Questions from Auditing and Assurance

Q: The Committee on Basic Auditing Concepts has provided a widely cited definition

The Committee on Basic Auditing Concepts has provided a widely cited definition of auditing. What does the phrase “systematic process” mean in this definition?

Q: What are the major phases of an audit?

What are the major phases of an audit?

Q: What kind of organization is the PCAOB, why was it formed

What kind of organization is the PCAOB, why was it formed, and what does it do?

Q: Identify the three sections of the auditor’s standard unqualified report for a

Identify the three sections of the auditor’s standard unqualified report for a public company client.

Q: An advantage of statistical sampling over non statistical sampling is that statistical

An advantage of statistical sampling over non statistical sampling is that statistical sampling helps an auditor to a. Eliminate the risk of non sampling errors. b. Reduce audit risk and materiality t...

Q: An auditor’s primary consideration regarding an entity’s internal controls is whether they

An auditor’s primary consideration regarding an entity’s internal controls is whether they a. Prevent management override. b. Relate to the control environment. c. Reflect management’s philosophy and...

Q: An independent audit adds value to the communication of financial information because

An independent audit adds value to the communication of financial information because the audit a. Confirms the exact accuracy of management’s financial representations. b. Lends credibility to the fi...

Q: Which of the following best describes the reason why an independent auditor

Which of the following best describes the reason why an independent auditor is often retained to report on financial statements? a. Management fraud may exist, and it is more likely to be detected by...

Q: Which of the following best describes relationships among auditing, attest,

Which of the following best describes relationships among auditing, attest, and assurance services? a. Attest is a type of auditing service. b. Auditing and attest services represent two distinctly di...

Q: Which of the following statements relating to attest and assurance services is

Which of the following statements relating to attest and assurance services is not correct? a. Independence is an important attribute of assurance service providers. b. Assurance services can be perfo...