Audit quiz 1

ny service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n)

Attestation Service

The three requirements for becoming a CPA include all but which of the following?

Character requirement

Which one of the following is not one of the three General Standards?

Proper planning and supervision

the Sarbanes-Oxley Act applies to which of the following companies?

Public companies are required to follow all other companies such as private and non-profit can certainly elect to follow or follow selected parts.

Members of the Public Company Accounting Oversight Board are appointed and overseen by:

US Congress passed SOX and delegated monitoring and oversight to the SEC. The SEC in turn established the PCAOB

The Statements on Auditing Standards issued by the Auditing Standards Board:

are interpretations of generally accepted auditing standards

An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

compliance audits typically are reviewing activites against a prescribed set of laws, regulations, rules or standards.

In "auditing" financial accounting data, the primary concern is wit

determining whether recorded information properly reflects the economic events that occurred during the accounting period.

The generally accepted auditing standard that requires "Adequate technical training and proficiency" is normally interpreted as requiring the auditor to have:

formal education in auditing and accounting

the General Standards stress the importance of

personal qualities the auditor should possess