Question Details

ACCT 527 Week 2 Quiz

 1.	Question :	An important role of the Public Company Accounting Oversight Board is to oversee the

 	Student Answer:		  issuance of statements by the Financial Accounting Standards Board.
 			  preparation and grading of the Uniform CPA Examination.

 			  peer review of member firms of the Private Companies Practice Section.
 		 	  regulation of firms that audit public entities.

 	Instructor Explanation:	AACSB: Analytic
Accessibility: Keyboard Navigation
AICPA: BB Industry
AICPA: FN Decision Making
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 02-01 Understand the development and source of generally accepted auditing standards.
Source: Original
Topic: Generally Accepted Auditing Standards (GAAS)


 	Points Received:	1 of 1
 	Comments:	



Question 2.	Question :	An audit of the financial statements of Camden Corporation is being conducted by external auditors. The external auditors are expected to
	



Question 3.	Question :	Which of the following is not a concept from the performance principle under generally accepted auditing standards?
	



Question 4.	Question :	Under generally accepted auditing standards, which of the following relates to the responsibilities principle?



Question 5.	Question :	Which of the following represent audit quality guides that remain stable over time and are applicable for all audits?
	



Question 6.	Question :	The primary purpose of the auditors' study of internal control for a nonpublic entity is
	



Question 7.	Question :	A periodic review of an audit firm's system of quality control by the PCAOB is referred to as a(n)




Question 8.	Question :	The performance principle would include all of the following except
	



Question 9.	Question :	Which of the following is most closely associated with the responsibilities principle?




Question 10.	Question :	Which of the following statements is not true with respect to the responsibility for establishing generally accepted auditing standards?
	



Question 11.	Question :	The concept of _________ recognizes that a GAAS audit may fail to detect all material misstatements.




Question 12.	Question :	Which of the following is not true with respect to the responsibilities for establishing generally accepted auditing standards?
	



Question 13.	Question :	A level of performance that would be exercised by reasonable auditors in similar circumstances is referred to as
	



Question 14.	Question :	The Public Company Accounting Oversight Board was established by which of the following?

 	



Question 15.	Question :	A CPA firm would provide itself reasonable assurance of meeting its responsibility to offer professional services that conform with professional standards by



Question 16.	Question :	Which of the following actions should a CPA firm take to comply with the AICPA's quality control standards?

 	
Question 17.	Question :	The particular and specialized actions that auditors undertake to obtain evidence in a specific audit engagement are known as

 	


Question 18.	Question :	The role of the Public Company Accounting Oversight Board in the standard-setting process is to develop

 	

Question 19.	Question :	Pronouncements issued by the Public Company Accounting Oversight Board are subject to formal approval by the

 	

Question 20.	Question :	PCAOB inspections are conducted by