12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25 & 26 Final - Audit Study

Chapter 25 & 26 Final - Audit

Terms in this set (14)

When performing compilation True

services, the accountant is not
required to obtain an
understanding of the client's
internal control.

True or False

The use of positive assurance is False

appropriate in a review
attestation report.

True or False

A financial statement review False

conducted in compliance with
SSARS includes obtaining an
understanding of internal
control.

True or False

A primary concern in reporting True

on a comprehensive basis is to
make sure that the statements
clearly indicate that they are
prepared on a basis other than
GAAP.

True or False

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25reports
Compilation & 26may
Final
be -ofAudit Compilation with limited independence Study

all but which of the following

types?

Compilation with limited

independence

Compilation with full disclosure

Compilation without
independence

Compilation that omits

substantially all disclosures

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25 & 26enter

Clients occasionally Final - Audit
into lender Study

loan agreements that require

them to provide the ________ with
a report from a CPA about the
existence or nonexistence of
some condition.

underwriters of securities

audit committee

lender

the Securities and Exchange

Commission

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25performs
When a CPA & 26 Final
an - Audit extensive, high Study

examination engagement
under the attestation
standards, the amount of
evidence gathered is ________
and the level of assurance is
________.

extensive, varying

significant, high

extensive, high

significant, moderate

Current professional auditing False

standards prohibit external
auditors from using internal
auditors for direct assistance
on external audits.

True or False

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25 &are
Internal auditors 26 Final - Audit both the board of directors and management. Study

responsible to:

the board of directors.

management.

both the board of directors

and management.

neither the board of directors

nor management.

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter 25 & are

Internal Auditors 26 expected
Final - Audit verifying accounting information for external users.
Study

to add value to the

organization through improved
operational effectiveness. In
addition, their responsibilities
include all the following
except:

reviewing the reliability and

integrity of information.

ensuring compliance with the

company's accounting policies.

verifying accounting
information for external users.

ensuring compliance with

applicable governmental
regulations.

Operational auditors must True

accumulate sufficient
appropriate evidence to
provide a basis for a
conclusion about the
objectives being tested.

True or False

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter
________ is the25 & 26toFinal
degree which - Audit Effectiveness Study

the organization's objectives

are accomplished.

Effectiveness

Efficiency

Goal optimization

Performance

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter
Which one 25 & 26
of the Finalis- Audit
following Testing the effectiveness of internal controls Study

not a major difference between

operational and financial
auditing?

Purpose of the audit

Distribution of the report

Testing the effectiveness of

internal controls

Inclusion of nonfinancial areas

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12/16/21, 11:31 AM Chapter 25 & 26 Final - Audit Flashcards | Quizlet

Chapter
The primary25 & 26ofFinal - Audit
source Yellow Book. Study

authoritative literature for

doing government audits is the:

Purple Book.

Yellow Book.

Green Book.

Red Book.

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