A peer review in which the peer reviewers study and appraise a CPA firm's system of quality control to perform accounting and auditing work is referred to as a(n):
A |
Engagement review. |
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B |
Inspection review. |
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C |
System review. |
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D |
Supervision review. |
A peer review in which the peer reviewers study and appraise a CPA firm's system of...
Which of the following is an element of a CPA firm's quality control policies and procedures applicable to the firm's auditing practice? Professional skepticism of management. Computer information processing Efficiency of organizational structures. Acceptance of a client relationship,
a. Appropriate accounting and auditing research requires adequate technical reference materials. Each firm professional has online password access through the firm's Web site to electronic reference materials on accounting, auditing, tax, SEC, and other technical information, including industry data The partners accept responsibility for leading and promoting a quality assurance culture within the firm and for providing and maintaining a quality assurance manual and all other necessary practical aids and guidance to support engagement quality b. c. Each office of...
1.No reference is made in the auditor's report to other auditors who perform a portion of the audit when: I. The other auditor audited an immaterial portion of the audit engagement. II. The other auditor is well known or closely supervised by the principle auditor. III. The principle auditor was unable to review the work of the other auditor. a. I, II, and III b. II and III c. I and III d. I and II 2.An auditor is responsible...
Quality control for a CPA firm A. is a guarantee that auditing standards are followed. B. is tailored to each specific audit engagement. C. includes the organizational structure of the firm and the procedures it establishes. D. is required only for firms auditing SEC companies.
7. Discuss the following types of Auditors: a. Auditors Working for CPA Firms b. Governmental Auditors (e.g. GAO, IRS, health inspectors) C. Internal Auditors 8. Identify the roles CPA firms play in society. 9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits. 10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)? 11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS) 12. What...
Whittington Principles of Auditing and Other Assurance Services Roger CPA Review Qu. 066 When would it not be appropriate to apply analytical procedures in an audit of financial statements? A) Planning the engagement. B) Performing substantive tests. C) Overall engagement review. D) Performing tests of controls.
Which of the following is a core part of the due care principle for a CPA? a Continuing professional education. b Adequate supervision of assignments. c Use of checklists for audit and tax engagements. d All of the above. Which of the following would be a violation of the due care principle on an audit assignment? a In auditing a small bank, the partner on the engagement plans for 3 staff, 1 senior, 1 manager and 1 partner. Due to...
ont Pologi.pl 13. Anestation engagement: a. Has as its primary source of standards the assurance standards b. Includes a report on subject matter, or on an assertion about subject matter. Includes search and verification procedures for all major accounts. Is ordinarily an examination, review or compilation engagement. an 14. A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? Engagement performance, Human resources. C. Leadership...
1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...
An attestation engagement is a professional service in which a CPA A. Reports on financial statements prepared on an other comprehensive basis of accounting. B. Assess control risk at a low level. C. Expresses a written conclusion about an assertion or subject matter that is responsibility of another party. D. Provides extensive management consulting advice.