Test Bank For Auditing A Risk Based Approach to Conducting a Quality Audit 10Th Edition By Johnstone
ISBN-13: 978-1305080577, ISBN-10: 1305080572
| 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information.
| ANSWER: |
True |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Demand for Assurances |
|
| 2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.
| ANSWER: |
True |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Auditing Defined |
|
| 3. Auditors should conduct their work with an attitude of professional skepticism.
| ANSWER: |
True |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Auditing Defined |
|
| 4. A bank using Milton Company’s financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting.
| ANSWER: |
True |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Auditing Defined |
|
| 5. An integrated audit requires the auditor to assess the effectiveness of internal controls.
| ANSWER: |
True |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Auditing Defined |
|
| 6. In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license.
| ANSWER: |
False |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Professional and Regulatory Organizations |
|
| 7. The Center for Audit Quality was started by the International Federation of Accountants.
| ANSWER: |
False |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Professional and Regulatory Organizations |
|
| 8. The Center for Audit Quality has the primary authority to set auditing standards.
| ANSWER: |
False |
| POINTS: |
1 |
| NATIONAL STANDARDS: |
United States – BUSPORG: Analytic |
| STATE STANDARDS: |
United States – AK – AICPA BB-Critical thinking |
| TOPICS: |
Professional and Regulatory Organizations |
|
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