AUDCPAExamAprilQuestionsGuide.
Given the standard, what is the body and description?
SAS - Correct Answer AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - Correct Answer PCAOB
issuers (public)
Given the standard, what is the body and description?
G...
AUD CPA Exam April 2024-2025 Questions Guide.
Given the standard, what is the body and description?
SAS - Correct Answer AICPA
nonissuers (private)
Given the standard, what is the body and description?
PCAOB AS - Correct Answer PCAOB
issuers (public)
Given the standard, what is the body and description?
GAGAS - Correct Answer GAO
government
Given the standard, what is the body and description?
SSAE - Correct Answer AICPA
attestation, not historical financial stmts
Given the standard, what is the body and description?
SSARS - Correct Answer AICPA
unaudited of nonissuers
objective of f/s audit - Correct Answer obtain reasonable assurance the f/s is free of
material mistmt whether due to error or fraud
objective of the audit of IC over financial reporting - Correct Answer opinion on
effectiveness of IC
plan and perform audit to obtain approp. evidence to obtain reas. assurance
GAAS vs GAAP - Correct Answer GAAS: guidelines how to perform audit
GAAP: if transactions reported fairly
,unmodified vs unqualified - Correct Answer unmodified: private
unqualified: public
4 required sections of audit report (unmodified, nonissuer) - Correct Answer OBRA
-auditor's opinion
-basis for opinion
-responsibilities of management for the f/s
-auditor's responsibilities for the audit of the f/s
Key audit matter vs. critical audit matter - Correct Answer after the basis of opinion
- KAM = nonissuer
- CAM = issuer
Where in the audit report would you say the audit is in accordance with two sets of
standards? - Correct Answer Basis of Opinion paragraph
Where to site GAAS in the audit report? - Correct Answer Basis of Opinion and Auditor's
Responsibilities paragraph
Where to site GAAP in the audit report? (nonissuer) - Correct Answer Opinion paragraph
and managements responsibility paragraph
KAM - Correct Answer -optional
-not a separate opinion
-if it changes your opinion then not a KAM
-cant communicate a KAM if adverse or disclaimer
-document required
3 required sections of audit report (unmodified, issuer) - Correct Answer OBA
-Opinion section
-Basis of opinion section
, -Critical audit matters
CAM - Correct Answer -generally after O&B
-doesn't alter opinion
-only info publically aware
-usually required (except broakers, invest. etc.)
document CAM
IPAD - Correct Answer For each CAM, audit report to include
-Identification of CAM
-desc. of Principle consideration for auditor to determine was a CAM
-desc. how the CAM was Addressed
-reference to relevant f/s accounts or Disclosures
Where to site PCAOB AS in the audit report? - Correct Answer Basis of Opinion section
Where to site GAAP in the audit report? (issuer) - Correct Answer opinion on the f/s
When to file form AP? - Correct Answer by 35th day after audit report filed with SEC or 10
days if in a registration statement
Where is the framework discussed (issuer and nonissuer) in the audit report? - Correct
Answer Issue: opinion
Nonissuer: opinion and resp. of mgt for f/s
Where is the auditing standards discussed (issuer and nonissuer) in the audit report? -
Correct Answer Issuer: basis for opinion
Nonissuer: basis for opinion and auditor's resp. for audit of f/s
wording for qualified opinion due to audit issues (ex: scope limit) for a nonissuer - Correct
Answer in the auditors opinion, except for the possible effects of the matter described in
the basis for qualified opinion... fair
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