ACC 490 Final Exam / Assignmentcloud.com Flashcards
ACC 490 Final Exam Guide
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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.
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.
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
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.
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.
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