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LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With Complete Solutions, Exams of Accounting

Louisiana State University (LSU) - ShreveportAccounting

LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With Complete Solutions

Typology: Exams

2024/2025

Available from 03/27/2025

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LSU ACCT 3222 Laura Wiley - Chapter
1 Exam 1 Questions With Complete
Solutions
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
2. Audit Services
Name the 4 other services of Assurance services: correct
answer: 1. Risk advisory services
2. Compliance with EPA standards
3. Website security
4. Data integrity
independent CPA (or practitioner) reports on subject matter
(usually financial related info) prepared by someone else correct
answer: Attestation services
Is audit an attestation service? correct answer: yes
3 services of attestation services: correct answer: 1.
Examination of financial forecast
2. Review of historical FS
3. Examination of control process
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Download LSU ACCT 3222 Laura Wiley - Chapter 1 Exam 1 Questions With Complete Solutions and more Exams Accounting in PDF only on Docsity!

LSU ACCT 3222 Laura Wiley - Chapter

1 Exam 1 Questions With Complete

Solutions

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

  1. Audit Services Name the 4 other services of Assurance services: correct answer: 1. Risk advisory services
  2. Compliance with EPA standards
  3. Website security
  4. Data integrity independent CPA (or practitioner) reports on subject matter (usually financial related info) prepared by someone else correct answer: Attestation services Is audit an attestation service? correct answer: yes 3 services of attestation services: correct answer: 1. Examination of financial forecast
  5. Review of historical FS
  6. Examination of control process

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

  1. Internal Controls Who makes GAAP? correct answer: FASB What does ASB stand for? correct answer: Auditing Standards Board Who created/is in charge of ASB? correct answer: AICPA What does SAS stand for? correct answer: Statements on Auditing Standards What does SSAE stand for? correct answer: Statements on Standards for Attestation Engagements What does SQCS stand for? correct answer: Statements on Quality Control Standards ASB pertain to: correct answer: private companies What does PCAOB stand for? correct answer: Public Companies Accounting Oversight Board What does AS stand for? correct answer: Auditing Standards (public company)

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

  1. Address who it is for
  1. Report on FS - auditors did NOT write the FS
  2. Management's Responsibility for FS
  3. Audits Responsibility (in accordance with ASB; how audit is done)
  4. State Opinion
  5. State who performed the audit
  6. End of field work date Requirements (list) on unqualified audit report (public): correct answer: 1. Report of Independent Registered with Public Accounting firm
  7. Address owners of Co (BOD, shareholders Opinion on FS:
  8. Audited in accordance w GAAP
  9. Internal Control Report Basis for Opinion:
  10. Responsibility of Management
  11. what an audit is/ how they did it
  12. Sign who performed audit
  13. End of Field work date
  14. State how long the audit firm has audited the client Requirements (list) on ICFR for unqualified report for public: correct answer: 1. Report Independent Registered Public Accounting Firm
  15. Address shareholders and BOD
  16. Opinion on ICFR

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

  • time constraints (sampling)
  • reasonable budget Who would request an operational (performance) audit? Why? correct answer: management and those charge w governance request to improve efficiency and effectiveness of company's operations Why typically conducts operational audit? correct answer: internal auditing dept Three responsibilities of auditors in an audit: correct answer: follow auditing standards, plan and perform audit w professional skepticism, & maintain professional judgement a federal govt agency that approves each new auditing standard established by the PCAOB before it can be implemented correct answer: SEC What are the differences between a private and public audit report? correct answer: public cmmpanies reference the audit of a firm's ICFR and are required to have two audits (FS and IC). private companies are not required to have a ICFR audit. public companies must state "registered" with PCAOB public must state auditor tenure at the bottom of the report