Questions from Auditing and Assurance

Q: Operational auditing is oriented primarily toward a. Efficiency and future

Operational auditing is oriented primarily toward a. Efficiency and future improvements to accomplish the goals of management. b. The accuracy of data reflected in management’s financial records. c. V...

Q: Which of the following would be considered a non attest assurance service

Which of the following would be considered a non attest assurance service engagement? I. Expressing an opinion about the reliability of an entity’s financial statements. II. Reporting that a company’s...

Q: The revenue recognition accounting standard (ASC 606) specifies for a

The revenue recognition accounting standard (ASC 606) specifies for a customer to have obtained control of a product in a bill-and-hold arrangement, all of the following criteria must be met: The reas...

Q: Which of the following best places the events of the last decade

Which of the following best places the events of the last decade in proper sequence? a. Sarbanes-Oxley Act, increased consulting services to auditees, Enron and other scandals, prohibition of most con...

Q: Visit the GAO’s home page (www.gao.gov)

Visit the GAO’s home page (www.gao.gov) and search for a recently completed audit. Prepare a summary of the GAO audit, including background on the issue and the GAO’s primary findings and recommendati...

Q: Which of the following best describes the relationship between business objectives,

Which of the following best describes the relationship between business objectives, strategies, processes, controls, and transactions? a. To achieve its objectives, a business formulates strategies an...

Q: The Public Company Accounting Oversight Board a. Is a quasi

The Public Company Accounting Oversight Board a. Is a quasi-governmental organization that has legal authority to set auditing standards for audits of public companies. b. Is a quasi-governmental orga...

Q: Which of the following is correct regarding the types of audits over

Which of the following is correct regarding the types of audits over which the ASB and the PCAOB, respectively, have standard-setting authority in the United States?

Q: Visit the website of a catalog retailer similar to Earth Wear Clothiers

Visit the website of a catalog retailer similar to Earth Wear Clothiers, and determine how it processes purchase transactions and recognizes expenses. Note that you may have to examine the entity’s an...

Q: Visit the SEC’s website (www.sec.gov), and

Visit the SEC’s website (www.sec.gov), and identify a company that has been recently cited for financial reporting problems related to the recognition of expenses. Prepare a memo summarizing the expen...