



Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With Complete Solutions
Typology: Exams
1 / 7
This page cannot be seen from the preview
Don't miss anything!
any independent service that improves the quality of information (financial or non-financial) correct answer: Assurance Services What two other services fall under the umbrella of Assurance services? correct answer: 1. Attestation Services
T/F: Attestation services only focus on historical financial reporting. correct answer: FALSE - they focus on future, historical, and IC reporting Name 2 services that fall under the Audit Service umbrella: correct answer: 1. Historical FS
for a private company, when auditors have determined the financial statements are presented fairly in accordance with the applicable financial reporting framework, they issue: correct answer: the standard unmodified report for a public company, when auditors have determined the financial statements are presented fairly in accordance with the applicable financial reporting framework, they issue: correct answer: the standard unqualified report issue CPA licenses, adopt and enforce professional conduct rules for CPAs, enforce continuing professional education requirements, and administer disciplinary actions correct answer: State Boards of Accounting brings state boards together to discuss issues in each state and possible solutions correct answer: NASBA Who handles applications and administrative work for CPA exams? correct answer: NASBA Who makes the CPA exam? correct answer: AICPA Why do we have standards? correct answer: uniformity, which creates more reliable FS and to measure the quality of the audit work Requirements (list) on unmodified audit report (private): correct answer: 1. State "Independent" Auditor's Report
What criteria is used in a financial statement audit? correct answer: the applicable FR framework used by the client US GAAP Limitations of an audit: correct answer: - nature of FR, audit procedures