Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 2, Problem 14.3MCQ
To determine
Identify the correct option that indicates the correct statement.
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One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of achieving this objective can be obtained by followinga. Generally accepted auditing standards.b. Standards within a system of quality control.c. Generally accepted accounting principles.d. International auditing standards.
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____________ can ensure that those benefits and costs to third parties are considered in determining what service is to be produced and at what quality? It also seeks to ensure that accounting services are of the right quality.
a.
Auditors
b.
Accountant
c.
All the options
d.
Regulations
Which of the following attributes most clearly differentiates a CPA who audits management's financial statements as contrasted to management?
a. Integrity
b. Competence.
c. Independence.
d. Keeping informed on current professional developments.
Chapter 2 Solutions
Auditing And Assurance Services
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - State what is meant by the term peer review. What...Ch. 2 - Prob. 13.1MCQCh. 2 - Prob. 13.2MCQCh. 2 - Prob. 13.3MCQCh. 2 - Prob. 14.1MCQCh. 2 - Prob. 14.2MCQCh. 2 - Prob. 14.3MCQCh. 2 - Prob. 15.1MCQCh. 2 - Prob. 15.2MCQCh. 2 - Prob. 15.3MCQCh. 2 - Prob. 16DQPCh. 2 - Prob. 17DQP
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- Select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services 1-How would you define and describe your selected principle in your own words? 2-What value does the principle bring to practitioners, businesses, and clients? 3-What is an example of a difficult situation that a practitioner may face related to your selected principle, and what would an ethical response to the situation be? Why might a practitioner be tempted to, or accidentally, not take an ethical course of action?arrow_forwardSelect one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of servicesarrow_forwardThe standards are divided into attribute, performance and implementation guidance. Classify the following standards according to attribute and performance standards:A) Chief Audit Executive Roles Beyond Internal Auditing.B) Engagement Planning.C) Continuing Professional Development.D) Requirements of the Quality Assurance and Improvement Program.E) External Service Provider and Organizational Responsibility for Internal Auditing.F) Due Professional Carearrow_forward
- Identify the relevance of “Professional Competence and Due Care” with one of the following options. a. Duty of Auditor b. Powers of auditor c. Code of Ethics for professional accountants d. Role of Regulatory and professional bodiesarrow_forwardA primary purpose for establishing a code of conduct within a professional organization is to: a Reduce the likelihood that members of the profession will be sued for substandard work. b Ensure that all members of the profession perform at approximately the same level of competence. c Demonstrate acceptance of responsibility to the interests of those served by the profession. d Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organizationarrow_forwardWhich of the following statements best explains why public accounting, as a profession, promulgates ethical standards and establishes means for ensuring their observance? A. Ethical standards are established so that users of accounting services know what to expect and accounting professionals know what behaviors are acceptable, and so that discipline can be applied when necessary. B. Ethical standards that emphasize excellence in performance over material rewards establish individual reputations for competence and character. C. A requirement for a profession is to establish ethical standards that primarily stress responsibility to clients and colleagues. D. Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.arrow_forward
- Competence as a certified public accountant includes all of the following except: A. Having the technical qualifications to perform an engagement B. Possessing the ability to supervise and t evaluate the quality of staff work C. Guaranteeing the accuracy of the work performed D. Consulting others if additional technical information is neededarrow_forwardCompetence as a certified public accountant includes all of the following except: a Having the technical qualifications to perform an engagement. b Possessing the ability to supervise and to evaluate the quality of staff work. c Warranting the infallibility of the work performed. d Consulting others if additional technical information is needed.arrow_forwardEach of the following quality control policies and procedures is typical of ones that can be found in public accounting firms’ systems of quality control. Identify each of them with one of the six elements of quality control identified by SQCS 8.a. Assign management responsibilities in such a manner that commercial considerations do not override the quality of work performed.b. Establish policies and procedures for resolving differences of opinion among firm personnel that arise during professional engagements.c. Develop policies and procedures to ensure that professionals are provided appropriate professional development opportunities.d. Review engagement documentation, reports, and the client’s financial statements.e. Develop effective performance evaluation, compensation, and advancement procedures.f. Identify circumstances and relationships that create threats to independence and take appropriate action to eliminate those threats or reduce them to an acceptable level.g. Identify…arrow_forward
- The objectivity standards of management accountants state that they must communicate information fairly and objectively. This means essentially that accountants must perform each task A as professionals, possessing the degree of skill of those management accountants who held the position before them. B so as to provide relevant information, both positive and negative, to the recipients of their reports. C to the satisfaction of government regulators. D in conformity with generally accepted accounting principles. ↓yarrow_forwardA certification by a qualified institution pursuant to 29 CFR 2520.103-5(c) must Select one: a. state that the information is accurate. b. be signed by any senior manager c. state that the information is complete. d. state that the information is complete and accurate.arrow_forwardI. MAS involves decision making of practitioner for the management to meet its goals.II. A CPA’ scope of management services is broad and covers financial and non-financial engagement including audit engagements, as this is within the expertise of CPA. A• True True B• False False C• False True D• True Falsearrow_forward
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