Assurance Services
Test Preparation
Course Introduction
Assurance Services is a comprehensive course that explores the principles, practices, and regulatory frameworks underpinning professional assurance engagements. It covers the nature and scope of assurance services beyond traditional audits, including reviews, agreed-upon procedures, and other attestation services. Students will examine topics such as risk assessment, internal controls, evidence gathering, and ethical considerations, while gaining an understanding of the value assurance provides to stakeholders in enhancing the credibility of information. Real-world case studies and professional standards are integrated to prepare students for the complexities of providing high-quality assurance in diverse business environments.
Recommended Textbook
Auditing and Assurance Services 16th Edition by Alvin A. Arens
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26 Chapters
2955 Verified Questions
2955 Flashcards
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Chapter 1: The Demand for Audit and Other Assurance Services
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?
A)operational audit
B)compliance audit
C)financial statement audit
D)production audit
Answer: A
Q2) One criteria used by an external auditor to evaluate published financial statements is known as generally accepted auditing standards.
A)True
B)False
Answer: False
Q3) ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.
A)Client acceptance
B)Information
C)Business
D)Control
Answer: B
Page 3
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Chapter 2: The Cpa Profession
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79 Flashcards
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Sample Questions
Q1) Quality controls are established for the entire CPA firm whereas auditing standards are applicable to the individual engagement.
A)True
B)False
Answer: True
Q2) In which type of service does the CPA assemble the financial statements but provide no assurance to third parties?
A)audit
B)compilation
C)review
D)bookkeeping
Answer: B
Q3) Many small,local accounting firms perform audits as their primary service to their clients.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Audit Reports
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) In the scope paragraph of the audit report issued for financial statements of a nonpublic company,the auditor expresses an opinion about the internal controls of the company.
A)True
B)False
Answer: False
Q2) The phrase "Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material error" is included in the auditor's opinion section of an audit report.
A)True
B)False
Answer: False
Q3) A restriction on the scope of the auditor's examination requires
A)a qualifying paragraph to be included in the introduction.
B)a qualifying paragraph preceding the opinion paragraph.
C)a disclaimer opinion.
D)a basis for a qualified opinion paragraph.
Answer: B
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Chapter 4: Professional Ethics
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Sample Questions
Q1) In which of the following circumstances would a CPA be ethically bound to refrain from disclosing any confidential client information?
A)The CPA is issued a summons enforceable by a court order which orders the CPA to present confidential information.
B)A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information.
C)The confidential client information is made available as part of a quality review of the CPA's practice by a peer review team authorized by the AICPA.
D)An inquiry by a disciplinary body of a state CPA society requests confidential client information.
Q2) A CPA firm
A)can sell securities to a client for whom they perform an attestation service.
B)can receive a commission for a client that they are engaged to perform an attestation service for.
C)cannot receive a referral fee for recommending the services of another CPA.
D)can receive a commission from a nonattestation client as long as the situation is disclosed.
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Page 6
Chapter 5: Legal Liability
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) The 1136 Tenants case was a criminal case concerning a CPA's failure to uncover fraud during a financial statement audit.
A)True
B)False
Q2) Under the Securities Act of 1933,a third party plaintiff does not have the burden of proof that he or she relied on the financial statements or that the auditor was negligent or fraudulent in doing the audit.Rather,the plaintiff need only prove that the audited financial statements contained a material misrepresentation or omission.
A)True
B)False
Q3) Under the Ultramares doctrine,ordinary negligence is insufficient for liability to third parties unless the third party is
A)a primary beneficiary.
B)an injured party.
C)a foreseen user.
D)a bank.
Q4) Discuss each of the four defenses a CPA firm can normally use when facing legal claims by clients.
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Chapter 6: Audit Responsibilities and Objectives
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Sample Questions
Q1) Balance-related audit objectives
A)are never applied to income statement accounts.
B)are designed to detect fraud.
C)provide a framework to help the auditor accumulate sufficient appropriate evidence related to account balances.
D)can have only one specific-related audit objectives.
Q2) Which of the following is an accurate statement about professional skepticism?
