ACC 562 MIDTERM EXAM LATEST 2015

Jul 21st, 2016
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Question 1 Answer Independent professional services that are provided on financial or other information that improve the quality of decision making are known as Answer internal auditing. financial auditing. assurance services. attestation services. Question 2 The objective of an operational audit is to Answer evaluate whether laws have been broken by management. evaluate fairness of presentation of financial statements. evaluate compliances with company rules and regulations. evaluate the effectiveness and efficiency with which resources are employed. Question 3 The AICPA remains a valuable organization because of its continuing involvement in Answer the audit standard setting process. regulation and enforcement of the audit profession. education and administration of the CPA exam. promulgation of accounting standards. Question 4 The auditor of financial statements must make very difficult interpretations regarding authoritative literature. Additionally, the audi

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ACC 562 MIDTERM EXAM LATEST 2015Question 1AnswerIndependent professional services that are provided on financial or other information thatimprove the quality of decision making are known asAnswerinternal auditing.financial auditing.assurance services.attestation services.Question 2The objective of an operational audit is toAnswerevaluate whether laws have been broken by management.evaluate fairness of presentation of financial statements.evaluate compliances with company rules and regulations.evaluate the effectiveness and efficiency with which resources are employed.Question 3The AICPA remains a valuable organization because of its continuing involvement inAnswerthe audit standard setting process.regulation and enforcement of the audit profession.education and administration of the CPA exam.promulgation of accounting standards.Question 4The auditor of financial statements must make very difficult interpretations regardingauthoritative literature. Additionally, the auditor mustAnswerconsider whether the application of a generally accepted accounting principle best portrays theeconomic activity of the company.force management to make certain decisions regarding their financial statements.disregard independence in order to find the underlying truth of the evidence.establish new criteria by which financial statements may be compared.Question 5CPAs are licensed by theAnswerPCAOB.AICPA.state's board of accountancy.state's society of CPAs.Que

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