Auditing: Integral to the Economy

Name Chapter 1: Auditing: Integral to the Economy
Description
Instructions Modify
Add Question Here
Question 1 True/False 0 points Modify Remove
Question 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
False
Add Question Here
Question 2 True/False 0 points Modify Remove
Question An audit of financial statements is a form of attestation service.
Answer True
False
Add Question Here
Question 3 True/False 0 points Modify Remove
Question Independence is an attribute necessary to perform assurance services.
Answer True
False
Add Question Here
Question 4 True/False 0 points Modify Remove
Question 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
False
Add Question Here
Question 5 True/False 0 points Modify Remove
Question Independence is only required for assurance service providers.
Answer True
False
Add Question Here
Question 6 True/False 0 points Modify Remove
Question A CPA automatically qualifies as an assurance provider in all areas of business.
Answer True
False
Add Question Here
Question 7 True/False 0 points Modify Remove
Question Attestation services are a subset of assurance services and always involve a report that goes to a third party.
Answer True
False
Add Question Here
Question 8 True/False 0 points Modify Remove
Question The American Institute of Certified Public Accountants has the primary authority to set auditing standards.
Answer True
False
Add Question Here
Question 9 True/False 0 points Modify Remove
Question The audit function is unique because it exists to perform services on a "client" on behalf of shareholders, directors and other parties. Answer True
False
Add Question Here
Question 10 True/False 0 points