Exam 20: Attest and Assurance Services, and Related Reports

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SysTrust principles are classified as: -The system is available for operation and use at times set forth in the service level statements or agreements. _____

(Multiple Choice)

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Question 21

SysTrust was developed jointly by the AICPA and the CICA to provide a high level of assurance about system reliability.

(True/False)

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Question 22

All organizations have performance measurement systems.

(True/False)

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Question 23

The recommendations in a consulting engagement are measured against established criteria such as GAAP, OCBOA, or COSO standards on internal controls.

(True/False)

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Question 24

In regard to CPA Elder Care services, housing and support service needs relate to:

(Multiple Choice)

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Question 25

The board of directors, which has more day-to-day experience working with an entity, would like assurance about the entity's business risks because this service might provide leading indicators of an entity's eventual financial performance.

(True/False)

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Question 26

List five key information technology (IT) trends identified by the AICPA Special Committee on Assurance Services.

(Essay)

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Question 27

Attestation services are independent professional services that improve the quality of information or its context, for decision-makers.

(True/False)

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Question 28

The attestation standards provide guidance on assessing inherent risk for all of the following except:

(Multiple Choice)

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Question 29

In the balanced scorecard approach to performance measurement, the goal of manufacturing efficiency relates to the:

(Multiple Choice)

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Question 30

The definition of attest engagements given is SSAE 1 requires that the assertion be in writing.

(True/False)

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Question 31

SysTrust principles are classified as: -Systems processing is complete, accurate, timely, and authorized.

(Multiple Choice)

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Question 32

In regard to CPA Elder Care services, ensuring that expected revenues are received relates to:

(Multiple Choice)

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Question 33

In the United States a WebTrust engagement is performed as an assurance engagement.

(True/False)

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Question 34

Assurance services focus on those who make decisions based on information and use the CPA's output to make decisions.

(True/False)

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Question 35

Briefly describe three other important forces that are changing the current environment for accounting and auditing services.

(Essay)

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Question 36

CPAs have traditionally been deliberate and focused on standards.

(True/False)

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Question 37

Negative assurance states that "nothing came to our attention which would indicate that the company is not in compliance."

(True/False)

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Question 38

SysTrust principles are classified as: -The system is protected against unauthorized physical and logical access. _____

(Multiple Choice)

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Question 39

The basic levels of assurance are as follows except:

(Multiple Choice)

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Question 40

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Exam 20: Attest and Assurance Services, and Related Reports

SysTrust principles are classified as: -The system is available for operation and use at times set forth in the service level statements or agreements. _____

SysTrust was developed jointly by the AICPA and the CICA to provide a high level of assurance about system reliability.

All organizations have performance measurement systems.

The recommendations in a consulting engagement are measured against established criteria such as GAAP, OCBOA, or COSO standards on internal controls.

In regard to CPA Elder Care services, housing and support service needs relate to:

The board of directors, which has more day-to-day experience working with an entity, would like assurance about the entity's business risks because this service might provide leading indicators of an entity's eventual financial performance.

List five key information technology (IT) trends identified by the AICPA Special Committee on Assurance Services.

Attestation services are independent professional services that improve the quality of information or its context, for decision-makers.

The attestation standards provide guidance on assessing inherent risk for all of the following except:

In the balanced scorecard approach to performance measurement, the goal of manufacturing efficiency relates to the:

The definition of attest engagements given is SSAE 1 requires that the assertion be in writing.

SysTrust principles are classified as: -Systems processing is complete, accurate, timely, and authorized.

In regard to CPA Elder Care services, ensuring that expected revenues are received relates to:

In the United States a WebTrust engagement is performed as an assurance engagement.

Assurance services focus on those who make decisions based on information and use the CPA's output to make decisions.

Briefly describe three other important forces that are changing the current environment for accounting and auditing services.

CPAs have traditionally been deliberate and focused on standards.

Negative assurance states that "nothing came to our attention which would indicate that the company is not in compliance."

SysTrust principles are classified as: -The system is protected against unauthorized physical and logical access. _____

The basic levels of assurance are as follows except:

Auditing and the Public Accounting

Financial Statement Audits and

Professional Ethics

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Internal, Operational, and

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