ACCT 4317 - CH2 MC

9 terms by Carrita 

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Which of the following best places the events of the last several years in proper sequence?

Increased consulting services to audit clients, Enron and other scandals, Sarbanes-Oxley Act, prohibition of most consulting work for audit clients, establishment of PCAOB.

Which of the following best describes the relationship between business objectives, strategies, processes, controls, and transactions?

To achieve its objectives, a business formulates strategies and implements processes, which are carried out through business transactions. The entity's information and internal control systems must be designed to ensure that the transactions are properly executed, captured, and processed.

Which of the following is correct regarding the types of audits over which AICPA's Auditing Standards Board and the PCAOB, respectively, have standard-setting authority?

ASB (Nonpublic Company Audits), PCAOB (Public Company Audits).

Which of the following best describes the general character of the three generally accepted auditing standards classified as standards of field work?

Criteria for audit planning and evidence gathering.

Which of the following statements best describes management's and the external auditor's respective levels of responsibility for a public company's financial statements?

Management has the primary responsibility to ensure that the company's financial statements are prepared in accordance with GAAP, and the auditor provides reasonable assurance that the statements are free of material misstatement.

The Public Company Accounting Oversight Board

is a quasi-governmental organization that has legal authority to set auditing standards for audits of public companies.

Which of the following is not a part of the role of internal auditors?

Providing reports on the reliability of financial statements to investors and creditors.

Operational auditing is oriented primarily toward

future improvements to accomplish the goals of management.

Which of the following would be considered an assurance service engagement?

Expressing an opinion about the reliability of a client's financial statements.

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