Wgu d215 auditing - Study guides, Class notes & Summaries

1. Which type of work performed by a CPA is an attestation service? Risk advisory Website security assurance Data integrity Financial statement review - Financial statement review 2. Which entity may obtain audited financial statements to ensure a company is complying with industry regulations? Lenders Consumers Governments General public - Governments 3. Which group performs an audit and review of financial statements to ensure financial statement users' needs are met? Internal...

Ability of cash flow from operations to cover current debt and dividends -ANSWER Measures ability to cover current debt maturities and dividends with operating cash flow. Accounting estimate -ANSWER An approximation of a monetary amount when a precise means of measurement is not available. Accounting records -ANSWER Client's records of the initial accounting entry and supporting documents. Acid-test (quick) ratio -ANSWER Measures ability to meet short-term obligations with liquid asset...

WGU D215 Auditing Study Questions What is the objective of a financial statement audit? -Provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework Who are intended users of assurance services? - Decision makers ie Investors Creditors Regulators What does "independent" mean in the context of assurance services? -The person performing the service is not invol...

(WGU D215) ACCT 3340 - Auditing - Final Assessment Guide (WGU D215) ACCT 3340 - Auditing - Final Assessment Guide (WGU D215) ACCT 3340 - Auditing - Final Assessment Guide

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In 2013, COSO published an updated version of the framework. The updated framework acknowledged the widespread use of the original COSO framework and desired to build upon the core tenets and definitions established in the original framework. - ANSWER What is the Committee of Sponsoring Organizations (COSO)? Briefly describe the original COSO framework from 1992 and the improvements made in the updated COSO framework from 2013. a) Reliability of financial reporting Is the most import...

WGU D215 Auditing Pre-test Questions & Answers