MSB AC 320 Unit 1 (Chapter 1 and 2)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Sarbanes-Oxley Act | Legislative act the enhanced the reporting requirements for publicly traded companies
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Sarbanes-Oxley Act | US Government's response to the series of fruadulent financial reporting cases among publicly traded companies
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Accounting | The recording and summarization of a company's transactions.
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Assurance Services | The objective is to improve quality of information provided to decision makers; these services do not have to provided by Certified Public Accountant
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Attestation Services | A type of assurance service in which a report is issued about the realiability of the information; performed by Certified Public Accountant.
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Audit Services | A type of attestation service in which an opinion is expressed about management's assertion.
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Auditing | The accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and an established criteria
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Type of Audit Services | 1. Financial statement audit2. Operational audit3. Compliance audit
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Reasons for independent audits | 1. Remoteness of information2. Motives of the information provider3. Amount of data available4. Complexity of transactions
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Business risk | The risk the a company will fail
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Information risk | The risk that the information used to make a decision is inaccurate.
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Generally accepted auditing standards | Guidelines for conducting an audit; developed by the AICPA
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Public Company Accounting Oversight Board (PCAOB) | Established by Sarbanes-Oxley Act to provide oversight to auditors of publicly traded companies.
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Securities and Exchange Commission (SEC) | Federal agency that regulate and ensure investors are provided reliable information.
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American Institute of Certified Public Accountants (AICPA) | Professional organization that sets the professional standards and rules for CPAs.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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