Question 1

What are the four basic requirements for becoming a CPA?

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Question 2

_____________________________ governmental auditing goes beyond an audit of financial reports and compliance with laws and regulations to include _____________________________ and _____________________________ and _____________________________ _____________________________ audits.

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Question 3

Audits may be characterized as (a)financial statement audits,(b)compliance audits,or (c)operational audits.The work can be done by (a)independent (external)auditors,(b)internal auditors,or (c)government auditors.Below is a list of several audit engagements.For each engagement indicate (a)the type of audit and (b)who would typically do the audit.
1.Render an opinion on the fairness of the presentation of financial statements of a public corporation.
2.Compare the cost of maintaining a fleet of delivery trucks with the option of using an independent delivery service.
3.Audit reported income on a corporation's tax return.
4.Review contract cost of constructing aircraft engines for the armed services.
5.Report on how the installation of a new computer system would help a client reduce data processing costs and improve financial reporting.

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Question 4

Which of the PCAOB assertions (A-E)are best verified by the following audit procedures (1-4)?
A. Existence or occurrence.
B. Rights and obligations.
C. Valuation or allocation.
D. Completeness.
E. Presentation and disclosure.

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Question 5

The four basic requirements for becoming a CPA are ____________________________,____________________________,____________________________,and ____________________________.

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Question 6

Through the process of ____________________________,after becoming a CPA licensed in one state,a person can obtain a CPA certificate and license in another state.

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Question 7

Auditors are auditing the warehouse of Huge Lots Corporation.The auditors performed the audit procedures listed in 1-5.For each audit procedure,select the ASB balance assertion that is most likely being tested.
A. Existence.
B. Rights and obligations.
C. Completeness.
D. Accuracy.
E. Valuation.

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Question 8

What is operational auditing and by whom is it performed?

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Question 9

Examples of _______________________________ are (1)economy and efficiency audits and (2)program audits.

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Question 10

______________________________________ is an auditor's tendency not to believe management assertions.

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Question 11

ABC Company had a major sale to XYZ Company.This sale accounted for 20 percent of the revenue of ABC Company.The auditors performed the audit procedures listed in 1-3.For each audit procedure,select the ASB transaction assertion that is most likely being tested.
A. Occurrence.
B. Completeness.
C. Cutoff.
D. Accuracy.
E. Classification.

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Question 12

Define assurance,attestation,and auditing in the context of "lending credibility."

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Question 13

What are the differences between the American Accounting Association and AICPA definitions and objectives of auditing?

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Question 14

What is information risk? What is business risk?

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Question 15

A _____________________________ consists of writing the financial statements from a client's books and records.

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Quiz 1: Auditing and Assurance Services

What are the four basic requirements for becoming a CPA?

_______________ governmental auditing goes beyond an audit of financial reports and compliance with laws and regulations to include _ and _ and _ _______________ audits.

Which of the PCAOB assertions (A-E)are best verified by the following audit procedures (1-4)? A. Existence or occurrence. B. Rights and obligations. C. Valuation or allocation. D. Completeness. E. Presentation and disclosure.

The four basic requirements for becoming a CPA are ,,,and .