GAAS Catagory of Standards

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Multiple Choice questions on Auditing Categories and Standards

This file contains a formatted MS Word file containing multiple choice questions on the subject of Auditing Categories and Standards

In recent years, accountants and auditors have come under scrutiny

In recent years, accountants and auditors have come under scrutiny for negligent auditing procedures and inappropriate activities (e.g. shredding files). Yet, the demand for accountants and auditors these days is stronger than ever. Briefly discuss the reasons for this conundrum. Why would mistakes made by accountants cause the ...continues

Auditing

a. what are the different types of audit reports and when should each be used? b. In what types of situations would an auditor be allowed to issue an unqualified audit report. c. To what extent is the auditor liable for misstatements in the financial statements of the audited company?

Auditing - What are the different types of audit reports and when should each be used?

a. what are the different types of audit reports and when should each be used? b. In what types of situations would an auditor be allowed to issue an unqualified audit report. c. To what extent is the auditor liable for misstatements in the financial statements of the audited company?

Ethics in accounting

Sarbanes Oxley has significantly influenced the public's perception of ethical behavior on the part of auditors and accountants. Let's say that you are a mid-level accountant for a publicly traded company. You're company has had a relatively poor year and are expected to disappoint the market with their earnings release. ...continues

Discuss your perception of a risk manager leveraging an internal audit function in a risk management program.

While not commonly discussed in the realm of risk management, the internal control system of an internal audit is a valuable tool for the risk manager. Discuss your perception of a risk manager leveraging an internal audit function in a risk management program.

Standard Audit Report

TPC wants to be ensured that the audit report for year-end 2005 is a standard unqualified audit report. Management has requested that you create a presentation about how to obtain an unqualified audit report. Include the following details: What are the circumstances that could prevent the external auditors from providing an ...continues

(Subsequent events) Green, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 20X1. Green plans to complete the fieldwork and sign the auditor’s report about May 10, 20X2. Green is concerned about events and transactions occurring after December 31, 20X1, that may affect the 20X1 financial statements.

(Subsequent events) Green, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 20X1. Green plans to complete the fieldwork and sign the auditor’s report about May 10, 20X2. Green is concerned about events and transactions occurring after December 31, 20X1, that may affect the 20X1 fina ...continues

Analytical procedures-Ratio relationships

State how the ratio in question would compare(greater, equal, or less) to what the ratio should have been had the error or fraud not occurred. The company recorded fictitious sales with credits to sales revenue accts. and debits to A/R. Inventory was reduced, and cost of goods sold was increased for the profitable sales. Is t ...continues