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ACC 411 Chaper 1 & 2 Homework (SNHU)

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ACC 411 ACC/411 ACC411 Chaper 1 & 2 Homework (SNHU)

  1. Which of the following best describes the relationship between assurance services and attest services. 
  2. Which of the following has primary responsibility for the fairness of the representations made in financial statements.

    The mos timportant benefit of having anannual audit by a public accounting firm is to 

    The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board (PCAOB). Which of the following is not one of the responsibilities of that board? 

    Which of these organizations has the responsibility to perform inspections of auditors of public companies. 

    Governmental auditing, in addition to including audits of financial statements, often includes audits of efficiency, effectiveness, and: 

    In general, internal auditors’ independence will be greatest when they report directly to the. 

    Which of the following did not precipitate the passage of the Sarbanes-Oxley Act of 2002 to regulate public accounting firms. 

    Which of the following organizations establishes accounting standards for U.S. government agencies. 

    Which of the following is correct about forensic audits. 

    What best describes the purpose of the auditors’ consideration of internal control in a financial statement audit for a nonpublic company. 

    Which of the following is an example of a compliance audit. 

    Which of the following is a type of attest engagement? 

    An effect of the Sarbanes-Oxley Act of 2002 was to: 

    To improve the quality of financial statements filed with it, the SEC has adopted. 

    Select the term from the dropdowns provided which is closely related to the auditing term, phrase, or 

    Which of the following organizations can revoke the right of an individual to practice as a CPA? 

    The AICPA over time has played an important role in standards setting. Which of the following standards are currently established by the AICPA? 

    WhichofthefollowingdoestheFASBconsiderasourceofnonauthoritativeguidanceforusewhenthere is no authoritative guidance available? 

    Financial statement audits performed under PCAOB requirements are designed to provide which type(s) of assurance with respect to the detection of material misstatements due to errors or fraud? 

    A basic objective of a CPA firm is to provide professional services that conform with professional standards. Reasonable assurance of achieving this basic objective is provided through: 

    Which of the following is not explicitly included in a standard report for a nonpublic company? 

    The general group of the 10 PCAOB Auditing Standards requires that: 

    Which AICPA quality control standard would most likely be satisfied when a CPA firm maintains records indicating which partners or employees of the firm were previously employed by the CPA firm’s clients? 

    An audit provides reasonable assurance of detecting material misstatement due to: 

    Which of the following is not included in an integrated audit report on the financial statements of a public company? 

    Audit firms that are subject to inspections by the PCAOB staff include: 

    Which of the following is not a difference noted when comparing the AICPA audit report to the international audit report? 

    Match each the following statements with the appropriate type of auditors' report (each auditors' report may be used once, more than once, or not at all): 

    or each term in the first column select the partial (or complete) definition or illustration. Each partial (or complete) definition or illustration may be used only once: 

    Joe Rezzo, a college student majoring in accounting, helped finance his education with a part-time job maintaining all accounting records for a small business, White Company, located near the campus. Upon graduation, Rezzo passed the CPA examination and joined the audit staff of a national CPA firm. However, he continued to perform all accounting work for White Company during his “leisure time.” Two years later, Rezzo received his CPA certificate and decided to give up his part-time work with White Company. He notified White that he would no longer be available after preparing the year-end financial statements.

    On January 7, Rezzo delivered the annual financial statements as his final act for White Company. The owner then made the following request: “Joe, I am applying for a substantial bank loan, and the bank loan officer insists upon getting audited financial statements to support my loan application. You are now a CPA, and you know everything that’s happened in this company and everything that’s included in these financial statements, and you know they give a fair picture. I would appreciate it if you would write out the standard audit report and attach it to the financial statements. Then I’ll be able to get some fast action on my loan 

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