Cpa exam auditor exam Study guides, Class notes & Summaries

AUD Final Review Exam Questions & Answers 2023/2024 Review (assurance level and result) - ANSWER-Assurance Level: Limited (negative) Result: Conclusion client acceptance (requirements) - ANSWER-Firm: -meet deadlines -staff the engagement -independence Client: -Integrity of management predecessor auditor (inquiries should include) - ANSWER-Should include: -management integrity -disagreement with predecessor auditor -reason for change in auditors -any fraud, noncompliance,...

Wiley Exam Questions with 100% Correct Answers 2024 Which of the following is not a primary responsibility of an auditor: - answerProvide management with an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. The phrase "generally accepted accounting principles" is an accounting term that - answerEncompasses the conventions, rules, and procedures necessary to define accepted accounti...

ACC 450 Final Exam Questions With 100% Correct Answers (Verified And Updated) A CPA reviews a client's payroll procedures. The CPA would consider internal control to be less than effective if a payroll department supervisor was assigned the responsibility for: a) Hiring subordinate employees. b) Distributing payroll checks to employees. c) Reviewing and approving time reports for subordinate employees. d) Initiating requests for salary adjustments for subordinate employees. - answerb) D...

CPA Audit- Exam Questions And Answers the primary objective of an auditor when considering the acceptance of an initial audit engagement of a nonissuer is to: a) establish whether the preconditions for an audit are present b) agree w mgt on timing the tests at interim c) limit the auditor's responsibility if mgt fails to provide written representations d) specify the degree to which mgt intends to rely on the auditor's testing of internal ctrls - ANS- establish whether the precondition...

ACC 480 Exam Questions And Answers 100% Verified Which of the following is a change that affects the comparability and consistency of the financial statements? Correction of a material misstatement in previously issued financial statements. Reducing the expected service life of a truck from 7 to 5 years to better reflect how long a company's trucks are actually lasting. Change in accounting estimate. Change in classification of assets from long-term to current. - answerCorrection of a m...

AUD final review exam questions & answers 2023/2024 Audit documentation is required to be: - ANSWER-assembled within 45 days (PUBLIC company audits) OR 60 days (other audits) following the REPORT RELEASE DATE kept for 7 years (PUBLIC company audits) kept for 5 years (other audits) Report Release Date - ANSWER-The date the auditor grants the entity PERMISSION to use the auditor's report in connection with the financial statements. Audit Documentation - ANSWER-independent auditor'...

Auditing Practice Exam 98 Questions with Verified Answers 1) An accountant: A) must possess expertise in the accumulation of audit evidence. B) must decide the number and types of items to test. C) must have an understanding of the principles and rules that provide the basis for preparing the accounting information. D) must be a CPA. - CORRECT ANSWER C The two major factors affecting acceptable audit risk are: A) inherent risk and the intended uses of the financial statements B) co...

MIE 201 exam #5 accounting - correct answer is the recording, measurement, and interpretation of financial information. certified public accountant (CPA) - correct answer an individual who has been certified by the state in which he or she practices to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records forensic accounting - correct answer which is accounting that is fit for legal revi...

ACC 480 Chapter 19 Exam Questions With 100% Correct Answers. The term "ethics" refers to a person's propensity to follow the laws of the land. - answerFalse Professionalism refers to the conduct, aims, or qualities that characterize a given profession. - answerTrue When auditing a public company, a CPA must follow the auditing standards and Code of Professional Conduct of the PCAOB. - answerTrue The AICPA Code of Professional Conduct guidance starts at a conceptual level with the prin...

Audit Exam 1 (Chapters 1-4) Exam Review 2024 Accounting - ANS-the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making Assurance service - ANS-an independent professional service that improves the quality of information for decision makers Attestation service - ANS-a type of assurance service in which the CPA firm issues a report about a subject matter or assertion that is the responsibility...