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ACTG 435 AUDITING EXAM 1 STUDY QUESTIONS WITH ALL PASSED ANSWERS!!
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ACTG 435 AUDITING EXAM 1 STUDY QUESTIONS WITH ALL PASSED ANSWERS!!
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ACTG 435 AUDITINGEXAM 1 STUDY
QUESTIONS WITH ALL
PASSED ANSWERS!!
ACTG 435
Evatee 9/2/24 ACTG 435
, ACTG 435 AUDITING EXAM 1 STUDY
QUESTIONS WITH ALL PASSED ANSWERS!!
How is auditing different? Answer - - Uses analytical and logical skills
- Much more conceptual in nature
What is the purpose of an audit? Answer - To provide reasonable assurance
that the financial statements are free of material misstatement
Why are audits demanded? Answer - - Public companies are required to have
audited financial statements
- Even if not public, banks require audits when giving loans
- Investors like company transparency from outside party
During the economic boom of the late 1990s and early 2000s, accounting firms
aggressively sought opportunities to market various what? Answer - high-
margin non audit services
Sarbanes-Oxley Act (2002) Answer - Regulation of audit profession and
creation of PCAOB
Dodd-Frank Act (2010) Answer - Expanded the Fed's regulatory authority over
financial institutions & shaped the accounting profession and environment
Manager's responsibilities Answer - Establish and maintain internal controls
and ensure fair presentation of financial statements
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