CH-1 demand assurance DOCX

Title	CH-1 demand assurance
Author	Haftekiros haf
Pages	10
File Size	26.5 KB
File Type	DOCX
Total Downloads	234
Total Views	405

Summary

CH-1 demand assurance 1-14 (Objectives 1-1, 1-3, 1-5) The following questions deal with audits by CPA firms. Choose the best response. a. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? (1) It is diffic...

Description

CH-1 demand assurance 1-14 (Objecties 1-1, 1-3, 1-5) The following uestons eal with au its by CPA firss Choose the best iesponses as Which of the following best esciibes why an in epen ent au itoi is aske to expiess an opinion on the faii piesentaton of fnancial staterents? (1) It is ifcult to piepaie fnancial staterents that faiily piesent a corpany's fnancial positon, opeiatons, an cash fows without the expeitse of an in e- pen ent au itois (2) It is ranagerent's iesponsibility to seek aiailable in epen ent ai in the appiaisal of the fnancial infoiraton shown in its fnancial staterentss (3) The opinion of an in epen ent paity is nee e because a corpany ray not be objectie with iespect to its own fnancial staterentss (4) It is a custoraiy couitesy that all stockhol eis of a corpany ieceiie an in epen ent iepoit on ranagerent's stewai ship of the afaiis of the businesss bs In epen ent au itng can best be esciibe as (1) a bianch of accountngs (2) a iscipline that atests to the iesults of accountng an othei functonal opeiatons an atas (3) a piofessional actiity that reasuies an corrunicates fnancial an business atas (4) a iegulatoiy functon that pieients the issuance of irpiopei fnancial infoira tons cs Which of the following piofessional seiiices is an atestaton engagerent? (1) A consultng seiiice engagerent to pioii e corputei-piocessing a iice to a clients (2) An engagerent to iepoit on corpliance with statutoiy ie uiierentss (3) An incore tax engagerent to piepaie fe eial an state tax ietuinss (4) The corpilaton of fnancial staterents fior a client's fnancial iecoi ss s Which of the following atiibutes is likely to be uni ue to the au it woik of CPAs as corpaie to the woik peifoire by piacttoneis of othei piofessions? (1) D ue piofessional caies (2) Corpetences (3) In epen ences (4) Corplex bo y of knowle ges 1-15 (Objecties 1-6, 1-7) The following uestons eal with types of au its an au itoiss Choose the best iesponses as Opeiatonal au its geneially haie been con ucte by inteinal au itois an goiein rental au it agencies but ray be peifoire by ceitfe public accountantss A piiraiy puipose of an opeiatonal au it is to pioii e (1) a reans of assuiance that inteinal accountng contiols aie functoning as planne s (2) a reasuie of ranagerent peifoirance in reetng oiganizatonal goalss (3) the iesults of inteinal exarinatons of fnancial an accountng rateis to a corpany's top-leiel ranagerents (4) ai to the in epen ent au itoi, who is con uctng the au it of the fnancial staterentss bs In corpaiison to the exteinal au itoi, an inteinal au itoi is roie likely to be con ceine with (1) inteinal a rinistiatie contiols (2) cost accountng pioce uiess (3) opeiatonal au itngs (4) inteinal contiols cs Which of the following best esciibes the opeiatonal au it? (1) It ie uiies the constant ieiiew by inteinal au itois of the a rinistiatie contiols as they ielate to the opeiatons of the corpanys (2) It concentiates on irplerentng fnancial an accountng contiol in a newly oiganize corpanys (3) It aterpts an is esigne to ieiify the faii piesentaton of a corpany's iesults of opeiatonss (4) It concentiates on seeking aspects of opeiatons in which waste coul be ie uce by the intio ucton of contiolss s Corpliance au itng ofen exten s beyon au its lea ing to the expiession of opinions on the faiiness of fnancial piesentaton an inclu es au its of efciency, econory, efectieness, as well as (1) accuiacys (2) eialuatons (3) a heience to specifc iules oi pioce uiess (4) inteinal contiols (answeis)...