LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH COMPLETE SOLUTIONS
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Course
WILEY
Institution
WILEY
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 answer: the da...
LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH
COMPLETE SOLUTIONS
,LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH
COMPLETE SOLUTIONS
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 Answer-the date at the bottom of
the audit report, stating 45 days after year end, when auditors
stop gathering evidence, no hard deadline from the
government
management's responsibilities - Correct Answer--designing,
implementing, and maintaining internal controls
-creating financial statements
-following GAAP
-estimates for financial statements stems
pg. 1 professoraxe
l
,LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH
COMPLETE SOLUTIONS
-gives auditors access to records, documentation, and
personnel
NASBA - Correct Answer--who you apply with to take the CPA
exam; only handles the applications to take the CPA exam, not
dealt with by each particular state
-every state has their own state board; determines the
education requirements for the state
-licensing is controlled at the state level
-make high level decisions, appointed by the governor
AICPA - Correct Answer--professional organization, like
exclusive club
-makes and grades the CPA exam
-issues the AU-C (auditing accounting estimates)
-created SAS (Statements on Auditing Standards)
state - Correct Answer-issues your CPA license
ASB - Correct Answer--audit standards for private and non-
profit organizations
pg. 2 professoraxe
l
, LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH
COMPLETE SOLUTIONS
-made up of members from the AICPA that are full time
auditors and volunteering to be part of the this and members
rotate
-make detailed guidance for other standards
FASB - Correct Answer--establishes financial accounting and
reporting standards for public companies
-deals with GAAP
PCAOB - Correct Answer--created during the SOX legislation
-oversees auditing
-imposes punishments on those that do not adhere to audit
regulations
SEC - Correct Answer--appointed by the president
-protects investors, maintains fair markets, facilitates capital
formation
-enforces and interprets securities laws
-uniformity and quality
pg. 3 professoraxe
l
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