A)Professional skepticism involves a critical assessment of the evidence.
B)Professional skepticism is easy to implement in practice.
C)It is easy for auditors to understand that their clients may try to deceive them throughout the audit process.
D)Professional skepticism is only necessary for the audits of public companies.
Q3) The cutoff objective,"transactions near the balance sheet date are recorded in the proper period," is a balance-related audit objective.
A)True
B)False
Q4) Describe what analytical procedures and tests of details of balances are and give an example of each.
Q5) List the four phases of a financial statement audit.
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Chapter 7: Audit Evidence
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133 Verified Questions
133 Flashcards
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Sample
Questions
Q1) Which of the following is an accurate statement regarding audit evidence?
A)Responses to the auditor's questions by client employees is considered highly persuasive evidence.
B)Audit evidence should provide an absolute level of assurance.
C)The auditor uses evidence to determine whether the statements are fairly presented.
D)All evidence must be highly persuasive.
Q2) A(n)________ is the detailed instruction that explains the audit evidence to be obtained during the audit.
A)audit objective
B)audit procedure
C)audit assertion
D)audit program
Q3) ________ generally provide the most reliable evidence.
A)Confirmations
B)Recalculations
C)Reperformances
D)Observations
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Chapter 8: Audit Planning and Analytical Procedures
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Sample Questions
Q1) _______ is the risk that the financial statements contain a material misstatement due to fraud or error prior to the audit.
A)Inherent risk
B)Client business risk
C)Acceptable audit risk
D)Risk of material misstatement
Q2) Auditors should understand client objectives related to
A)reliability of financial reporting.
B)effectiveness and efficiency of operations.
C)compliance with laws and regulations.
D)all of the above.
Q3) Auditing standards ________ that the basis used to determine the preliminary judgment about materiality be documented in the audit files.
A)permit
B)do not allow
C)require
D)strongly encourage
Q4) Discuss four of the matters that should be specified in an engagement letter.
Q5) Discuss the essential activities involved in the initial planning of an audit.
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Chapter 9: Materiality and Risk
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Sample Questions
Q1) Auditing standards require the engagement partner to be included in discussions about the susceptibility of the client's financial statements to material misstatements.
A)True
B)False
Q2) Inherent risk and control risk exist independent of the audit of the financial statements.
A)True B)False
Q3) An acceptable audit risk assessment of low indicates a risky client requiring more extensive evidence,assignment of more experienced personnel,and/or a more extensive review of audit files.
A)True
B)False
Q4) There is a direct relationship between acceptable audit risk and planned detection risk.
A)True B)False
Q5) Why do auditors use the audit risk model when planning an audit?
Q6) Describe the audit risk model and each of its components.
Page 11
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Chapter 10: Fraud Auditing
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Sample Questions
Q1) Most cases of fraudulent reporting involve A)inadequate disclosures.
B)an overstatement of income.
C)an overstatement of liabilities.
D)an overstatement of expenses.
Q2) An effective code of conduct should contain the company's policies regarding A)conflicts of interests.
B)kickbacks.
C)gifts and entertainment.
D)all of the above.
Q3) List the three main types of revenue manipulations employed to commit fraudulent financial reporting and give an example for each type.
Q4) Auditors should rely on original,rather than duplicate,copies of documents.
A)True
B)False
Q5) Management and the board of directors are responsible for setting the "tone at the top."
A)True
B)False
Q6) Discuss the need for maintaining professional skepticism during an audit.
Page 12
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Chapter 11: Internal Control and Coso Framework
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Sample Questions
Q1) It is important for the CPA to consider the competence of the clients' personnel because their competence has a direct impact upon the
A)cost/benefit relationship of the system of internal control.
B)achievement of the objectives of internal control.
C)comparison of recorded accountability with assets.
D)timing of the tests to be performed.
Q2) When a company designs and implements internal controls,cost of the controls is not a valid consideration.
A)True
B)False
Q3) Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with reporting requirements of applicable accounting frameworks.
A)True
B)False
Q4) Discuss what is meant by the term "control environment" and identify four control environment subcomponents that the auditor should consider.
Q5) List the four underlying principles of risk assessment per the COSO framework
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Chapter 12: Assessing Control Risk and Reporting on
Internal Controls
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81 Verified Questions
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Sample Questions
Q1) When assessing whether the financial statements are auditable,the auditor must consider
A)that the integrity of management and the adequacy of accounting records are the two primary factors determining auditability.
B)that the integrity of management and the adequacy of risk management are the two primary factors determining auditability.
C)that if all of the transaction information is available only in electronic form without a visible audit trail,the company cannot be audited.
D)the control risk before determining if the entity is auditable.
Q2) Once auditors determine that entity level controls are designed and placed in the operation,they
A)make a preliminary assessment for each transaction-related audit objective for each major type of transaction.
B)make a preliminary assessment of control risk.
C)obtain an understanding of the design and implementation of internal control.
D)prepare audit documentation in order to express their opinion on the company's internal control system.
Q3) Discuss the advantages and benefits of using generalized audit software.
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Chapter 13: Overall Audit Strategy and Audit Program
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Sample Questions
Q1) Once set during the planning phase,the audit program cannot be revised.
A)True
B)False
Q2) Which of the following types of evidence is not available when using substantive tests of transactions?
A)inspection
B)confirmation
C)inquiries of the client
D)reperformance
Q3) Which of the following audit tests is usually the least costly to perform?
A)substantive analytical procedures
B)tests of controls
C)tests of balances
D)substantive tests of transactions
Q4) Tests of controls are directed toward the control's
A)efficiency.
B)effectiveness.
C)cost and effectiveness.
D)cost benefit ratio.
Q5) List each of the five types of audit tests.
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Chapter 14: Audit of the Sales and Collection Cycle: Tests of Controls
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Sample Questions
Q1) Sales transactions are the result of the following five functions in the sales and collection cycle: processing customer orders,granting credit,shipping goods,billing customers,and recording sales.
A)True
B)False
Q2) Which of the following test of controls is useful to test the completeness objective for cash receipts?
A)Compare shipping documents with sales records.
B)Observe endorsement of incoming checks.
C)Examine evidence that the receivable master file is reconciled to the general ledger.
D)Observe if the client reconciles the bank account.
Q3) When customers purchase goods by credit card,the issuer of the credit card uses EFT to transfer funds into the company's bank account. A)True B)False
Q4) A bill of lading is a written contract between the seller and the buyer. A)True B)False
16
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Chapter 15: Audit Sampling for Tests of Controls and
Substantive Tests of Transactions
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Sample Questions
Q1) When using nonstatistical sampling,the sample must be a probabilistic one.
A)True
B)False
Q2) The tolerable exception rate is the rate that the auditor will permit in the population and still be willing to conclude a control is effective.
A)True
B)False
Q3) If the auditor decides to assess control risk at the moderate level in a private company audit,when in previous years the auditor set control risk at the maximum level,then tests of controls for the current year would be
A)increased in number.
B)reduced in number.
C)not performed.
D)unchanged from prior planned settings.
Q4) Deviation refers to a departure from prescribed controls or amounts that are not monetarily correct.
A)True
B)False
Q5) Discuss what is meant by "sampling risk" and "nonsampling risk."
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Chapter 16: Completing the Tests in the Sales and Collection
Cycle: Accounts Receivable
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111 Verified Questions
111 Flashcards
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Sample Questions
Q1) When a customer disagrees with the amount shown on an account receivable confirmation,the auditor should not ask the client to reconcile the difference.
A)True
B)False
Q2) A listing of the balances in the accounts receivable master file at the balance sheet date,including individual customer balances outstanding and a breakdown of each balance by the time passed between the date of the sale and the balance sheet date,is the
A)customer list.
B)aged trial balance.
C)accounts receivable ledger.
D)schedule of accounts receivable.
Q3) A confirmation is a type of audit evidence.
A)True
B)False
Q4) When sending confirmations during most audits of accounts receivable,the emphasis is often on confirming larger and older accounts.
A)True
B)False
18
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Chapter 17: Audit Sampling for Tests of Details of Balances
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Sample Questions
Q1) An auditor uses monetary unit sampling with a sampling interval of $20,000 and detects an item with a recorded amount of $10,000 with an audited value of $4,000.The projected misstatement of the sample is
A)$12,000.
B)$6,000.
C)$10,000.
D)$3,000.
Q2) If analytical procedures are performed with no indications of likely misstatements,ARIA will ________ and the sample size will ________.
A)remain the same;increase
B)decrease;decrease
C)increase;decrease
D)decrease;increase
Q3) In monetary unit sampling,the likelihood of high dollar items from the population being included in the sample is lower than the likelihood for small dollar items.
A)True B)False
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Chapter 18: Audit of the Acquisition and Payment Cycle:
Tests of Controls,
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Sample Questions
Q1) Auditors are especially concerned about the ________ and ________ balance-related audit objectives because of the potential for understatements in the account balance.
A)completeness;cutoff
B)completeness;accuracy
C)classification;realizable value
D)classification;cutoff
Q2) You are performing the audit of Jenkins and Company.Your tests of controls and tests of transactions for accounts payable demonstrate that the controls are operating effectively.This would normally allow you to
A)eliminate the need for substantive testing of balances for accounts payable.
B)reduce the need for substantive testing of balances for accounts payable.
C)reduce control tests in other transactions cycles.
D)increase the need for substantive testing of balances for accounts payable.
Q3) Which of the following is not a key control in the acquisition and payment cycle?
A)authorization of purchases
B)authorization of credit
C)timely recording and independent review of transactions
D)authorization of payments
Page 20
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Chapter 19: Completing the Tests in the Acquisition and Payment
Cycle:
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Sample Questions
Q1) When auditing insurance expense,auditors normally rely on analytical procedures and limited testing of the debits to ensure that they arose from credits to prepaid insurance.
A)True
B)False
Q2) When auditing prepaid insurance,
A)for many audits,significant substantive procedures are needed if the control risk is low.
B)companies often have a standard monthly journal entry to reclassify prepaid insurance as insurance expense.
C)the emphasis in the tests of details of balances is on insurance expense.
D)the auditor must prepare the insurance register.
Q3) The auditor's starting point for verifying disposals of property,plant,and equipment is the
A)equipment account in the general ledger.
B)file of shipping documents.
C)client's schedule of recorded disposals.
D)equipment subsidiary ledger.
Q4) Discuss the key internal controls related to the disposal of property,plant,and equipment.
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Chapter 20: Audit of the Payroll and Personnel Cycle
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Sample Questions
Q1) Which of the following is not one of the business functions for the payroll and personnel cycle?
A)payment of payroll
B)timekeeping and payroll preparation
C)reconciliation of payroll account
D)human resources and employment
Q2) It would be appropriate for the payroll department to be responsible for which of the following functions?
A)approval of employee time records
B)maintain records of employment,firings,and raises
C)temporary retention of unclaimed employee paychecks
D)preparation of governmental reports as to employees' earnings and withholding taxes
Q3) There is inherent risk of payroll fraud because most transactions involve
A)expense accounts.
B)accrued liabilities.
C)estimates.
D)cash.
Q4) What key separation of duties should the auditor expect to find within the payroll and personnel cycle?
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Chapter 21: Audit of the Inventory and Warehousing Cycle
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Sample Questions
Q1) Inherent risk is typically assessed at a low level for inventory due to the nature of the asset.
A)True
B)False
Q2) In the flow of inventory and costs,when work-in-progress is credited,________ is (are)debited.
A)raw materials
B)cost of goods sold
C)finished goods
D)direct labor
Q3) To ensure proper segregation of duties,who should maintain the perpetual inventory master files?
A)production personnel
B)inventory storeroom personnel
C)inventory receiving personnel
D)accounting department personnel
Q4) Cost accounting systems and controls are the same for all manufacturing companies.
A)True
B)False
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Chapter 22: Audit of the Capital Acquisition and Repayment Cycle
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Sample Questions
Q1) When there are not numerous transactions involving notes payable during the year,the normal starting point for the audit of notes payable is
A)a schedule of notes payable and accrued interest prepared by the audit team.
