A2

Question 1

What are the interelated quality controls

Answer 1

HELPME
Human resources
Engagement/Client acceptance and continuance
Leadership responsibilities
Performance of the engement
Monitoring
Ethical requirements

Question 2

What are the steps of the audit

Answer 2

Engagements acceptance
Assess risk and plan response
Perform procedures and obtain evidence
Form conclusion
Reporting

Question 3

What are the elements of audit and assurance engagement quality for CPA firms

Answer 3

Human resources
Engagement continuance
Leadership responsibilities
Performance of the engagement
Monitoring
Ethical requirements

Question 4

What is a system of quality control

Answer 4

A system of quality control establishes policies and procedures that provide reasonable assurance of conforming with professional standards.

Question 5

The primary purpose of establishing quality control policies and procedures for deciding whether to accept new clients is to:

Answer 5

Minimize the likelihood of association with clients whose management lacks integrity.

Question 6

How long do auditors keep work papers for issuers and non issuers

Answer 6

Issuers 7 years
Non-issuers 5 years

Question 7

How long do auditors have to finish assembling their files so basically wrapping up their engagements

Answer 7

Non issuers 60 day
Issuers 14 day

Question 8

Which of the following is a primary purpose of audit documentation?

Answer 8

To support that the audit was performed in accordance with GAAS.