Exam 2: The Financial Statement Auditing Environment

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Mike has just graduated from State University with a bachelor's degree in accounting.He would like to pursue a career in auditing.What options does Mike have? Describe three auditing career options,including a description of the organization Mike would work for.

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Question 41

What organization is responsible for setting auditing standards for audits of publicly-traded companies in the U.S.?

(Multiple Choice)

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Question 42

The principles underlying an audit conducted in accordance with generally accepted auditing standards are grouped into four categories.The second category is that of "personal responsibility of the auditor." Generally explain what is intended by this principle.

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Question 43

The largest public accounting firms typically are structured as

(Multiple Choice)

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Question 44

The Audit Committee consists of

(Multiple Choice)

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Question 45

A typical objective of an operational audit is for the auditor to

(Multiple Choice)

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Question 46

Due professional care requires auditors to

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Question 47

The fourth PCAOB reporting standard requires the auditor's report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed.The objective of the fourth standard is to prevent

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Question 48

Which is not an attribute of an external auditor?

(Multiple Choice)

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Question 49

Which of the following is not included in the broad category of assurance services?

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Question 50

The authoritative body designed to promulgate standards concerning a CPA's association with audited financial statements of an entity that is required to file financial statements with the SEC is the

(Multiple Choice)

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Question 51

Because of the risk of material misstatement,an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of

(Multiple Choice)

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Question 52

Which of the following best describes the general character of the three PCAOB generally accepted auditing standards that are classified as standards of fieldwork?

(Multiple Choice)

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Question 53

The four PCAOB standards of reporting are concerned with all of the following except

(Multiple Choice)

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Question 54

The three PCAOB general standards are concerned with

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Question 55

A series of business and related auditing failures led to the passage of the Sarbanes-Oxley Act (2002).

(True/False)

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Question 56

External auditors are referred to as "external" because

(Multiple Choice)

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Question 57

The objective of the second PCAOB Standard of Reporting is to provide assurance that

(Multiple Choice)

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Question 58

PCAOB auditing standards must be followed on all audits of public companies' financial statements.

(True/False)

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Question 59

What are the three PCAOB general auditing standards found within the 10 GAAS (NOT the three main categories of GAAS)and why is each important?

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Question 60

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Exam 2: The Financial Statement Auditing Environment

Mike has just graduated from State University with a bachelor's degree in accounting.He would like to pursue a career in auditing.What options does Mike have? Describe three auditing career options,including a description of the organization Mike would work for.

What organization is responsible for setting auditing standards for audits of publicly-traded companies in the U.S.?

The principles underlying an audit conducted in accordance with generally accepted auditing standards are grouped into four categories.The second category is that of "personal responsibility of the auditor." Generally explain what is intended by this principle.

The largest public accounting firms typically are structured as

The Audit Committee consists of

A typical objective of an operational audit is for the auditor to

Due professional care requires auditors to

The fourth PCAOB reporting standard requires the auditor's report to contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed.The objective of the fourth standard is to prevent

Which is not an attribute of an external auditor?

Which of the following is not included in the broad category of assurance services?

The authoritative body designed to promulgate standards concerning a CPA's association with audited financial statements of an entity that is required to file financial statements with the SEC is the

Because of the risk of material misstatement,an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of

Which of the following best describes the general character of the three PCAOB generally accepted auditing standards that are classified as standards of fieldwork?

The four PCAOB standards of reporting are concerned with all of the following except

The three PCAOB general standards are concerned with

A series of business and related auditing failures led to the passage of the Sarbanes-Oxley Act (2002).

External auditors are referred to as "external" because

The objective of the second PCAOB Standard of Reporting is to provide assurance that

PCAOB auditing standards must be followed on all audits of public companies' financial statements.

What are the three PCAOB general auditing standards found within the 10 GAAS (NOT the three main categories of GAAS)and why is each important?

An Introduction to Assurance and Financial Statement Auditing

Audit Planning, Types of Audit Tests, and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Auditing the Inventory Management Process

Auditing the Financinginvesting Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment

Auditing the Financinginvesting Process: Long-Term Liabilities, Stockholders Equity, and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Completing the Audit Engagement

Reports on Audited Financial Statements

Professsional Conduct,Independence,and Quality Control

Legal Liability

Assurance,Attestation,amd Internal Auditing Services-professional Judgement Module

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