Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Which of the following is the broadest and
most inclusive concept?
a. Audits of financial statements.
b. Internal control audit.
c. Assurance services.
d. Compilation services
by

1 Answer

Answer :

Assurance services
by

Related questions

Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Description : Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Last Answer : Assurance services.

An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal control is functioning as designed. c. Provides only a limited assurance that the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Description : An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal ... the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Last Answer : Is substantially less in scope than an audit.

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: a. A measure of management performance in meeting organizational goalsb. The results of internal examinations of financial and accounting matters to a company's top-level management. c. Aid to the independent-auditor, who is conducting the examination of the financial statements. d. A means of assurance that internal accounting controls are functioning as planned.

Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned

Last Answer : A measure of management performance in meeting organizational goals

Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Description : Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Last Answer : Audit

A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.

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Last Answer : Compilation engagements.

Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Description : Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Last Answer : Review

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

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Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.

Unlike consulting services, in assurance services: a. There is confirmation that financial statement assertions are accurate. b. Misstated account balances are generally corrected by an independent audit. c. Ineffective internal controls may exist. d. Competing interests may exist between management and the users of statements

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Last Answer : Competing interests may exist between management and the users of statements

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Description : For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements

Last Answer : Audit engagements

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Last Answer : Audit engagements.

Each page of the financial information compiled by the accountant should include the following reference, except a. "Unaudited" b. "Compiled, Negative Assurance Expressed" c. "Compiled without Audit or Review" d. "Refer to Compilation Report

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Last Answer : "Compiled, Negative Assurance Expressed"

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Last Answer : Assurance engagements dealing with subject matters other than historical financial information.

What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal control. b. Assume responsibility for assuring that the entity complies with applicable laws and regulations. c. Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported. d. Design the audit to provide reasonable assurance that the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

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Last Answer : Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported.

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Last Answer : Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically.

Generally accepted auditing standards do not require auditors of financial statements to a. Assess the risk of occurrence of errors and fraud b. Design audits to provide reasonable assurance of detecting errors and frauds c. Report all the findings of errors and fraud to police authoritied. Understand the nature or errors and frauds

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Last Answer : Report all the findings of errors and fraud to police authorities

Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

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This is the traditional service provided by CPA firms. a. Tax services b. Compilation c. Reviews d. Audits

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Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

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Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information.

Last Answer : A compilation used only by management.

The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Description : The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Last Answer : All services that fall under the AASC's engagement standards.

Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

Description : Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

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When management refuses to disclose in the financial statements noncompliance to laws and regulations which are identified by the independent auditor, the CPA may be charged with unethical conduct for a. Withdrawing from the engagement. b. Issuing a disclaimer of opinionc. Failure to uncover the noncompliance to laws and regulations during the prior audits. d. Reporting these activities to the audit committee..

Description : When management refuses to disclose in the financial statements noncompliance to laws and regulations which are identified by the independent auditor, the CPA may be charged with unethical conduct for ... and regulations during the prior audits. d. Reporting these activities to the audit committee.

Last Answer : Issuing a disclaimer of opinion

An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily result in the preparation of a report. b. The usual audit of financial statement covers the four basic financial statements whereas the operational audit is usually limited either the balance sheet or the income statement. c. The boundaries of an operation audit are often drawn from anorganization chart and are notlimited to a single accountingperiod.d. The operational audit deals withoperating profit while financial auditconsiders both the operating and netprofits.

Description : An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily ... audit deals with operating profit while financial audit considers both the operating and net profits.

Last Answer : The boundaries of an operation audit are often drawn from anorganization chart and are not limited to a single accounting period

Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. An audit, if properly conducted, ensures that fraud is prevented. d. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

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Last Answer : An independent auditor must be a CPA.

Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus on providing assurance on the assertions contained in the financial statements of a public company. c. Review engagements focus on providing advice in a three-party contract. d. Review engagements focus on providing limited assurance on financial statements of a private company

Description : Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus ... d. Review engagements focus on providing limited assurance on financial statements of a private company

Last Answer : Review engagements focus on providing limited assurance on financial statements of a private company

Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

Description : Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

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You own Dude, Inc., which manufactures wooden tables. You need to hire some accountants to prepare your monthly financial statements. The preparation of your financial statements is referred to as a(n) a. Audit. b. Review. c. Compilation. d. Special report

Description : You own Dude, Inc., which manufactures wooden tables. You need to hire some accountants to prepare your monthly financial statements. The preparation of your financial statements is referred to as a(n) a. Audit. b. Review. c. Compilation. d. Special report

Last Answer : Compilation.

For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Description : For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Last Answer : PSAEs

The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements. c. Establishes standards and provides procedural requirements for the performance of assurance engagements. d. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Description : The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. ... of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Last Answer : Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance.

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Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... form. d. The procedures performed do not enable the accountant to express any form of assurance

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information.

The three commonly-sought types of assurance services are a. Audits, reviews, and compilations. b. Audits, reviews, and other assurance services. c. Audits, compilations, and other assurance services. d. Reviews, compilations, and other assurance services

Description : The three commonly-sought types of assurance services are a. Audits, reviews, and compilations. b. Audits, reviews, and other assurance services. c. Audits, compilations, and other assurance services. d. Reviews, compilations, and other assurance services

Last Answer : Audits, reviews, and other assurance services.

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Description : For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Last Answer : All of the above

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Description : For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Last Answer : All of the above

Governmental auditing often extends beyond examinations leading to the expression of opinion on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness, and also: a. Accuracy b. Evaluation c. Compliance d. Internal control

Description : Governmental auditing often extends beyond examinations leading to the expression of opinion on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness, and also: a. Accuracy b. Evaluation c. Compliance d. Internal control

Last Answer : Compliance

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Last Answer : Compile financial statements

Reasonable assurance means: a. Gathering of all available corroborating evidence for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole. b. Gathering of the audit evidence necessary for the auditor to conclude that the financial statements, taken as a whole, are free from any misstatements. c. Gathering of the audit evidence necessary for the auditor to conclude that the financial statements are free of material unintentional misstatements. d. Gathering of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial

Description : Reasonable assurance means: a. Gathering of all available corroborating evidence for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole. ... necessary for the auditor to conclude that there are no material misstatements in the financial

Last Answer : Gathering of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Last Answer : Compile financial statements.

By providing high level of assurance on audit reports on financial statements, the auditor a. Guarantees the fair presentation of the financial statements. b. Confirms the accuracy of the financial statements. c. Enhances the credibility of the financial statements. d. Assures the readers that fraudulent activities of employees have been detected.

Description : By providing high level of assurance on audit reports on financial statements, the auditor a. Guarantees the fair presentation of the financial statements. b. Confirms the accuracy of the ... financial statements. d. Assures the readers that fraudulent activities of employees have been detected.

Last Answer : Enhances the credibility of the financial statements.