Independent auditing can best be described as a a. Subset or branch of accounting. b. Professional activity that measures and communicates financial accounting data. c. A discipline or professional activity that attests to the fair presentation of financial statements. d. Regulatory activity that prevents the issuance of improper financial information

Independent auditing can best be described
as a
a. Subset or branch of accounting.
b. Professional activity that measures and
communicates financial accounting data.
c. A discipline or professional activity
that attests to the fair presentation
of financial statements.
d. Regulatory activity that prevents the
issuance of improper financial
information
by

1 Answer

Answer :

A discipline or professional activity
that attests to the fair presentation
of financial statements.
by

Related questions

Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that measures and communicates financial and business data. d. A discipline which attests to the results of accounting and other functional operations and data.

Description : Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that ... . A discipline which attests to the results of accounting and other functional operations and data.

Last Answer : A discipline which attests to the results of accounting and other functional operations and data.

Which of the following is not one of the concepts in the framework of auditing theory? a. Evidence b. Ethical conduct c. Fair presentation d. Conflict of interest

Description : Which of the following is not one of the concepts in the framework of auditing theory? a. Evidence b. Ethical conduct c. Fair presentation d. Conflict of interest

Last Answer : Conflict of interest

The assumption underlying an audit of financial statements is that they will be used by a. Different groups for different purposes. b. The general public in making investment decisions. c. The board of directors as basis of declaring cash dividends. d. The regulatory agencies to verify information that is relevant to their supervisory functions.

Description : The assumption underlying an audit of financial statements is that they will be used by a. Different groups for different purposes. b. The general public in making investment decisions. c ... dividends. d. The regulatory agencies to verify information that is relevant to their supervisory functions.

Last Answer : Different groups for different purposes.

Users of financial statements demand independent audit because a. Users demand assurance that fraud does not exist. b. Management may not be objective in reporting. c. Users expect auditors to correct management errors. d. Management relies on the auditor to improve internal control.

Description : Users of financial statements demand independent audit because a. Users demand assurance that fraud does not exist. b. Management may not be objective in reporting. c. Users expect auditors to correct management errors. d. Management relies on the auditor to improve internal control.

Last Answer : Management may not be objective in reporting

Which of the following engagements is covered by the Framework for Assurance Engagements? a. Consulting engagements b. Preparation of tax returns c. Independent financial statements audit d. Agreed-upon procedures

Description : Which of the following engagements is covered by the Framework for Assurance Engagements? a. Consulting engagements b. Preparation of tax returns c. Independent financial statements audit d. Agreed-upon procedures

Last Answer : Independent financial statements audit

Which of the following methods is most commonly used to reduce information risk? a. Allow users to verify information. b. Allow all users to prepare the statements. c. Users share information risk with management. d. Have the financial statements audited

Description : Which of the following methods is most commonly used to reduce information risk? a. Allow users to verify information. b. Allow all users to prepare the statements. c. Users share information risk with management. d. Have the financial statements audited

Last Answer : Have the financial statements audited

An audit designed to determine the extent to which the desired results of an activity established by the legislative or other authorizing body are being achieved. a. Economy audit b. Efficiency audit c. Program results audit d. Financial-related audit

Description : An audit designed to determine the extent to which the desired results of an activity established by the legislative or other authorizing body are being achieved. a. Economy audit b. Efficiency audit c. Program results audit d. Financial-related audit

Last Answer : Program results audit

Management assertions are a. Stated in the footnotes to the financial statements. b. Provided to the auditor in the assertions letter, but are not disclosed in the financial statements of the entity. c. Implied or express representations about the accounts in the financial statements. d. Explicitly expressed representations about the financial statements

Description : Management assertions are a. Stated in the footnotes to the financial statements. b. Provided to the auditor in the assertions letter, but are not disclosed in the financial ... the accounts in the financial statements. d. Explicitly expressed representations about the financial statements

Last Answer : Implied or express representations about the accounts in the financial statements.

An audit of financial statements is conducted to determine if the a. Organization is operating efficiently and effectively b. Client's internal control is functioning as intended. c. Auditee is following specific procedures or rules set down by some higher authority d. Overall financial statements are stated in accordance with an identified financial reporting framework

Description : An audit of financial statements is conducted to determine if the a. Organization is operating efficiently and effectively b. Client's internal control is functioning as intended. c. ... d. Overall financial statements are stated in accordance with an identified financial reporting framework

Last Answer : Overall financial statements are stated in accordance with an identified financial reporting framework

On every audit engagement, the CPA should comply with applicable PSAs a. Without exception. b. Except in examinations that result in a qualified reportc. Except in examinations of interim financial statements. d. Except in circumstances where the CPA is associated with unaudited financial statements.

Description : On every audit engagement, the CPA should comply with applicable PSAs a. Without exception. b. Except in examinations that result in a qualified report. c. Except in examinations of ... financial statements. d. Except in circumstances where the CPA is associated with unaudited financial statements

Last Answer : Without exception

An auditor should not render a report on: a. Client internal control. b. Management performance. c. The achievability of forecasts. d. Quarterly financial information.

