ACC 562 MIDTERM EXAM STR UNIVERSITY
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ACC 562 MIDTERM EXAM STR UNIVERSITY
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.
True False
2. An audit of financial statements is a form of attestation service.
True False
3. Independence is an attribute necessary to perform assurance services.
True False
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.
True False
5. Independence is only required for assurance service providers.
True False
6. A CPA automatically qualifies as an assurance provider in all areas of business.
True False
7. Attestation services are a subset of assurance services and always involve a report that goes to a third party.
True False
8. The American Institute of Certified Public Accountants has the primary authority to set auditing standards for public companies.
True False
9. The audit function is unique because it exists to perform services on a “client” on behalf of shareholders, directors and other parties.
True False
10. Auditing is the process of attesting to assertions about economic actions and events.
True False
11. Auditing is the process of verifying the accuracy of the financial statements.
True False
12. Internal auditing only provides assurance services to clients.
True False
13. Auditing primarily exists because users need unbiased information on which to assess management performance and make economic decisions.
True False
14. The degree of confidence that users place on management’s financial statements is higher than that placed on audited financial...