ACC 490 Final Exam Guide

Topics: Auditing, Financial audit, Auditor's report Pages: 4 (385 words) Published: November 25, 2014
ACC 490 Final Exam Guide
http://www.assignmentcloud.com/ACC-490/ACC-490-Final-Exam-Guide

1.       
An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives is a(n):  
a.
internal audit.
 
 
b.
external audit.
 
 
c.
operational audit.
 
 
d.
compliance audit.
 
 
e.
financial statement audit.
 
 
2.       
When providing audit 
services
, the CPA is expected to be:
 
a.
independent of the client.
 
 
b.
an advocate for the client.
 
 
c.
an advocate for the 
general public
.
 
 
d.
indifferent to the effect of the financial statements and the audit report.  
 
e.
able to make managerial decisions for the client.
 
 
3.       
Which one of the following services is often performed on public companies’ interim financial statements and nonpublic companies’ annual financial statements?  
a.
examination
 
 
b.
accounting
 
 
c.
auditing
 
 
d.
review
 
 
e.
consulting
 
 
4.       
In the standard audit report, the auditor’s opinion on fairness pertains:  
a.
only to the complete set of financial statements.
 
b.
to individual accounts.
 
c.
to each financial statement taken as a whole.
 
d.
to major components of each financial statement.
 
e.
only to material aspects of each financial statement.
 
5.       
Auditor liability under the 1933 Securities Act extends to the:  
 
a.
financial statement date.
 
b.
auditor’s report date.
 
c.
filing date of the registration statement.
 
d.
effective date of the registration statement.
 
e.
due date of the registration statement.
 
 
 
 
 
6.       
An auditor may be liable to a client for breach of contract under which of the following?  
 
a.
Issues a standard audit report when he or she has not made an audit in accordance with GAAS.  
b.
Does not deliver the audit report by the agreed-upon date....
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • ACC 490 Final Exam Essay
  • ACC 491 Final Exam Essay
  • ACC 491 FINAL EXAM Essay
  • ACC 544 Final Exam Essay
  • ACC 460 Final Exam Essay
  • Essay on ACC 403 Final Exam
  • ACC 490 Final Exam Essay
  • ACC 300 Final Exam Essay

Become a StudyMode Member

Sign Up - It's Free