Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 2, Problem 14.3MCQ
To determine
Identify the correct option that indicates the correct statement.
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One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of achieving this objective can be obtained by followinga. Generally accepted auditing standards.b. Standards within a system of quality control.c. Generally accepted accounting principles.d. International auditing standards.
A certification by a qualified institution pursuant to 29 CFR 2520.103-5(c) must
Select one:
a.
state that the information is accurate.
b.
be signed by any senior manager
c.
state that the information is complete.
d.
state that the information is complete and accurate.
The standards are divided into attribute, performance and implementation guidance. Classify the following standards according to attribute and performance standards:A) Chief Audit Executive Roles Beyond Internal Auditing.B) Engagement Planning.C) Continuing Professional Development.D) Requirements of the Quality Assurance and Improvement Program.E) External Service Provider and Organizational Responsibility for Internal Auditing.F) Due Professional Care
Chapter 2 Solutions
Auditing And Assurance Services
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - State what is meant by the term peer review. What...Ch. 2 - Prob. 13.1MCQCh. 2 - Prob. 13.2MCQCh. 2 - Prob. 13.3MCQCh. 2 - Prob. 14.1MCQCh. 2 - Prob. 14.2MCQCh. 2 - Prob. 14.3MCQCh. 2 - Prob. 15.1MCQCh. 2 - Prob. 15.2MCQCh. 2 - Prob. 15.3MCQCh. 2 - Prob. 16DQPCh. 2 - Prob. 17DQP
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- 31. Which of the following statements is true regarding involvement of the CAE in a consulting engagement? a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives before committing to the task b. CAE must determine if there is expertise in internal audit to conduct the engagement on its own c. CAE is ultimately responsible for the objectives and scope of the engagement d. CAE should ensure that the objectives, scope, and approach of the consulting engagement are achievable within a month 33. Objectives of the risk management process include all of the following, except a. To look for ways to take advantage of opportunities b. To link growth, risk, and return c. To comply with laws and regulations d. To act as a reasonable "brake" on strategic growth 34. How is the COSO ERM framework different from ISO 31000 guide? a. COSO Framework describes ERM as an iterative process and ISO Guidance describes ERM as a serial…arrow_forward1. Professional competence, due professional care, planning and supervision, and sufficient relevant data are general standards for MAS practice, including Role of MAS practitioner c. Association with forecasts Understanding with client d. Communication of results 2. Which of the following is not one of the steps in MAS engagement? Implementation c. Analysis Informal meeting with client d. Design 3. A certified public accountant’s scope of mgt. services is broad and covers all of the following except audit engagement c. Re-engineering job computerization engagements d. Change mgt. engagements 4. Which of the following is not an area in MAS practice Conducting special studies Reviewing and suggesting improvement of policies , procedures, systems and methods, etc. Marketing and public relations work Introducing new ideas, concepts…arrow_forwardUnderstand the role of a system of quality control and monitoring efforts in enabling public accounting firms to meet appropriate levels of professional qualityarrow_forward
- What are the advantages of a CPA over members of other professions in rendering management advisory services or consulting work? Explain. Enumerate the practice standards in MAS and explain each.arrow_forwardExplain two (2) types of information that will assist the engagement partner in determining whether the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements are appropriate.arrow_forwardWhat is meant by the term quality control as it relates to CPA firm?arrow_forward
- Give typing answer with explanation and conclusion 1.The duty of performance requires agents to live up to which of the following standards? Good faith and fair dealing Reasonable care and skill in performing their work The level of performance required under the Uniform Commercial Code Expert performance at all timesarrow_forwardAnswer the below: What do you understand by attestation services? Discuss the responsibility and functions of CPA. Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?arrow_forward38. This approach is useful for compliance reviews where operators should do what the contract, law, regulation, or procedures documentation requires .It also useful for financial reviews, where accountants and others involved in record keeping and preparing financial statements must adhere to applicable accounting standards. Group of answer choices Cause and Effect Value Stream Map Process Flow Map Force Field Analysisarrow_forward
- Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?arrow_forwardThe final stage in the client acceptance and continuance decision process involves: a. the auditor obtaining a management representation letter from the client. b. the auditor preparing an independence declaration statement. c. the client's audit committee meeting with the auditor. d. the preparation of an engagement letter.arrow_forward1. Give one example of an ethical standard from the conceptual framework that accountants have to follow and briefly apply it to a self-created scenario.arrow_forward
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