B)a schedule of notes payable and accrued interest obtained from the client.
C)a schedule of only those notes with unpaid balances at the end of the year prepared by the client.
D)the notes payable account in the general ledger.
Q2) The amount of time spent verifying owners' equity is frequently minimal for closely held corporations because
A)these companies are so small that it is not necessary to audit the capital section.
B)the few owners all have access to the books so the auditor spends more time on accounts like liabilities,which affect outsiders.
C)there are few if any transactions during the year for the capital stock accounts,except for earnings and dividends.
D)there is no public interest in these companies.
Q3) Why are substantive analytical procedures essential for notes payable?
Q4) Discuss the overall objectives of the audit of notes payable.
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Chapter 23: Audit of Cash and Financial Instruments
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Sample Questions
Q1) The general cash account is considered a significant account in almost all audits
A)where the ending balance is material.
B)even when the ending balance is immaterial.
C)except those of not-for-profit organizations.
D)where either the beginning or ending balance is material.
Q2) The auditor must extend the audit procedures in the audit of year-end cash when there are inadequate internal controls.
A)True
B)False
Q3) A schedule of investment activity will include all of the following except A)the purchases and sales.
B)ending balances.
C)the gains and losses.
D)the opinion of management as to the suitability of the investment to the company.
Q4) Explain what is meant by a cutoff bank statement,and discuss the purpose of the cutoff bank statement in the audit of cash.
Q5) What should be audited on an interbank transfer schedule?
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Chapter 24: Completing the Audit
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Sample Questions
Q1) Whenever subsequent events are used to evaluate the amounts included in the statements,care must be taken to distinguish between conditions that existed at the balance sheet date and those that come into being after the balance sheet date.The subsequent information should not be incorporated directly into the statements if the conditions causing the change in valuation
A)took place before the balance sheet date.
B)did not take place until after the balance sheet date.
C)occurred both before and after the balance sheet date.
D)are reimbursable through insurance policies.
Q2) Which of the following is not a common audit procedure used to search for contingent liabilities?
A)examine letters of credit
B)examine payroll reports
C)review internal revenue agent reports
D)analyze legal expense
Q3) An independent review must be performed of all audits.
A)True
B)False
Q4) List four specific matters that should be included in a client representation letter.
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Chapter 25: Other Assurance Services
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Sample Questions
Q1) An accountant who reviews the financial statements of a nonpublic entity should issue a report stating that a review
A)is substantially equivalent in scope to an audit.
B)is substantially more in scope than a compilation.
C)is substantially less in scope than an audit.
D)provides only minimal assurance that the financial statements are fairly presented.
Q2) Draft a report that would be appropriate when an independent accountant has performed a compilation of financial statements with disclosures in accordance with accounting principles generally accepted in the United States of America.
Q3) As a CPA,you have been engaged to perform an attestation engagement.You would typically
A)express a conclusion about an assertion.
B)provide management consulting services.
C)prepare financial forecasts to secure in preparation for receiving debt funding.
D)compile financial statements for the client.
Q4) Discuss each of the three types of compilation reports and the circumstances in which each should be used.
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Chapter 26: Internal and Governmental Financial Auditing and
Operational
Auditing
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Sample Questions
Q1) Operational audits are primarily geared towards improving a company's operational efficiency and effectiveness.
A)True
B)False
Q2) The professional organization which is responsible for providing guidance for internal auditors is the
A)Association of Private Auditors.
B)Institute of Internal Auditors.
C)American Bar Association.
D)Association of Internal Auditors.
Q3) An audit conducted in accordance with the Yellow Book must include an audit report that states the audit was performed in accordance with
A)Generally Accepted Auditing Standards (GAAS).
B)Generally Accepted Government Auditing Standards (GAGAS).
C)Generally Accepted Standards on Auditing (GASA).
D)Statements on Auditing Standards (SAS).
Q4) Discuss each of the three broad categories (types)of operational audits.
Q5) The Institute of Internal Auditors has established Ethical Principles for its members.List each of the principles.
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