The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their responsibilities c. Unearth the truth and provide evidence in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

The overall objective of forensic auditing is
to
a. Attest to the efficiency with which
resources are employed
b. Assist members of the organization in the
effective discharge of their
responsibilities
c. Unearth the truth and provide
evidence in legal and financial
disputes
d. Provide assurance that financial data
have been accurately recorded
by

1 Answer

Answer :

Unearth the truth and provide
evidence in legal and financial
disputes
by

Related questions

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

Description : 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 ... accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

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

What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ascertain that financial statements present accurately the financial positionoperating results, and changes in cashand stockholders' equity.d. To help members of theorganization to effectivelydischarge their responsibilities.

Description : What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ... and stockholders' equity. d. To help members of the organization to effectively discharge their responsibilities.

Last Answer : To help members of the organization to effectively discharge their responsibilities.

The objective of quality control mandates that a public accounting firm should establish policies and procedures for professional development which provide reasonable assurance that all entry-level personnel a. Prepare working papers which are standardized in form and content. b. Will advance within the organization. c. Develop specialties in specific areas of public accounting. d. Have the knowledge required to enable them to fulfill responsibilities assigned

Description : The objective of quality control mandates that a public accounting firm should establish policies and procedures for professional development which provide reasonable assurance that all entry-level ... accounting. d. Have the knowledge required to enable them to fulfill responsibilities assigned

Last Answer : Have the knowledge required to enable them to fulfill responsibilities assigned

What is the proper organizational role of internal auditing? a. To serve as an independent, objective assurance and consulting activity that adds value to operations. b. To assist the external auditor in order to reduce external audit fees. c. To perform studies to assist in the attainment of more efficient operations. d. To serve as the investigative arm of the audit committee of the board of directors

Description : What is the proper organizational role of internal auditing? a. To serve as an independent, objective assurance and consulting activity that adds value to operations. b. To assist the external auditor in ... . d. To serve as the investigative arm of the audit committee of the board of directors

Last Answer : To serve as an independent, objective assurance and consulting activity that adds value to operations.

An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is effective. b. Be relied upon to disclose violations of truth-in-lending act. c. Encompass a plan to search actively for illegalities which relate to operating aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Description : An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is ... aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Last Answer : Not be relied upon to provide assurance that illegal acts will be detected

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

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.

Which of the following best describes relationships among auditing, attest and assurance services? a. Attest is a type of auditing service. b. Assurance is a type of attest service. c. Auditing is a type of assurance service. d. Auditing and attest services represent two distinctly different types of services

Description : Which of the following best describes relationships among auditing, attest and assurance services? a. Attest is a type of auditing service. b. Assurance is a type of attest service. c. ... type of assurance service. d. Auditing and attest services represent two distinctly different types of services

Last Answer : Auditing is a type of assurance service

Which of the following best describes relationships among auditing, attest and assurance services? a. Attest is a type of auditing service. b. Assurance is a type of attest service. c. Auditing is a type of assurance service. d. Auditing and attest services represent two distinctly different types of services

Description : Which of the following best describes relationships among auditing, attest and assurance services? a. Attest is a type of auditing service. b. Assurance is a type of attest service. c. ... type of assurance service. d. Auditing and attest services represent two distinctly different types of services

Last Answer : Auditing is a type of assurance service

The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of report. c. State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Description : The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of ... statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Last Answer : State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly.

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

Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future viability of the entity. b. Making suggestions that are adopted about the form and content of an entity's financial statements impairs an auditor's independence. c. An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. d. The fair presentation of audited financial statements in accordance with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Description : Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future ... with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Last Answer : An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion

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

Description : 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 ... standards of fieldwork in generally accepted auditing standards are included in the attestation standards

Last Answer : The attestation standards provide a framework for the attest function beyond historical financial statements.

