Which of the following best describes what is meant by generally accepted auditing standards? A Audit...
Which of the following best describes what is meant by generally accepted auditing standards?
| A |
Audit objectives generally determined on audit engagements. |
|
| B |
Measures of the quality of the auditors' performance. |
|
| C |
Acts to be performed by the auditors. |
|
| D |
Procedures to be used to gather evidence to support financial statements. |
Homework Answers
Measures of the quality of the auditors' performance best describe the meaning of generally accepted auditing standards.
Hence option B is correct.
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Which of the following best describes what is meant by generally
accepted auditing standards?
A
Audit...
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
principles of auditing chapter 2 QUESTION 13 The three generally accepted auditing standards classified as general...
principles of auditing
chapter 2
QUESTION 13 The three generally accepted auditing standards classified as general standards can be described as criteria for the A. Competence, independence, and professional care of individuals performing the audit. B. Planning and supervision of the audit engagement C. Content of the financial statements and related footnote disclosures and the consistency standard. D. Content of the auditor's report, study of internal control, and planning. QUESTION 14 The internal controls of an entity are the policies...
Jones and Co. CPA's, performed an audit in which it did not follow generally accepted auditing...
Jones and Co. CPA's, performed an audit in which it did not follow generally accepted auditing standards in their auditing of receivables, thereby violating the fifth General Standard of AICPA's Attestion Standards . Which of the 6 Elements of Quality Control was deficient at Jones and Co.?
Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A...
Which of the following statements best describes the primary purpose of Statements on Auditing Standards? A They are guides intended to set forth auditing procedures which are applicable to a variety of situations. B They are interpretations which may be useful guidance to auditors. C They are authoritative statements, enforced through the Code of Professional Conduct. D They are procedural outlines which are intended to narrow the areas of inconsistency and divergence of auditor opinion.
Which of the following types of audits are ordinarily performed following generally accepted auditing standards? A....
Which of the following types of audits are ordinarily performed following generally accepted auditing standards? A. Public Company Nonpublic Company Audit Audit Yes Yes Yes No NO Yes No NO B. C. D. Multiple Choice Option A Option B Option C Option D
Principles of auditing chapter 2 QUESTION 5 The generally accepted standards of fieldwork relate to A....
Principles of auditing
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QUESTION 5 The generally accepted standards of fieldwork relate to A. Criteria for the content of the auditor's report on financial statements. B. Audit planning and evidence gathering. C. The need to maintain independence in mental attitude. D. The competence, independence, and professional care of persons performing the audit. QUESTION 6 The preliminary estimate of materiality bears an inverse relationship to audit risk. True False QUESTION 7
Financial statements are prepared following a(an) A Appropriate subject matter. B Generally accepted auditing standards. C...
Financial statements are prepared following a(an) A Appropriate subject matter. B Generally accepted auditing standards. C Set of quality control standards. D Applicable financial reporting framework. Which of the following is the best defense that a CPA can assert against common law litigation by a stockholder claiming fraud based on an unqualified opinion on materially misstated financial statements? A A disclaimer contained in the engagement letter. B Contributory negligence on the part of the client. C Lack of due diligence....
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should contain a separate paragraph explaining the departure and its effects. True False 2 The introductory paragraph of the auditors’ report clarifies management’s responsibility for the financial statements. True False 3The phrase “generally accepted auditing standards” appears in the scope paragraph of the auditors’ standard report. True False 4An auditors’ report is in essence a guarantee by the auditors that the financial statements are correct....
Sub: Advanced Auditing Topics Group audit applies to audit engagements for group financial statements, in particular...
Sub: Advanced Auditing Topics Group audit applies to audit engagements for group financial statements, in particular those in which part of the work related to the financial statements on which the principal auditor is reporting is performed by other auditors (component auditors). How can the principal auditor report on the component auditor’s contribution?
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for...
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for becoming a CPA include all but which of the following (1 A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement (The International Standards on Auditing (ISAS (2 A) are issued by the AICPA B) override a country's regulations govering the audit of a company (C) has many of the same standards as the Auditing Standards Board (ASB D) must...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
principles of auditing
chapter 2
QUESTION 13 The three generally accepted auditing standards classified as general standards can be described as criteria for the A. Competence, independence, and professional care of individuals performing the audit. B. Planning and supervision of the audit engagement C. Content of the financial statements and related footnote disclosures and the consistency standard. D. Content of the auditor's report, study of internal control, and planning. QUESTION 14 The internal controls of an entity are the policies...
Which of the following types of audits are ordinarily performed following generally accepted auditing standards? A. Public Company Nonpublic Company Audit Audit Yes Yes Yes No NO Yes No NO B. C. D. Multiple Choice Option A Option B Option C Option D
Principles of auditing
chapter 2
QUESTION 5 The generally accepted standards of fieldwork relate to A. Criteria for the content of the auditor's report on financial statements. B. Audit planning and evidence gathering. C. The need to maintain independence in mental attitude. D. The competence, independence, and professional care of persons performing the audit. QUESTION 6 The preliminary estimate of materiality bears an inverse relationship to audit risk. True False QUESTION 7
.B) Multiple choices: 60 points: for each statement circle the best answer The three requirements for becoming a CPA include all but which of the following (1 A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement (The International Standards on Auditing (ISAS (2 A) are issued by the AICPA B) override a country's regulations govering the audit of a company (C) has many of the same standards as the Auditing Standards Board (ASB D) must...
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