Principles of Auditing and Other Assurance Services 20th Edition By Whittington - Test Bank
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Auditing - Test Bank
Institution
Auditing - Test Bank
Chapter 01 The Role of the Public Accountant in the American Economy
True / False Questions
1. Independent audits of today place more emphasis on sampling than did the audits of the 19th century.
True False
2. The American Institute of Certified Public Accountants issues CPA certificates and pe...
principles of auditing and other assurance service
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Auditing - Test Bank
Auditing - Test Bank
Auditing - Test Bank
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, Chapter 01
The Role of the Public Accountant in the American Economy
True / False Questions
1. Independent audits of today place more emphasis on sampling than did the audits of
the 19th century.
True False
2. The American Institute of Certified Public Accountants issues CPA certificates and
permits CPAs to practice.
True False
3. A company is either audited by the GAO or internal auditors, but not both.
True False
4. The SEC does not pass on the merits of the securities that are registered with the
agency.
True False
5. The American Institute of Certified Public Accountants has the primary authority to
establish accounting standards.
True False
6. An annual peer review is a requirement of the AICPA.
True False
7. Many small companies elect to have their financial statements reviewed by a CPA
firm, rather than incur the cost of an audit.
True False
8. Staff assistants in CPA firms generally are responsible for planning and coordinating
audit engagements.
True False
9. The Sarbanes-Oxley Act requires that auditors of certain publicly traded companies in
the United States perform an integrated audit that includes providing assurance on
both the financial statements and on compliance with laws and regulations.
, 14. Historically, which of the following has the AICPA been most concerned with
providing?
A. Professional standards for
CPAs.
B. Professional guidance for regulating financial
markets.
C. Standards guiding the conduct of internal
auditors.
D. Staff support to
Congress.
15. The organization charged with protecting investors and the public by requiring full
disclosure of financial information by companies offering securities to the public is
the:
A. Auditing Standards
Board.
B. Financial Accounting Standards
Board.
C. Government Accounting Standards
Boards.
D. Securities and Exchange
Commission.
16. An engagement in which a CPA firm arranges for a critical review of its practices by
another CPA firm is referred to as a(n):
A. Peer Review
Engagement.
B. Quality Control
Engagement.
C. Quality Assurance
Engagement.
D. Attestation
Engagement.
17. The serially-numbered pronouncements issued by the Auditing Standards Board over
a period of years are known as:
A. Auditing Statements of Position
(ASPs).
B. Accounting Series Releases
(ASRs).
C. Statements on Auditing Standards
(SASs).
D. Statements on Auditing Principles
(SAPs).
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