Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards? a. The attestation standards do not permit an attest engagement to be part of a business acquisition study or a feasibility study. b. The attestation standards provide a framework for the attest function beyond historical financiastatements.c. The requirement that the practitioner beindependent in mental attitude is omittedfrom the attestation standard.d. None of the standards of fieldwork ingenerally accepted auditing standardsare included in the attestation standards

Which of the following is a conceptual
difference between the attestation standards
and generally accepted auditing standards?
a. The attestation standards do not permit
an attest engagement to be part of a
business acquisition study or a feasibility
study.
b. The attestation standards provide a
framework for the attest function
beyond historical financia he

statements.
c. The requirement that the practitioner be
independent in mental attitude is omitted
from the attestation standard.
d. None of the standards of fieldwork in
generally accepted auditing standards
are included in the attestation standards
by

1 Answer

Answer :

The attestation standards provide a
framework for the attest function
beyond historical financial statements.
by

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Last Answer : Elements of materiality and risk

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Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. b. To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. c. To adopt a Code of Ethics for the practice of accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

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The expertise that distinguishes auditors from accountants is in the a. Ability to interpret PAS/PFRS. b. Accumulation and interpretation of evidence. c. Ability to interpret generally accepted accounting principles. d. Requirement to possess education beyond the bachelor's degree.

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Last Answer : Unearth the truth and provide evidence in legal and financial disputes

The overall objective of internal auditing is to a. Attest to the efficiency with which resources are employed. b. Ascertain that controls are costs justified. c. Provide assurance that financial data have been accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

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Last Answer : Assist members of the organization in the effective discharge of their responsibilities

The following statements relate to the three parties involved in an assurance engagement. Which is correct? a. The responsible party and the intended users should always be from different entities. b. A practitioner should not accept an assurance engagement when the subject matter of the engagement requires specialized skills and knowledge beyond those ordinarily possessed by the practitioner. c. A responsible party is the person who is responsible for the subject matter or the subject matter information. d. In all assurance engagements, the responsible party is the engaging party, i.e., the party that engages the practitioner

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The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or fraud. a. Objectivity and integrity b. Professional c. Independence is mental attitude d. Sufficient appropriate evidence

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The attest function: a. Is an essential part of every engagement performed by a CPA. b. Includes the preparation of a written report of the CPA's conclusion. c. Requires a complete review of all transactions during the period under examination. d. Requires a review of a sample of transactions during the period under examination.

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Last Answer : Includes the preparation of a written report of the CPA's conclusion

Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to be performed on the engagement d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles

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Prior to beginning fieldwork on a new audit engagement in which a CPA does not possess industry expertise, the CPA should a. Obtain knowledge of matters that relate to the nature of the entity's business and industry. b. Reduce audit risk by lowering the preliminary levels of materiality. c. Engage financial experts who are familiar with the nature of the industry. d. Design special substantive tests to compensate for the lack of industry expertise.

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Last Answer : Obtain knowledge of matters that relate to the nature of the entity's business and industry

An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal control is effective. b. Be relied upon to disclose indirect-effect noncompliance with laws and regulations. c. Encompass a plan to search actively for noncompliance with laws and regulations which relate to operating aspects. d. Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

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The Framework of Philippine Standards on Auditing distinguishes audits from related services. Related services include all of the following, except a. Reviews. b. Compilations. c. Agreed-upon procedures. d. Management consulting.

Description : The Framework of Philippine Standards on Auditing distinguishes audits from related services. Related services include all of the following, except a. Reviews. b. Compilations. c. Agreed-upon procedures. d. Management consulting.

Last Answer : Management consulting.

An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Description : An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Last Answer : The work was adequately planned.

CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for Professional Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

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Last Answer : AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

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Last Answer : Philippine Standards on Auditing