Gaas - Study guides, Class notes & Summaries

Purpose of Audit Documentation - Biggest Reason - ANSWER evidence of the auditor's basis for a conclusion evidence the audit was planned and performed in accordance with GAAS & applicable legal & regulatory requirements Additional purposes of audit documentation - ANSWER assist in planning and performing engagement assist in engagement review and supervision demonstrate accountability for work performed retain record matters for future audits enable quality control reviews enable exte...

controla process that "comprises those elements of an organization that support people in the achievement of the organization's objectives" what does AS 201 require of auditorsrequires audits to include an opinion on the f/s and ICFR what does GAAS require of auditorsrequires auditors attain an understanding of the companies controls (doesn't require testing them though) control objectives- to improve effectiveness of decision making and efficiency of business processes - increas...

Audit 401 Exam 1|105 Questions with Verified Answers User Demand for Reliable Information - CORRECT ANSWER Users must have timely, relevant, and reliable information to minimize business risk and to take advantage of opportunities that arise. Business risk - CORRECT ANSWER the probability that the organization will not achieve the objective to make money Big Data needs for useful and reliable information - CORRECT ANSWER Complexity, remoteness, time sensitivity, consequences Informat...

In the USA who issues auditing standards applicable to audits of public companies (also known as issuers)? correct answers Public Company Accounting Oversight Board (PCAOB) In the USA who issues auditing standards applicable to audits of government entities? correct answers US Government Accountability Office (GAO) What is meant by generally accepted auditing standards (GAAS) under the clarified auditing standards. correct answers The Statements on Auditing Standards issued by the AICPA's...

Audit Wiley Exam Questions and Answers with Complete Solutions 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 - answerEmcompassess the conventions, rules, and procedures necessary to define a...

AWS CERTIFIED CLOUD PRACTITIONER (CLF-C01)CERTIFICATION LATEST UPDATE WITH MULTIPLE, RELEVANT QUESTIONS WHICH ARE CORRECTLY ANSWERED ALREADY GRADED A+ |100% VERIFIED| 1. Which of the following is not a common cloud characteristic as defined by the NIST? a. On-demand self-service b. Measured service c. Broad network access d. Dedicated hardware 2. What is the term commonly used for the cloud’s capability to scale outward and inward automatically based on demand? a. Agility b. Rel...

AU2 Exam Questions & Answers 2023/2024 Name the elements of a CPA firm's system of quality control for its auditing, attest, and accounting and review services. - ANSWER-"Quality control will HELP ME!" Human resources Engagement/client acceptance & continuance Leadership responsibilities Performance of the engagement Monitoring Ethical requirements What are the objectives of an auditor when implementing quality control procedures at the engagement level? - ANSWER-Provide reasonabl...

ACCT 5300 C253 Audit final Exam accurately solved What is an Audit? - correct answer Auditing is a systematic process (following GAAS) of objectively obtaining and evaluating evidence regarding assertions (financial statements; including footnotes) about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria (GAAP) and communicating the results (auditor's report/other reports) to interested users (persons who rely on the financ...

ACCT 5300 C253 Audit final Exam accurately solved What is an Audit? - correct answer Auditing is a systematic process (following GAAS) of objectively obtaining and evaluating evidence regarding assertions (financial statements; including footnotes) about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria (GAAP) and communicating the results (auditor's report/other reports) to interested users (persons who rely on the financ...

BUSI 490 - Chapter 9: Strategy Review, Evaluation, and ControlAdvantage (p. 283) - correct answer A way to evaluate strategies, i.e. to determine if a particular strategy creates or extends a firm's competitive superiority in a selected area of activity. Auditing (p. 295) - correct answer The accounting process that firms undertake to have their financial statements reviewed for accuracy in order to assure compliance with the law and IRS code. Balanced Scorecard (p. 291) - correct answer ...