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Auditing Chapter 2

23 Questions  I  By Kosdaisy
Finance Quizzes & Trivia
Quiz based on Auditing and Assurance Services 14e by Arens

  
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Question Excerpt

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1.  Which of the following is the least likely form of business for a CPA firm?
A.
B.
C.
D.
2.  Which one of the following is not one of the three General Standards?
A.
B.
C.
D.
3.  Which one of the following is not a Field Work Standard?
A.
B.
C.
D.
4.  The General Standards stress the importance of:
A.
B.
C.
D.
5.  The generally accepted auditing standard that requires “Adequate technical training and proficiency” is normally interpreted as requiring the auditor to have:
A.
B.
C.
D.
6.  Members of the Public Company Accounting Oversight Board are appointed and overseen by:
A.
B.
C.
D.
7.  Statements on Auditing Standards provide auditors of privately held companies with ______ guidance regarding the conduct of financial statement audits.
A.
B.
C.
D.
8.  Which of the following statements most accurately captures the intent of the standards of field work?
A.
B.
C.
D.
9.  Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for establishing auditing standards?
A.
B.
C.
D.
10.  Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit:
A.
B.
C.
D.
11.  The Statements on Auditing Standards issued by the Auditing Standards Board:
A.
B.
C.
D.
12.  An auditor need not abide by a particular auditing standard if the auditor believes that:
A.
B.
C.
D.
13.  The Public Company Accounting Oversight Board does not:
A.
B.
C.
D.
14.  The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the:
A.
B.
C.
D.
15.  The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the:
A.
B.
C.
D.
16.  The third general standard states that due care is to be exercised in the performance of an audit. This standard is generally interpreted to require:
A.
B.
C.
D.
17.  Assume the Public Company Accounting Oversight Board (PCAOB) identifies a violation during its inspection of a registered accounting firm.
A.
B.
C.
D.
18.  The auditor’s judgment concerning the overall fairness of presentation of financial position, results of operations, and changes in cash flow is applied within the framework of:
A.
B.
C.
D.
19.  Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:
A.
B.
C.
D.
20.  Which of the following statements is true as it relates to limited liability partnerships?
A.
B.
C.
D.
21.  If an auditor of a public company cannot find guidance issued by the PCAOB on a particular audit matter, the auditor should generally seek guidance from which of the following sources?
A.
B.
C.
D.
22.  The SEC requirements of greatest interest to CPAs are set forth in the SEC’s:
A.
B.
C.
D.
23.  Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as:
A.
B.
C.
D.
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