1. A CPA performing audits of governmental entitie Law Assignment Help

1. A CPA performing audits of governmental entities must adhere to standards established by: a. the AICPA. b. the GAO. c. both the GASB and by the GAO. d. the FASB. e. both the FASB and by the GAO. 2. 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. 3. State accountancy laws are administered by: a. state boards. b. Document Preview: 1. A CPA performing audits of governmental entities must adhere to standards established by: a. the AICPA. b. the GAO. c. both the GASB and by the GAO. d. the FASB. e. both the FASB and by the GAO. 2. 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. 3. State accountancy laws are administered by: a. state boards. b. state societies. c. the AICPA. d. the SEC. e. the GAO. 4. An audit that involves obtaining and evaluating evidence in order to determine whether certain financial or operating activities of an entity conform to specified conditions, rules, or regulations is a(n): a. internal audit. b. external audit. c. operational audit. d. compliance audit. e. financial statement audit. 5. The subject matter of auditing consists of: a. assertions. b. established criteria. c. evidence. d. written reports. e. compliance. 6. The audit report on internal control is a variation of which type of audit? a. operational audit b. financial statement audit c. compliance audit d. internal audit e. external audit Matching 5-1 The professional standards identify five categories of assertions made by management that are contained in the financial statements. If any of these assertions is a misrepresentation, the statements could be materially misstated. The categories of assertions identified by the profession are: A. Existence or occurrence B. Completeness C. Rights and obligations D. Valuation or allocation E. Presentation and disclosure Following is a list of errors encountered during the conduct of an audit. REQUIRED: Using the letters given above, indicate the assertion that is being misrepresented by each listed error. 1. The Attachments: acc490-final-.doc

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