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Financial Statement Audit Flashcards, test questions and answers

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We've found 8 Financial Statement Audit tests

Chief Operating Officer Defects Per Million Financial Statement Audit Generally Accepted Accounting Principles Management
Managerial Accounting Exam #1- Pannell – Flashcards 105 terms
Ruth Jones avatar
Ruth Jones
105 terms
Due Professional Care Financial Statement Audit
True/ False Chapter 5 – Flashcards 24 terms
James Storer avatar
James Storer
24 terms
Accounting Chief Operating Officer Due Professional Care Financial Statement Audit Intermediate Accounting 1 Internal Control System Management Multiple Choice
CIA Exam Part 1: Study Unit (4) – Flashcards 144 terms
Kaiya Hebert avatar
Kaiya Hebert
144 terms
Accounting Audited Financial Statements Finance Financial Statement Audit Generally Accepted Accounting Principles Public Company Accounting Oversight Board
ACCT 4150 Chapter 18 Concepts – Flashcards 58 terms
Julie Noel avatar
Julie Noel
58 terms
Chief Operating Officer Financial Statement Audit Generally Accepted Accounting Principles Management
Audit Exam Practice – Flashcards 119 terms
Jaxon Wilson avatar
Jaxon Wilson
119 terms
Chief Financial Officer Compliance With Laws And Regulations Financial Statement Audit Intermediate Accounting 1 Related Party Transactions Sales Returns And Allowances
Auditing Chapter 5 Review – Flashcards 63 terms
Sean Hill avatar
Sean Hill
63 terms
Better Decision Making Financial Accounting Standards Board Financial Statement Audit Generally Accepted Accounting Principles Personal Financial Planning Public Accounting Firms Public Company Accounting Oversight Board
Reynolds Audit Quiz 1 review – Flashcards 15 terms
Briley Leonard avatar
Briley Leonard
15 terms
Compliance With Laws And Regulations Financial Statement Audit
Auditing Theory & Practice Part VI – Flashcards 57 terms
Emily Kemp avatar
Emily Kemp
57 terms
You are a new employee at the accounting firm Murray & Murray, CPAs. Before you are assigned to your first audit, your supervisor tests your knowledge and asks you to explain the term “scope” in the context of a financial statement audit. Required: A. Provide a definition of scope. B. Describe what influences an auditor’s determination of scope.
A. Scope is the type & amount of audit work that is to be done B. risk, materiality, & evidence influence scope
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4. The basic purpose of a financial statement audit is to
C. Provide assurance regarding whether the client’s financial statements are fairly stated.
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The major emphasis in GAAS related to consideration of fraud in a financial statement audit (AU 240) is on
Management fraud
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Independent auditors who consider fraud in the course of financial statement audits are well-advised to quantify “materiality” in terms of
A cumulative amount of misstatement of assets or income over several years past and current that might mislead investors in relation to the latest financial statements under audit
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A financial statement audit is designed to
Obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error.
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Discuss an overview of the financial statement audit process using the terms “assertion,” “evidence,” and “report.”
“evidence,” and “report.” The auditor gathers evidence about the business transactions that have occurred (economic activity and events) and about management (the preparer of the statements). The auditor uses this evidence to compare the assertions contained in the financial statements to the criteria chosen by the user. The auditor’s report communicates to the user the degree of correspondence between the assertions and the criteria.
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Under the ethical standards of the profession in the United States, which of the following circumstances would impair independence in the audit of an issuer but would not impair independence in the audit of a nonissuer? a. The firm performing the financial statement audit also designed and implemented the client’s financial information system. b. The audit firm provided a loan to the client during the prior year. c. The lead partner has worked on the audit engagement of a client for ten years. d. The audit firm has an immaterial direct financial interest in the client.
The ethical standards that apply to the audits of issuers (sox/pcaob/sec) require that the lead partner rotate offf the audit engagements every 5 years. aicpa code of professional conduct which is followed when auditing nonissuers does not require partner rotation.
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