ACCT 3222-3, WILEY, LSU, EXAM 1
NEWEST ACTUAL EXAM 270
QUESTIONS AND CORRECT DETAILED
ANSWERS VERIFIED ANSWERS GRADED
A+
,CPAs are the only _________ accounting professionals in the
US and the ________ are issued at the ____________ level -
CORRECT ANSWER-Licensed accounting professionals in
the US.
Licenses are issued at the state level, not federal
AICPA is the _________ Committee - CORRECT ANSWER-
Accounting and Review Services Committee
Tasked with issuing Statements on Standards for Accounting
and Review Services (SSARS)
ASB members are - CORRECT ANSWER-Volunteers on the
board from AICPA peers
There are _____ state boards - CORRECT ANSWER-55
Why audit standards? - CORRECT ANSWER-1. Uniformity
2. Guidelines to measure quality of audit work
FASB makes - CORRECT ANSWER-GAAP
,State boards of Accountancy - CORRECT ANSWER-Controls
licensing. There are 55 boards
NASBA - CORRECT ANSWER-Admin of CPA application and
grade viewing
ASB makes - CORRECT ANSWER-SAS
Statements on auditing standards
PCAOB makes - CORRECT ANSWER-AS (Auditing standards)
A state board of accountancy will only issue - CORRECT
ANSWER-a licence to practice after all three Es have been
earned
CPA Es - CORRECT ANSWER-Education, Exam, and
Experience
Public companies, or issuers, in the US are required by
federal government to have - CORRECT ANSWER-an annual
financial statement audit and an ICFR audit
, Private companies, or non-issuers, are _______ to have an
annual audit by federal government, but - CORRECT
ANSWER-Not required by law, other interested users may
request audited financial statements (i.e., lenders)
ICFR - CORRECT ANSWER-Internal Control over Financial
Reporting
Integrated Audit - CORRECT ANSWER-An audit that
combines the financial statement audit with an audit of the
effectiveness of ICFR
The limitations of an audit are cause by - CORRECT
ANSWER-1. the nature of financial reporting
2. the nature of audit procedures
3. the need for the audit to be conducted within a
reasonable period of time at a reasonable cost
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
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