Audit Engagements-Auditors - CPA Auditing and Attestation (AUD)
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In auditing “professional skepticism” requires:
In auditing “professional skepticism” requires:
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As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
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Reasonable assurance is:
Reasonable assurance is:
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Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
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The six traits of professional skepticism include
The six traits of professional skepticism include
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One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
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A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
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Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
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Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
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In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
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In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
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If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
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In auditing “professional skepticism” requires:
In auditing “professional skepticism” requires:
Tap to reveal answer
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
← Didn't Know|Knew It →
Reasonable assurance is:
Reasonable assurance is:
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Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
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The six traits of professional skepticism include
The six traits of professional skepticism include
Tap to reveal answer
One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
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A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
Tap to reveal answer
Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
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Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
Tap to reveal answer
In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
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In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
Tap to reveal answer
If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
← Didn't Know|Knew It →
In auditing “professional skepticism” requires:
In auditing “professional skepticism” requires:
Tap to reveal answer
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
← Didn't Know|Knew It →
Reasonable assurance is:
Reasonable assurance is:
Tap to reveal answer
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
← Didn't Know|Knew It →
The six traits of professional skepticism include
The six traits of professional skepticism include
Tap to reveal answer
One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
One of the six traits of professional skepticism requires maintaining an “open mind”. This is also commonly referred to as a “questioning mind”. The avoidance of prejudging outcomes is inherent in the qualitative factors of an “open mind”.
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A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
A registered CPA auditing firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
Tap to reveal answer
Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
Quality control standards relate to the conduct of a firm's audit practice. They set forth standards for establishing policies and procedures to provide reasonable assurance in conforming with standards.
← Didn't Know|Knew It →
Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
Of the following elements, which is not an element of a CPA firm's quality control policies and procedures?
Tap to reveal answer
In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
In addition to HR, leadership responsibilities and monitoring, Engagement Acceptance and Continuance, Performance of the Engagement, and Ethical requirements are included as quality control elements.
← Didn't Know|Knew It →
In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
In the process of evaluating whether or not an accounting change by a company is acceptable, an auditor should consider if:
Tap to reveal answer
If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
If there is an accounting principle change by a company, it should be justifiable, for a reason, and it should obey any laws and reporting regulations.
← Didn't Know|Knew It →
In auditing “professional skepticism” requires:
In auditing “professional skepticism” requires:
Tap to reveal answer
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
As stated in PCAOB; AS 1015: “Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.”
← Didn't Know|Knew It →
Reasonable assurance is:
Reasonable assurance is:
Tap to reveal answer
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
Reasonable assurance is defined as a high level of assurance that the financial statements are free of material misstatement. This level of assurance is not absolute.
← Didn't Know|Knew It →