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This activity contains 10 questions.
Which of the following is not one of the Standards of Fieldwork?
Due professional care
Understanding the entity and its environment, including its internal controls
Adequate planning and supervision
Appropriate audit evidence
Which of the following best describes Generally Accepted Auditing Standards?
Rules acknowledged by the accounting profession because of their universal importance
Procedures to be used to gather evidence to support financial statements
Minimum standards of performance
Pronouncements issued by the Auditing Standards Board
The exercise of due professional care requires that an auditor:
Be responsible for fulfilling his/her duties diligently and carefully
Use error-free judgment
Examine all corroborating evidence available
Consider internal control, including tests of controls
Which of the following is not required by the Generally Accepted Auditing Standard that states that due professional care is to be exercised in the performance of the audit?
Observance of the standards of field work and reporting
Critical review of the audit work performed at every level of supervision
Degree of skill commonly possessed by others in the profession
Responsibility for losses because of errors of judgment
A basic objective of a CPA firm is to provide services that conform to professional standards. Reasonable assurance of achieving this objective is provided through:
compliance with generally accepted reporting standards
a system of quality control
a system of peer review
continuing professional education
The AICPA has authority to establish standards in all of the following areas except:
auditing standards for public company audits
professional conduct of CPAs
auditing standards for private company audits
review standards for private company reviews
Generally accepted auditing standards:
Must be followed by CPAs who are members of the American Institute of CPAs, but they are optional for CPAs who are not members of the AICPA
Should be followed on every audit, but the auditor may choose an alternative course of action if it is justifiable
Are ideal standards that are rarely, if ever, attained
Must be followed only on those audits which must be submitted to the Securities and Exchange Commission
A CPA is most likely to refer to one or more of the three General Standards in determining:
Whether the CPA should undertake an audit engagement
The nature of the CPA's report qualification
The scope of the CPA's auditing procedures
Requirements for the review of internal control
Which of the following organizations is responsible for overseeing the quality inspections for auditors of public companies?
American Institute of Certified Public Accountants
Public Company Accounting Oversight Board
Securities and Exchange Commission
The various state boards of accountancy
Which of the following is not one of the topics addressed in the Standards of Reporting?
Circumstances when GAAP are not consistently followed
Adequacy of informative disclosures
Appropriate audit evidence is to be obtained to support the audit conclusions
Whether statements were prepared in accordance with GAAP
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