The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified Public Accountants (PICPA) b. Auditing and Assurance Standards Council (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Description : The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified ... (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Last Answer : Philippine Institute of Certified Public Accountants (PICPA)

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

In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b. Provide a moderate level of assurance that the information is free of material misstatement. c. Provide a high, but not absolute, level of assurance that the information is free of material misstatement. d. Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Description : In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b ... and the entity and any appropriate third parties have agreed and to report on factual findings

Last Answer : Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

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

Description : 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 ... of errors and fraud to police authorities d. Understand the nature or errors and fraud

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

Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Description : Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Last Answer : Proving the accuracy of the books and records

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

Description : 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 ... relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Last Answer : Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a. The auditor has ascertained that Silver's financial statements have been prepared accurately. b. The auditor is satisfied that Silver is operationally efficient. c. Any disputes over significant accounting issues have been settled to the auditor's satisfaction. d. Informative disclosures in the financial statements but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Description : An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a ... but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Last Answer : Any disputes over significant accounting issues have been settled to the auditor's satisfaction.

The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country’s regulations governing the audit of financial statements. b. To improve the uniformity of auditing practices and related services throughout the world. c. To provide a uniform application of specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards.

Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations governing ... audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards.

Last Answer : To improve the uniformity of auditing practices and related services throughout the world

The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country’s regulations governing the audit of financial statements. b. To improve the uniformity of auditing practices and related services throughout the world. c. To provide a uniform application of specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards

Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations ... specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards

Last Answer : To improve the uniformity of auditing practices and related services throughout the world.

The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit. c. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.

The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. b. Need to be applied on all audit related. c. Must not apply to other related activities of auditors. d. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit

Description : The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an ... though such a departure may result to more effective achievement of the objective of an audit

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion

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 ... . 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

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.

Which of the following is not likely a threat to independence? a. Acting as an advocate on behalf of an assurance client in litigation or in resolving disputes with third parties. b. Long association of a senior member of the assurance team with the assurance client. c. Threat of replacement over a disagreement with the application of an accounting principle. d. Owning immaterial indirect financial interest in an audit client.

Description : Which of the following is not likely a threat to independence? a. Acting as an advocate on behalf of an assurance client in litigation or in resolving disputes with third parties. b. ... the application of an accounting principle. d. Owning immaterial indirect financial interest in an audit client.

Last Answer : Owning immaterial indirect financial interest in an audit client.

Which of the following is not likely a threat to independence? a. Acting as an advocate on behalf of an assurance client in litigation or in resolving disputes with third parties. b. Long association of a senior member of the assurance team with the assurance client. c. Threat of replacement over a disagreement with the application of an accounting principle. d. Owning immaterial indirect financial interest in an audit client.

Description : Which of the following is not likely a threat to independence? a. Acting as an advocate on behalf of an assurance client in litigation or in resolving disputes with third parties. b. ... the application of an accounting principle. d. Owning immaterial indirect financial interest in an audit client.

Last Answer : Owning immaterial indirect financial interest in an audit client.

Which of the following is not an assurance that the auditors give to the parties who rely on the financial statements? a. Auditors know how the amounts and disclosures in the financial statements were produced. b. Auditors gathered enough evidence to provide a reasonable basis for forming an opinionc. Auditors give assurance that thefinancial statements are accurate.d. If the evidence allows the auditors to doso, auditors give assurance in the form ofopinion, as to whether the financialstatements taken as a whole are fairlypresented in conformity with GAAP

Description : Which of the following is not an assurance that the auditors give to the parties who rely on the financial statements? a. Auditors know how the amounts and disclosures in the financial statements ... as to whether the financial statements taken as a whole are fairly presented in conformity with GAAP

Last Answer : Auditors give assurance that the financial statements are accurate

Which of the following is not an assurance that the auditors give to the parties who rely on the financial statements? a. Auditors give assurance that the financial statements are accurate. b. Auditors know how the amounts and disclosures in the financial statements were produced. c. Auditors gathered enough evidence to provide a reasonable basis for forming an opinion. d. If the evidence allows the auditors to doso, auditors give assurance in the form ofopinion, as to whether the financialstatements taken as a whole are fairlypresented in conformity with GAAP

Description : Which of the following is not an assurance that the auditors give to the parties who rely on the financial statements? a. Auditors give assurance that the financial statements are accurate. b. ... as to whether the financial statements taken as a whole are fairly presented in conformity with GAAP

Last Answer : Auditors give assurance that the financial statements are accurate

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

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.

Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit practice. c. To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines. d. To undertake continuing research on both auditing and financial accounting in order to make them responsive to the needs of the public

Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public

Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.

Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the nature and extent of the auditor's responsibilities. c. They provide guidance to the auditor with respect to planning the audit and writing the audit report. d. They set forth a measure a measure of the quality of the performance of audit procedures.

Description : Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the ... d. They set forth a measure a measure of the quality of the performance of audit procedures.

Last Answer : They set forth a measure a measure of the quality of the performance of audit procedures.

Which of the following underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting? a. Element of corroborating evidence b. Element of reasonable assurance c. Elements of materiality and risk d. Element of internal control

Description : Which of the following underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting? a. Element of corroborating evidence b. Element of reasonable assurance c. Elements of materiality and risk d. Element of internal control

Last Answer : Elements of materiality and risk

In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Description : In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Last Answer : Evidence

Which of the following is considered a primary reason for creating an internal audit department? a. To safeguard resources entrusted to the organization. b. To evaluate and improve the effectiveness of control processes. c. To ensure the accuracy, reliability, and timeliness of financial and operating data used in management's decision making. d. To relieve management of the responsibility for establishing effective controls

Description : Which of the following is considered a primary reason for creating an internal audit department? a. To safeguard resources entrusted to the organization. b. To evaluate and improve the ... 's decision making. d. To relieve management of the responsibility for establishing effective controls

Last Answer : To evaluate and improve the effectiveness of control processes.

Which of the following is the authoritative body designated to promulgate auditing standards? a. Financial Reporting Standards Council b. PICPA c. Association of CPAs in Public Practice and PICPA d. Auditing and Assurance Standards Council

Description : Which of the following is the authoritative body designated to promulgate auditing standards? a. Financial Reporting Standards Council b. PICPA c. Association of CPAs in Public Practice and PICPA d. Auditing and Assurance Standards Council

Last Answer : Auditing and Assurance Standards Council

The following are represented both to the Financial Reporting Standards Council (FRSC) and Auditing and Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas b. Securities and Exchange Commission c. Bureau of Internal Revenue d. Board of Accountancy

Description : The following are represented both to the Financial Reporting Standards Council (FRSC) and Auditing and Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas b. Securities and Exchange Commission c. Bureau of Internal Revenue d. Board of Accountancy

Last Answer : Bureau of Internal Revenue

This standard-setting body replaces the Auditing Standards and Practices Council (ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related Interpretations: a. Accounting Standards Board. b. Financial Reporting Standards Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Description : This standard-setting body replaces the Auditing Standards and Practices Council (ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related Interpretations: a. ... Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Last Answer : Auditing and Assurance Standards Council.

This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in the Philippines: a. Accounting Standards Board. b. Financial Reporting Standards Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Description : This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in ... Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Last Answer : Financial Reporting Standards Council.

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.

For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of accounting principles or any auditing and reporting standards discussed with management. b. Confirmation of material accounts receivable balance at the end of the year. c. Planned audit procedure to obtain sufficient appropriate audit evidence regarding opening balances. d. Assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Last Answer : Confirmation of material accounts receivable balance at the end of the year.

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

Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Description : Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. ... usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.

An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standardsb. Specific operating units arefunctioning economically andefficiently.c. Financial statements present fairly theresults of operations.d. Internal control is adequatelyoperating as designed

Description : An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standards b. Specific operating units are functioning ... present fairly the results of operations. d. Internal control is adequately operating as designed

Last Answer : Specific operating units are functioning economically and efficiently