Description : An auditor should not render a report on: a. Client internal control. b. Management performance. c. The achievability of forecasts. d. Quarterly financial information.

Last Answer : The achievability of forecasts.

Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Description : Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Last Answer : To gather sufficient, appropriate evidence

To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by a. The PICPA. b. The Board of Accountancy. c. The Professional Regulation Commission. d. The Government Association of CPAs.

Description : To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by a. The PICPA. b. The Board of Accountancy. c. The Professional Regulation Commission. d. The Government Association of CPAs.

Last Answer : The Professional Regulation Commission

In performing a financial statement audit, which of the following would an auditor least likely consider? a. Internal control. b. Compliance with GAAP. c. Fairness of the financial statement amounts. d. Quality of management’s business decisions.

Description : In performing a financial statement audit, which of the following would an auditor least likely consider? a. Internal control. b. Compliance with GAAP. c. Fairness of the financial statement amounts. d. Quality of management’s business decisions.

Last Answer : Quality of management’s business decisions.

It is essential that users regard CPA firms as: a. Competent. b. Unbiased. c. Technically proficient. d. All of the above

Description : It is essential that users regard CPA firms as: a. Competent. b. Unbiased. c. Technically proficient. d. All of the above

Last Answer : All of the above

Which of the following best describes due care? a. Reasonable infallibility b. Tact in avoiding legal liability c. Requisite skill and diligence d. Freedom from undue influence

Description : Which of the following best describes due care? a. Reasonable infallibility b. Tact in avoiding legal liability c. Requisite skill and diligence d. Freedom from undue influence

Last Answer : Requisite skill and diligence

It refers to the attribute or quality of audit evidence. a. Sufficiency b. Relevance c. Reliability d. Appropriateness

Description : It refers to the attribute or quality of audit evidence. a. Sufficiency b. Relevance c. Reliability d. Appropriateness

Last Answer : Appropriateness

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management's financial statements c. Reports on the accuracy of information in the financial statements d. Measures and communicates the financial data included in financial statements

Description : An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management' ... the financial statements d. Measures and communicates the financial data included in financial statements

Last Answer : Objectively examines and reports on management's financial statements

Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS are the standards for presentation of financial statements and underlying transactions. b. GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit. c. When GAAP are violated, sufficiently strong GAAS may make up for most GAAP deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Last Answer : GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit.

It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ensure compliance with accounting and auditing standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Description : It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ... standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Last Answer : Quality review

Which of the following best describes what is meant by generally accepted auditing standards? a. Pronouncements issued by the Auditing and Assurance Standards Council. b. Rules acknowledged by the accounting profession because of their universal compliance. c. Procedures to be used to gather evidence to support financial statements. d. Measures of the quality of the auditor's performance

Description : Which of the following best describes what is meant by generally accepted auditing standards? a. Pronouncements issued by the Auditing and Assurance Standards Council. b. Rules acknowledged by the ... evidence to support financial statements. d. Measures of the quality of the auditor's performance

Last Answer : Measures of the quality of the auditor's performance

The phrase in our opinion in the auditor’s report is intended to inform users that auditors a. Guarantee fair presentation of the financial statements. b. Act as insurers of the accuracy of the financial statements. c. Certify the material presented in the statements by management. d. Based their conclusions about the statements on professional judgment

Description : The phrase in our opinion in the auditor's report is intended to inform users that auditors a. Guarantee fair presentation of the financial statements. b. Act as insurers of the ... presented in the statements by management. d. Based their conclusions about the statements on professional judgment

Last Answer : Based their conclusions about the statements on professional judgment

The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. Generally accepted auditing standards which include the concept of materiality b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Description : The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. ... b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Last Answer : Philippine Financial Reporting Standards

As used in auditing, which of the following statements best describes "assertions”? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are found only in the notes to the financial statements. c. Assertions are the representations of management as to the reliability of the information system. d. Assertions are the representations of management as to the fairness of presentation of the financial statements

Description : As used in auditing, which of the following statements best describes "assertions ? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are ... Assertions are the representations of management as to the fairness of presentation of the financial statements

Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements

The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent auditor. c. Equally with management and the auditor. d. With the internal audit department.

Description : The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent ... c. Equally with management and the auditor. d. With the internal audit department.

Last Answer : With the management

The market for auditing services is driven by a. Congress at the state level b. A demand by external users of financial statements c. The regulatory authority of the Securities and Exchange Commission d. Pronouncements issued by the Auditing Standards and Practices Council

Description : The market for auditing services is driven by a. Congress at the state level b. A demand by external users of financial statements c. The regulatory authority of the Securities and Exchange Commission d. Pronouncements issued by the Auditing Standards and Practices Council

Last Answer : A demand by external users of financial statements

The market for auditing services is driven by a. The regulatory authority of the Securities and Exchange Commission. b. A demand by external users of financial statements. c. Pronouncements issued by the Auditing and Assurance Standards Council. d. Congress.

