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ACC 405 Exam 1

QuestionAnswer
It is always a good idea for auditors to begin an audit with the professional skepticism characterized by the assumption that: A potential conflict of interest always exists between the auditor and the management of the enterprise under audit.
In an attestation engagement, a CPA practitioner is engaged to: Prepare a written report containing a conclusion about the reliability of a management assertion.
A determination of cost savings obtained by outsourcing cafeteria services is most likely to be an objective of: Operational auditing.
According to the AICPA, the purpose of an audit of financial statements is to: Enhance the degree of confidence that intended users can place in the financial statements.
Bankers who are processing loan applications from companies seeking large loans will probably ask for financial statements audited by an independent CPA because: They generally see a potential conflict of interest between company managers who want to get loans and the bank's needs for reliable financial statements.
The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which of the following services to an audit client? Bookkeeping services, internal auditing services, and valuation services.
Independent auditors of financial statements perform audits that reduce: Information risk faced by investors.
The primary objective of compliance auditing is to: Determine whether client personnel are following laws, rules, regulations, and policies.
What requirements are usually necessary to become licensed as a certified public accountant? Examination (CPA), Experience in ACC field, and Education
The objective in an auditor’s review of credit ratings of a client’s customers is to obtain evidence related to management’s assertion about: Valuation and allocation.
Jones, CPA, is planning the audit of Rhonda’s Company. Rhonda verbally asserts to Jones that all expenses for the year have been recorded in the accounts. Rhonda’s representation in this regard: Is not considered a sufficient basis for Jones to conclude that all expenses have been recorded.
Information risk.
Acting in a managerial decision-making role for an audit client, auditing the firm’s own work on an audit client, and providing tax consulting to an audit client without audit committee approval.
Completeness.
During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there are restrictions on retained earnings resulting from loans, agreements, or state law. This audit procedure most likely is intended to verify management’s as
Completeness.
Created by: dsilva32