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Test Bank for Auditing and Assurance Services, 18th edition by Arens Alvin, Elder Randal, Beasley Mark & Hogan Chris, All Chapters 1-23 LATEST$16.49
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,Auditing rand rAssurance rServices, r18e r(Arens/Elder/Beasley)
rChapterr1 r The rDemand rforrAuditrand rOtherrA ssurance rServices
Learning rObjective r1-1
1) TherSarbanes-OxleyrAct rapplies rto rwhichrofrtherfollowing rcompanies?
A) Allrcompanies
B) Privatelyrheld rcompanies
C) Publicrcompanies
D) All rpublic rcompanies rand rprivatelyrheld rcompanies rwith rassets rgreaterrthan r$500 rmillion
rAnswer: r C
Terms: rSarbanes-OxleyAct
rDiff: r Easy
Objective: r LO r1-1
AACSB:rReflectivethinkingskills
rTopic: r SOX
Objective: r LO r1-1
AACSB:rReflectivethinkingskills
rTopic: r SOX
3
, 7) TherSarbanes-OxleyrAct risrwidelyviewedras rhavingrusheredrinrsweepingrchanges rtorauditing
rand r financial rreporting.
A) True
B) False
rAnswer:
rA
Terms: rSarbanes-OxleyAct
rDiff: r Easy
Objective: r LO r1-1
AACSB:rReflectivethinkingskills
rTopic: r SOX
8) Anrauditor rmust rbe rcompetent rand rhave ran rindependent rmental rattitude.
A) True
B) False
rAnswer:
rA
Terms: r Competenceand rindependentmentalattitude
rDiff: r Easy
Objective: r LO r1-1
AACSB:rReflectivethinkingskills
r Learning rObjective r1-2
1) Recording, rclassifying, randrsummarizingreconomicreventsrinrarlogicalrmanner rforrtherpurpose rof
rproviding r financial r information r for rdecision r making r is rcommonly rcalled:
A) finance.
B) auditing.
C) accounting.
D) economics.
rAnswer: r C
Terms: r Recording,rclassifying,randsummarizingreconomicrevents
rDiff: r Easy
Objective: r LO r1-2
AACSB: r Reflectiverthinking rskills
2) Anraccountant:
A) must rpossessrexpertise rin rtheraccumulationrofraudit revidence.
B) must rdecide rthernumberrand rtypes rofritems rto rtest.
C) must rhaveranrunderstandingro frtherprinciples rand rrules rthat rprovidertherbasis rforrpreparingrthe
raccounting rinformation.
D) mustrberarCPA.
rAnswer: r C
Terms: r Distinguishesauditorsfromaccountants
rDiff: r Moderate
Objective: r LO r1-2
AACSB: r Reflectiverthinking rskills
4
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