Question

huuit lils hay discontinue serving a client because the client does not fit the profile or growth strategy of the audit firm. ONS 1-15 01 Which of the following factors does not create a demand for external audit services? a. Potential bias by management in providing information. b. Requirements of the Center for Audit Quality (CAQ). c. Complexity of the accounting processing systems. d. Remoteness between a user and the organization. 1-16 10 1 audit report reasonably expect with regard to the audited finan- cial statements? Which of the following expectations can users of the a. The financial statements include all financial disclosures desired by users. b. The financial statements are presented fairly in accordance with GAAP · The financial statements are free from all errors. d. All of the above are reasonable expectations. e. None of the above are reasonable expectations. 1-17 02 Which of the following parties are involved in preparing and auditing financial statements? a. Management. b. Audit committee. c. Internal audit function. 203 PM ^ョ臓 1/16/2019 en

Answer 1

1-15 d.Remoteness between a user and the organization

All other factors i.e. potential bias by management, requirements, complexity are the reason

1-16d. All of the above are reasonable expectations

The audited financial statements must meet the above standards since independently checked by auditors

1-17 e.All of the above

1-18d.None of the above

All these functions are of management and internal auditors

1-19 d.Multinational firms

1-20d.All of the above

All skills mentioned are required to effectively perform an audit

1-21c.Education and Administration of CPA exam