Homework Answers
48.
The standards by which the auditor performs an effective audit are known as generally accepted auditing standards (GAAS).
49.
An indirect financial interest for a covered member would be caused by ownership of mutual fund shares that owns stock in client.
50.
The following statements are correct:
The AICPA is responsible for the setting auditing standards for audits of non-public entities.
The PCAOB is responsible for setting auditing standards for audits of public entities.
Therefore,
The correct answer is both (a) and (b) are correct.
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The standards by which the auditor performs an effective audit are known as governmental accounting principles...
Principles of accounting chapter 1 Sorry It's "Principles of Auditing" Match the term with the correct...
Principles of accounting
chapter 1
Sorry It's "Principles of Auditing"
Match the term with the correct definition. A Y A global federation of accountants An independent standard-setting body, which issues authoritative standards for governmental entities A senior technical committee of the AICPA, which A. IFAC issues SASS B. SEC Issues Financial Reporting Releases and Accounting C. AAA and Auditing Enforcement Releases D. PCAOB The body, which issues Statements on Standards for E. FASB Accounting and Review Services F. CAP Responsible...
7. Discuss the following types of Auditors: a. Auditors Working for CPA Firms b. Governmental Auditors...
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...
Accountants follow generally accepted auditing accounting standards and generally accepted accounting principles (GAAP). Distinguish between the...
Accountants follow generally accepted auditing accounting standards and generally accepted accounting principles (GAAP). Distinguish between the GAAS and GAAP. What professional organization establishes the GAAS and what is its purpose? What professional organization establishes the GAAP? Can GAAS exist without GAAP and/or vice versa and why is this so? Do GAAS and GAAP have different agendas and why is each needed?
Which of the following services to audit clients are not prohibited by the PCAOB? Select one:...
Which of the following services to audit clients are not prohibited by the PCAOB? Select one: a. Legal services and expert services unrelated to auditing b. Bookkeeping c. Internal audit outsourcing services d. Agreed-upon procedures services Which of the following statements is not correct? Select one: a. Financial audits determine whether the financial statements fairly present the entity's operations. b. Integrated audits include providing non-assurance services on both the financial statements and the effectiveness of internal control over financial reporting....
Soved In the U.S., Generally Accepted Accounting Principles (GAAP) are established by the: Multiple Choice 0t0656...
Soved In the U.S., Generally Accepted Accounting Principles (GAAP) are established by the: Multiple Choice 0t0656 International Accounting Standards Board (ASB). C ) Public Company Accounting Oversight Board (PCAOB). 0 Financial Accounting Standards Board (FASB). 0 American Institute of Certified Public Accountants (AICPA). 0
True / False (Write "True" or "False" 14. The Federal Accounting Standards Advisory Board establishes accounting...
True / False (Write "True" or "False" 14. The Federal Accounting Standards Advisory Board establishes accounting standards for United States governmental agencies. 15. The Governmental Accounting Standards Board establishes accounting standards for state and local government entities. 16. "Registered" is listed on an audit report performed by an audit company on a non-public company. 17. The American Institute of Certified Public Accountants creates the CPA Exam, while Individual States (example: Illinois, Wisconsin, etc.) issue CPA certificates and permits CPAs to...
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,...
14. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established...
14. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established it in an official pronouncement. b. It has been accepted as appropriate because of its universal application. @both a and b. d. neither a norb. 15. A common set of accounting standards and procedures are called a. financial accounting standards. 6. generally accepted accounting principles. c. objectives of financial reporting. d. statements of financial accounting concepts. 16. Which of the following is a general...
1. Which of the following are the established criteria against which management's assertions are judged in...
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...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles are a.standards that indicate how to report economie events. b. prineiples that have been proven correct by academie researchers e. theories that are based on physical laws of the universe. d. income tax regulations of the Internal Revenue Service. 2. The SEC and PAD Are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a. the EC...
Principles of accounting
chapter 1
Sorry It's "Principles of Auditing"
Match the term with the correct definition. A Y A global federation of accountants An independent standard-setting body, which issues authoritative standards for governmental entities A senior technical committee of the AICPA, which A. IFAC issues SASS B. SEC Issues Financial Reporting Releases and Accounting C. AAA and Auditing Enforcement Releases D. PCAOB The body, which issues Statements on Standards for E. FASB Accounting and Review Services F. CAP Responsible...
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...
Soved In the U.S., Generally Accepted Accounting Principles (GAAP) are established by the: Multiple Choice 0t0656 International Accounting Standards Board (ASB). C ) Public Company Accounting Oversight Board (PCAOB). 0 Financial Accounting Standards Board (FASB). 0 American Institute of Certified Public Accountants (AICPA). 0
True / False (Write "True" or "False" 14. The Federal Accounting Standards Advisory Board establishes accounting standards for United States governmental agencies. 15. The Governmental Accounting Standards Board establishes accounting standards for state and local government entities. 16. "Registered" is listed on an audit report performed by an audit company on a non-public company. 17. The American Institute of Certified Public Accountants creates the CPA Exam, while Individual States (example: Illinois, Wisconsin, etc.) issue CPA certificates and permits CPAs to...
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,...
14. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established it in an official pronouncement. b. It has been accepted as appropriate because of its universal application. @both a and b. d. neither a norb. 15. A common set of accounting standards and procedures are called a. financial accounting standards. 6. generally accepted accounting principles. c. objectives of financial reporting. d. statements of financial accounting concepts. 16. Which of the following is a general...
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...
PROY B MARTIN ACC 114 CHAPTER 1 AND 2 Din chen 1. Generally accepted accounting principles are a.standards that indicate how to report economie events. b. prineiples that have been proven correct by academie researchers e. theories that are based on physical laws of the universe. d. income tax regulations of the Internal Revenue Service. 2. The SEC and PAD Are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a. the EC...
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