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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.

c. Operational audits make recommendations for improving performance.

d. Compliance audits evaluate whether a company is in compliance with applicable established laws and regulations.

For a public company audit, client's management is primarily responsible for preparing the financial statements, and auditors are responsible for expressing an opinion on whether the financial statements are in compliance with generally accepted auditing standards.

Select one:

a. False

b. True

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Answer #1

1. Option (d) is correct. Agreed-upon procedures services are not prohibited by PCAOB. All the other three services: Legal services and expert services unrelated to auditing, Bookkeeping and Internal audit outsourcing services are prohibited by the PCAOB.

2. Option (b) is correct. The statement, "Integrated audits include providing non-assurance services on both the financial statements and the effectiveness of internal control over financial reporting" is not correct. In an integrated audit of internal control and financial statements, the auditor may obtain evidence for control assessment for effectiveness of the operations of the organisation.

3. Option (b) is correct. The statement,"For a public company audit, client's management is primarily responsible for preparing the financial statements, and auditors are responsible for expressing an opinion on whether the financial statements are in compliance with generally accepted auditing standards" is True.

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