2017 Review for Final Cumulative Exam (1).docx

2017 Review for Final Cumulative Exam (1).docx - Auditing...

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Auditing – Spring 2017 Review for Cumulative Final Name _________________________ The Final Exam will cover the cumulative topics on this review sheet AND chapters 17, 18, and 19, which you should review and study by doing the multiple choice, the RQs, and reviewing the homework and problems we did and/or covered in class. 1.What governing body writes auditing standards used by private companies? Public companies? 2. How does auditing address the agency issue in corporations? 3.What audit procedure involves the evaluation of financial information through analysis of plausible relationships (trends and financial ratios) among financial and non-financial data; use of ratios and financial analysis as an auditing procedure? 4.What incentives do management have to misstate financial statements? What is SAS 99? 5.What organization provides information to CPA exam candidates from all 50 states (and territories) on applying for and taking the CPA exam on behalf of state boards of accountancy? Why is the same CPA exam accepted in all 50 states? 6. What is materiality in the auditing context? What is tolerable misstatement? 7.What kind of evidence, and how much, are auditors required to gather (2 adjectives) 8.What is the letter prepared by the auditor and signed by management before fieldwork begins to document the understanding of the scope of the engagement and the responsibilities of the client and auditor?
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  • Fall '17
  • John Smith

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