Try Magic Notes and save time.Try it free
Try Magic Notes and save timeCrush your year with the magic of personalized studying.Try it free

AUDIT MC

Which of the following most likely is an allowable service that an auditor may provide to a public client?

1. Internal Audit outsourcing
2. Legal services
3. Management consulting services
4. Tax compliance services
Click the card to flip 👆
1 / 12
1 / 12
Terms in this set (12)
Which of the following most likely is an allowable service that an auditor may provide to a public client?

1. Internal Audit outsourcing
2. Legal services
3. Management consulting services
4. Tax compliance services
4
Who establishes generally accepted auditing standards

1. State boards of accountancy
2. Securities & exchange commission
3. Financial accounting standards board
4. Auditing standards board and the Public Company Accounting Oversight Board
4
Which of the following best describes what is meant by U.S. Auditing Standards

1. Acts to be performed by the auditor
2. Measures of the quality of auditor performance
3. Procedures to be used to gather evidence to support financial statements
4. Audit objectives generally determined on audit engagements
2
A CPA firm is reasonably assured of meeting its responsibility to provide services that conform with professional standards by:

1. Adhering to generally accepted auditing standards
2. Having an appropriate system of quality control
3. Joining professional societies that enforce ethical conduct
4. Maintaining an attitude of independence in its engagements
2
An entity changed from the straight-line method to the declining balance method for all newly acquired assets. The change has no material effect on the current yeas f/s, but is reasonably certain to have a material effect in later years. If the change is adequately disclosed, the auditor should issue a(n):

1. qualified opinion
2. unqualified opinion w/ explanatory paragraph
3. unqualified opinion
4. qualified opinion w/ explanatory paragraph regarding consistency
3