Chapter 1 Flash Cards

Chapter 1 Flash Cards - Which of the following would be...

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Unformatted text preview: Which of the following would be considered an assurance engagement? a - giving an opinion on a prize promoter's claims about the amount of sweepstakes prizes awarded in the past b - giving an opinion on the conformity of the financial statements of a university with GAAP c - giving an opinion on the fair presentation of a newspaper's circulation data d - giving asusrance about the average drive length achieved by glofers with a client's golf balls e - all of the above 1.23 e - all of the above It is always a good idea for auditors to begin an audit with the profesional skepticism characterized by the assumption that a - a potential conflict of interest always exists between the auditor and the managment of the enterprise 5/25/2011 Printing 'Auditing Chapter 1 MC' flashcarddb.com/cardset/print/117153 1/12 under audit b - in audits of financial statements, the auditor acts exclusively in the capacity of an auditor c - the professonal status of the independent auditor imposes commensurate professional obligations d - financial statements and financial data are verifiable 1.24 a - a potential conflict of interest always exists between the auditor and management of teh enterprise under audit In an attestation engagement, a CPA practitioner is engaged to a - compile a company's financial forecast based on management's assumptions without expressing any form of assurance b - prepare a written report containing a conculsion about the reliability of a managment assertion c - prepare a tax return using information the CPA has not audited or reviewed d - give expert testimony in court on particular facts in a corporate income tax b - prepare a written report containing a conclusion about the reliability of a management assertion an audit is a specific type of an attestation engagement 5/25/2011 Printing 'Auditing Chapter 1 MC' flashcarddb.com/cardset/print/117153 2/12 controversy 1.25 A determination of cost savings obtained by outsourcing caffeteria services is most likely to be an objective of a - environmental auditing b - financial auditing c - compliance auditing d - operational auditing...
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Chapter 1 Flash Cards - Which of the following would be...

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