Description : The market for auditing services is driven by a. The regulatory authority of the Securities and Exchange Commission. b. A demand by external users of financial statements. c. Pronouncements issued by the Auditing and Assurance Standards Council. d. Congress.

Last Answer : A demand by external users of financial statements.

The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance b. Comply with government regulatory requirements c. Assure management that the financial statements are unbiased and free from material error d. Provide users with an unbiased opinion about the fairness of information reported in the financial statements

Description : The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance b. Comply with government regulatory requirements c. Assure ... users with an unbiased opinion about the fairness of information reported in the financial statements

Last Answer : Provide users with an unbiased opinion about the fairness of information reported in the financial statements

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations othe company. b. It concentrates on implementing financial and accounting control in a newly organized company. c. It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls. d. It attempts and is designed to verify the fair presentation of a company's results of operations.f

Description : Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations ofthe company. b. It ... attempts and is designed to verify the fair presentation of a company's results of operations.

Last Answer : It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls

How old is our little star?

Description : How old is our little star?

Last Answer : Veeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeery old. Hearsay.

What is catch 22 situation?

Description : What is catch 22 situation?

Last Answer : A catch 22 is when two things block each other, but if only one could be fixed, both will work. Eg. You call a cab to take you to an ATM to get cash. The cabbie won't take you without advance cash ... the ATM already, you could get cash to take a cab, but you are home, with no cash. You are stuck.

What are your views on the 12/21/12 theory?

Description : What are your views on the 12/21/12 theory?

Last Answer : This sums it up for me.

Are fringe theories, by definition, unpopular?

Description : Are fringe theories, by definition, unpopular?

Last Answer : A fringe theory is one that goes against or is different from mainstream theories. Since it is outside the mainstream of thought, it makes sense that it would be less popular.

Has there ever been a conspiracy theory which was proved true?

Description : Has there ever been a conspiracy theory which was proved true?

Last Answer : Watergate?

The cross product of the vectors 3i + 4j – 5k and –i + j – 2k is, a) 3i – 11j + 7k b) -3i + 11j + 7k c) -3i – 11j – 7k d) -3i + 11j – 7k

Description : The cross product of the vectors 3i + 4j – 5k and –i + j – 2k is, a) 3i – 11j + 7k b) -3i + 11j + 7k c) -3i – 11j – 7k d) -3i + 11j – 7k

Last Answer : Answer: b Explanation: Cross product of two vectors is, A X B = (a2*b3 – b2*a3)i – (a1*b3 – b1*a3)j + (a1*b2 – b1*a2)k. Using the formula, the answer can be calculated.

When two vectors are perpendicular, their a) Dot product is zero b) Cross product is zero c) Both are zero d) Both are not necessarily zero

Description : When two vectors are perpendicular, their a) Dot product is zero b) Cross product is zero c) Both are zero d) Both are not necessarily zero

Last Answer : Answer: a Explanation: Dot product of two perpendicular vectors is given by A.B = |a||b|cos 90, which is zero. Thus, dot product is zero and vectors are perpendicular.

“Cognitive theory” of learning was given by

Description : “Cognitive theory” of learning was given by

Last Answer : Jean Piaget

What is mesh in circuit theory?

Description : What is mesh in circuit theory?

Last Answer : A mesh is barrier made of conneticonstrands of metal fiber or other flexible or ductile materials

In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has occurred. c. Determining whether recorded information properly reflects theeconomic events that occurredduring the accounting period.d. Determining if taxable income has beencalculated correctly

Description : In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has ... that occurred during the accounting period. d. Determining if taxable income has been calculated correctly

Last Answer : economic events that occurred during the accounting period.

The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. Philippine Standards on Auditing b. Philippine Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Description : The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. ... Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Last Answer : Philippine Financial Reporting Standards

The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting framework b. Nature of the entity, including the entity's selection and application of accounting policies c. Objectives and strategies and the related business risks that may result in a material misstatement of the financial statements d. All of these.

Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.

Last Answer : All of these.

Which one of the following is not a reason why the users of financial statements desire for an independent assessment of the financial statement presentation? a. Complexity of transactions affecting the financial statements b. Lack of criteria on which to base information c. Remoteness of the user from the organization d. All of them are potential reasons

Description : Which one of the following is not a reason why the users of financial statements desire for an independent assessment of the financial statement presentation? a. Complexity of transactions affecting the ... c. Remoteness of the user from the organization d. All of them are potential reasons

Last Answer : Lack of criteria on which to base information

In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established criteria? a. International Accounting Standards b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Description : In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established ... . Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Last Answer : Philippine Standards on Auditing

Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk. b. Eliminate the professional judgment in resolving audit issues. c. Have a measure of the quality of audit performance. d. To reduce the audit program to be prepared by the auditor.

Description : Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk ... of audit performance. d. To reduce the audit program to be prepared by the auditor.

Last Answer : Have a measure of the quality of audit performance.

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited