ACC 403 QUIZ 1

•Question 1 

2 out of 2 points

 Which of the following is not a SysTrust Services principle as defined by the AICPA?

•Question 2 

2 out of 2 points

 Which of the following is considered audit evidence?

•Question 3 

2 out of 2 points

 Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

•Question 4 

2 out of 2 points

 The most common way for users to obtain reliable information is to:

•Question 5 

2 out of 2 points

 In “auditing” financial accounting data, the primary concern is with:

•Question 6 

2 out of 2 points

 The Sarbanes-Oxley Act applies to which of the following companies?

•Question 7 

2 out of 2 points

 A correct relationship among the auditor, the client, and the external users is:

•Question 8 

2 out of 2 points

 ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

•Question 9 

2 out of 2 points

 The three requirements for becoming a CPA include all but which of the following?

•Question 10 

2 out of 2 points

 Three common types of attestation services are:

•Question 11 

2 out of 2 points

 Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

•Question 12 

2 out of 2 points

 An accountant:

•Question 13 

2 out of 2 points

 Which of the following services provides the lowest level of assurance on a financial statement?

•Question 14 

2 out of 2 points

 One objective of an operational audit is to:

•Question 15 

2 out of 2 points

 The use of the Certified Public Accountant title is regulated by:

•Question 16 

2 out of 2 points

 In order to properly plan and perform an audit, an important fact for both the auditor and the client to understand is that:

•Question 17 

2 out of 2 points

 Which of the following statements best describes the primary purpose of Statements on Auditing Standards?

•Question 18 

2 out of 2 points

 The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the:

•Question 19 

2 out of 2 points

 Historically auditing standards have been organized into three categories, including:

•Question 20 

2 out of 2 points

 Which of the following is not one of the responsibilities of an auditor under the principles underlying an audit?

•Question 21 

2 out of 2 points

 The legal right to perform audits is granted to a CPA firm by regulation of:

•Question 22 

2 out of 2 points

 The International Standards on Auditing (ISAs):

•Question 23 

2 out of 2 points

 The Public Company Accounting Oversight Board:

•Question 24 

2 out of 2 points

 The form that must be filed with the Securities and Exchange Commission whenever a company plans to issue new securities to the public is the:

•Question 25 

2 out of 2 points

 The “Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles” provides a framework to help auditors:

•Question 26 

2 out of 2 points

 Which of the following is an element of the CPA’s quality control system that should be considered in establishing its quality control policies and procedures?

•Question 27 

2 out of 2 points

 Statements on Standards for Accounting and Review Services are issued by the:

•Question 28 

2 out of 2 points

 When assessing the risk of material misstatements in the financial statements,

•Question 29 

2 out of 2 points

 Members of the Public Company Accounting Oversight Board are appointed and overseen by:

•Question 30 

2 out of 2 points

 The organization that is responsible for providing oversight for auditors of public companies is called the ________.