The document is a practice exam for ACC 403 Midterm Part 1 from Strayer University in Spring 2016. It contains 25 multiple choice questions covering topics related to auditing standards, auditor responsibilities, auditor reports, and ethics. The questions assess understanding of concepts like the relationship between the auditor, client, and external users; standards issued by the AICPA and PCAOB; types of audit reports and opinions; and maintaining independence and objectivity.

1. ACC 403 MIDTERM PART 1
-NEW SPRING 2016
STRAYER
buy here
http://onlinehelpstudy.com/
exam_text.php?cat=16078
www.onlinehelpstudy.com
Immediate access to
solutions for ENTIRE
COURSES,
FINAL EXAMS and
HOMEWORKS
“RATED A+" - Without
Registration!

2. ACC 403 MIDTERM PART 1 -NEW SPRING 2016 STRAYER
1. A correct relationship among the auditor, the client, and the external users is:
2. The three requirements for becoming a CPA include all but which of the following?
3. The most common way for users to obtain reliable information is to:
4. Which of the following is not a SysTrust Services principle as defined by the
AICPA?
5. An audit to determine whether an entity is following specific procedures or rules
set down by some higher authority is classified as a(n):
6. An examination of part of an organization's procedures and methods for the purpose
of evaluating efficiency and effectiveness is what type of audit?
7. The form that must be completed and filed with the Securities and Exchange
Commission whenever a company experiences a significant event that is of interest to
public investors is the:
8. To obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, the auditor must fulfill several performance
responsibilities, including:
9. The "Principles Underlying an Audit in Accordance with Generally Accepted Auditing
Principles" provides a framework to help auditors:
10. Standards issued by the Public Company Accounting Oversight Board must be
followed by CPAs who audit:
11. For privately held companies who is responsible for establishing auditing
standards?
12. Statements on Auditing Standards issued by the AICPA's Auditing Standards Board
are:
13. The term "explanatory paragraph" was replaced in the AICPA auditing standards
with
14. Whenever the client imposes restrictions on the scope of the audit, the auditor
should be concerned that management may be trying to prevent discovery of
misstatements. In such cases, the auditor will likely issue a:
15. When a qualified or adverse opinion is issued, the qualifying paragraph is
inserted:
16. The auditor's responsibility section of the standard unqualified audit report
states that the audit is designed to:
17. If most or all users' decisions that are based on the financial statements are
likely to be significantly affected, the materiality level is:
18. When a company's financial statements contain a departure from GAAP with which
the auditor concurs, the departure should be explained in:
19. When determining whether independence is impaired because of an ownership
interest in a client company, materiality will affect ownership:
20. The AICPA's Code of Professional Conduct requires independence for all:
21. A six-step approach is often used to resolve an ethical dilemma. The first step
in this process is to
22. Freedom from ________ means the absence of relationships that might interfere
with objectivity or integrity.
23. The underlying reason for a code of professional conduct for any profession is:
24. The AICPA's Code of Professional Conduct states that a CPA should maintain
integrity and objectivity. The term "objectivity" in the Code refers to a CPA's
ability to:
25. The members of a client's "audit committee" should be: