are often used to verify these accounts 
- Inherent Risk: generally assessed as l...
an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 
 
3 categories of the likelihood of loss correct answer: 1. Probably 
2. Reasonably possible 
3. R...
Preview 2 out of 5 pages
Add to cartan existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur correct answer: loss contingency 
 
3 categories of the likelihood of loss correct answer: 1. Probably 
2. Reasonably possible 
3. R...
What are the three risk phases of an audit? correct answer: 1. risk assessment phase 
2. risk response phase 
3. reporting phase 
 
gaining an understanding of the client, identifying risk factors, developing an audit strategy, and setting planning materials correct answer: risk assessment phase...
Preview 2 out of 8 pages
Add to cartWhat are the three risk phases of an audit? correct answer: 1. risk assessment phase 
2. risk response phase 
3. reporting phase 
 
gaining an understanding of the client, identifying risk factors, developing an audit strategy, and setting planning materials correct answer: risk assessment phase...
Substantive procedures correct answer: audit procedures designed to detect material misstatements at the assertion level and to gather evidence to support management assertions 
 
Some risks impact at the F/S level correct answer: Management pressure to not violate debt covenants ex. 
 
Some risks...
Preview 2 out of 12 pages
Add to cartSubstantive procedures correct answer: audit procedures designed to detect material misstatements at the assertion level and to gather evidence to support management assertions 
 
Some risks impact at the F/S level correct answer: Management pressure to not violate debt covenants ex. 
 
Some risks...
1. The risk that the auditor expresses an inappropriate audit opinion when the financial 
statements are materially misstated is referred to as 
a. Inherent risk 
b. Audit risk 
c. Engagement risk 
d. Detection risk 
2. Which of the following relates to the sufficiency of audit evidence? 
a. The aud...
Preview 2 out of 14 pages
Add to cart1. The risk that the auditor expresses an inappropriate audit opinion when the financial 
statements are materially misstated is referred to as 
a. Inherent risk 
b. Audit risk 
c. Engagement risk 
d. Detection risk 
2. Which of the following relates to the sufficiency of audit evidence? 
a. The aud...
1x sold
Audit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effec...
Preview 4 out of 50 pages
Add to cartAudit Services correct answer: services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effec...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
No, you only buy these notes for $35.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now