
BATCH20: AUD1
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Other
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Professional Development
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Practice Problem
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Medium
Pampanga CPA Review
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30 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statements best describes assurance services?
A. Independent professional services that are intended to enhance the credibility of information to meet the needs of an intended user.
B. Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit.
C. The preparation of financial statements or the collection, classification, and summarization of other financial information.
D. Services designed for the improvement of operations, resulting in better outcomes.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The subject matter of an assurance engagement may include
I. Historical or prospective financial information
II. Internal controls
IIl Compliance with regulation
A. I and II only
B. I and III only
C. II and III only
D. I, II, and III
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The auditor's satisfaction as to the reliability of an assertion being made by one party for use by another party is called
A. Opinion
B. Assurance
C. Examination
D. Verification
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In an engagement to perform agreed-upon procedures, a practitioner is engaged to
A. Carry out those procedures of an audit nature to which the practitioner and the entity and any appropriate third parties have agreed and to report on factual findings.
B. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information.
C. Provide a moderate level of assurance that the information is free of material misstatement.
D. Provide a high, but not absolute, level of assurance that the information is free of material misstatement.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The purpose of an audit of financial statements is to
A. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework.
B. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement.
C. Enhance the degree of confidence of intended users in the financial statements.
D. Assure the future viability of the entity by expressing an opinion on the 'entity's financial statements.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The overall objectives of the auditor in conducting an audit of financial statements are
I. To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether caused by fraud or error.
II. To report on the financial statements.
III. To obtain conclusive rather than persuasive evidence.
IV. To detect all misstatements, whether due to fraud or error.
A. I and II only
B. II and IV only
C. I, II, and III only
D. I, II, III, and IV
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A pervasive characteristic of a CPA's role in a consulting services engagement is that of being a(an)
A. Independent practitioner
B. Computer expert
C. Confidential reviewer
D. Objective advisor
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