Description : Which of the following is least likely an application of maintaining an attitude of professional skepticism? a. The auditor is alert to audit evidence that contradicts or brings into question the ... audit evidence to be able to draw reasonable conclusions on which to base the audit opinion.
Last Answer : In planning and performing an audit, the auditor assumes that management is dishonest.
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
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.
Description : Which of the following statements is correct? a. Sufficiency refers to the quality of evidence, while appropriateness refers to the quantity of evidence. b. The reliability of evidence is ... are honest and have integrity relieves the auditor of the need to maintain professional scepticism.
Last Answer : The performance of consulting services for audit clients does not, in and of itself, impair the auditor’s independence
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
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
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
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
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.
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
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
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.
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
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
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
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
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.
Description : 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 ... of financial statements. d. Regulatory activity that prevents the issuance of improper financial information
Last Answer : A discipline or professional activity that attests to the fair presentation of financial statements.
Description : Which of the following statements is true concerning evidence in an assurance engagement? a. The reliability of evidence is influenced not by its nature but by its source. b. Sufficiency is ... Appropriateness is the measure of the quality of evidence, that is, its reliability and persuasiveness.
Last Answer : Sufficiency is the measure of the quantity of evidence.
Description : Which of the following statements is correct? a. The fair presentation of audited financial statements in accordance with applicable financial reporting framework is an implicit part of the auditor's ... those who provide audit and tax services, also provide consulting services to their clients.
Last Answer : Most CPAs, including those who provide audit and tax services, also provide consulting services to their clients.
Description : Which of the following characteristics is not considered necessary in determining whether the criteria are suitable? a. Reliability b. Relevance c. Neutrality d. Sufficiency
Last Answer : Sufficiency
Description : How old is our little star?
Last Answer : Veeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeery old. Hearsay.
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.
Description : What are your views on the 12/21/12 theory?
Last Answer : This sums it up for me.
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.
Description : Has there ever been a conspiracy theory which was proved true?
Last Answer : Watergate?
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.
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.
Description : “Cognitive theory” of learning was given by
Last Answer : Jean Piaget
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
Description : Reliability is most simply known as which of the following? a. Consistency or stability b. Appropriateness of interpretations on the basis of test scores c. Ways in which people are the same d. A rank order of participants on some characteristic
Last Answer : a. Consistency or stability
Description : Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases. b. Test appropriateness of journal entries and adjustment. c. ... determination of whether fraud has occurred. d. Evaluate the business rationale for significant unusual transactions
Last Answer : Make a legal determination of whether fraud has occurred.
Description : Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions
Last Answer : Make a legal determination of whether fraud has occurred
Description : Audits of financial statements include an expression of a conclusion about which of the following financial statement characteristics? a. Governance. b. Reliability. c. Relevance. d. Timeliness
Last Answer : Reliability
Description : Assurance services involve which of the following? a. Relevance as well as reliability. b. Nonfinancial information as well as traditional financial statements c. Electronic databases as well as printed reports. d. All of the above
Description : Assurance services involve which of the following? a. Relevance as well as reliability. b. Nonfinancial information as well as traditional financial statements. c. Electronic databases as well as printed reports. d. All of the above
Description : The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above
Description : Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, ... validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.
Last Answer : Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.
Description : Regarding the admissibility of evidence, which of the following is not a consideration: a. Relevance b. Authenticity c. Best evidence d. Nominally prejudicial
Last Answer : d. Nominally prejudicial
Description : Which of the following statements is incorrect? a. In an audit, the independent auditor attempts to corroborate assertions made by the company's management in connection with each account, class ... assurance that material misstatements do not exist in any of the assertions made by management.
Last Answer : Because of the attest functionfinancial statements are the responsibility of the independent audito
Description : Which of the following concepts is most useful in assessing the scope of an auditor's program relating to various accounts? a. Attribute sampling b. Management fraud c. Materiality d. The reliability of information
Last Answer : Materiality
Description : Assurance services involve all the following except: a. Improving the quality of information for decision purposes. b. Improving the quality of the decision model used. c. Improving the relevance of information. d. Implementing a system that improves the processing of information
Last Answer : Implementing a system that improves the processing of information
Description : Which of the following factors is not considered when determining your quality score? a. Cost-Per-Click (CPC) Bid b. Click through Rate (CTR) c. Ad Text and Keywords d. Landing Page Relevance
Last Answer : d. Landing Page Relevance
Description : What are the following factors behind Successful PPC Advertising? A. Keyword Relevance B. Landing Page Quality C. Quality Score D. All of the above
Last Answer : D. All of the above
Description : India has attained self-sufficiency in the production of – (1) Iron (2) Coal (3) Manganese (4) Nickel
Last Answer : (2) Coal Explanation: India has the 4th largest coal reserves in the world. Indian mineral industry has contributed significantly to make the nation self-sufficient in coal. To meet the ... other users, the production trends in coal and lignite sectors have shown a remarkable increasing trend.
Description : Which of the followings cannons of taxation have been propounded by Adam Smith ? (a) Economy, Elasticity, Simplicity, Sufficiency. (b) Certainty, Convenience, Economy, Elasticity. (c) Economy, Co-ordination, Convenience, Expediency. (d) Equity, Certainty, Convenience, Economy.
Last Answer : (a) Economy, Elasticity, Simplicity, Sufficiency.
Description : The benefits of an operational audit generally include all of the following except a. Decreased costs. b. Increased revenue c. Increased productivity. d. Increased reliability of the financial statement
Last Answer : Increased reliability of the financial statement
Description : Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by ... d. A review provides positive assurance by attesting the reliability of the client's assertions
Last Answer : Accounting services do not provide attestation
Description : One of the conditions that give rise to a demand for an external audit of financial statements is expertise. Which of the following best describes the meaning of expertise as used in this ... . d. As experts, auditors are expected to detect all material misstatements in the financial statements
Last Answer : Users usually lack the necessary expertise to verify the reliability of the financial information
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