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Chapter Review Questions

Chapter Review Questions - inherent& control risks are...

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Chapters 1, 2 & 3 Here are some sample questions to test your knowledge: 1) What is "Attestation"? Can you name the types of Attest engagements? 2) Do you know the difference between the regulation responsibility for the AICPA and PCAOB? 3) Can you name the Generally Accepted Auditing Standards? 4) Do you know the Auditor's responsibility for detecting illegal acts? 5) Could you provide examples of Independence impairment? Would you be able to determine who are covered by the Independence Rule 101? 6) Can you name some consulting services that are prohibited by Sarbanes-Oxley Act? Chapter 4, 5, & 6 Here are some more questions to check your understanding. 1. Can you explain the concepts for known user, foreseen user and foreseeable user approaches to CPA liability? What are the differences? 2. Can you describe the relationship between detection risk and audit risk? What happens to detection risk if your
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Unformatted text preview: inherent & control risks are increased? 3. Can you explain the relationship between Audit Risk and Evidence? 4. Can you identify which types of evidence has more strength (is more persuasive)? 5. Can you explain the general objectives for the auditor's substantive procedures (tests) with respect to assets? Remember these are also called the Management Assertions. Chapter 7 & 9 Here are some questions to test your knowledge. 1. Do you know what the overall Goal for Internal Control is? 2. Can you identify the overall audit process steps? 3. Can you destinguish between Sampling Risk and Non-Sampling Risk? 4. Can you destinguish between Attribute & Variable Sampling? 5. What is Stratification?...
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