Question

1. If your accounting firm is hired to examine a public company’s gift card program for...

1.

If your accounting firm is hired to examine a public company’s gift card program for compliance with regulations. Which type of service is your firm providing?

Select one:

a. Assurance

b. Attestation

c. Auditing

d. Review

2.

Near the end of an audit, the application of analytical procedures is

Select one:

a. recommended by auditing standards.

b. not mentioned by auditing standards.

c. not useful, since detailed substantive procedures have already been performed.

d. required by auditing standards.

3.

You’re auditing a private company and a question comes up with respect to how to handle a complicated transaction. Which regulator’s standards should you consult to resolve/research the issue?

Select one:

a. The Accounting Standards Board.

b. The Public Company Accounting Oversite Board.

c. The Securities and Exchange Commission.

d. The International Accounting Standards Board.

4.

Why should auditors be particularly concerned with "miscellaneous," "other," and "clearing" accounts classified as revenues or expenses?

Select one:

a. These accounts are likely to relate to going-concern matters.

b. These accounts are often more difficult to audit using normal substantive procedures.

c. These accounts may represent attempts of earnings management.

d. These accounts are likely to require the assistance of a specialist.

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If your accounting firm is hired to examine a public company’s gift card program for compliance with regulations. Which type of service is your firm providing?
d. Review
2. Near the end of an audit, the application of analytical procedures is
d. required by auditing standards.
3. You’re auditing a private company and a question comes up with respect to how to handle a complicated transaction. Which regulator’s standards should you consult to resolve/research the issue?
a. The Accounting Standards Board.
4. Why should auditors be particularly concerned with "miscellaneous," "other," and "clearing" accounts classified as revenues or expenses?
c. These accounts may represent attempts of earnings management.
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