ACCT 5125W Quiz 2: Internal Auditing and Financial Reporting Standards, Quizzes of Accounting

Download ACCT 5125W Quiz 2: Internal Auditing and Financial Reporting Standards and more Quizzes Accounting in PDF only on Docsity! ACCT 5125W Quiz 2 with correctly answered questions Internal auditors - ANSWER: ✔✔Institute of internal auditors; Certified internal auditor (CIA) Business processes - ANSWER: ✔✔a. Financing b. Purchasing c. Human resource management d. Inventory management e. Revenue process Public companies - ANSWER: ✔✔i. FASB sets standards ii. PCAOB sets audit standards Private companies - ANSWER: ✔✔i. AICPA sets standards for accounting ii. Auditing Standards board sets audit standards International auditing and assurance standards board - ANSWER: ✔✔Premier auditing standard setter outside of US International accounting standards board - ANSWER: ✔✔IFRS Roles - ANSWER: ✔✔a. Private US company - ASB b. Public US company - PCAOB c. International company - IAASB GAAS - General - ANSWER: ✔✔i. Training and proficiency ii. Independence iii. Due care GAAS - Fieldwork - ANSWER: ✔✔i. Planning & Supervision ii. Understanding of internal controls iii. Sufficient evidence GASS - Reporting - ANSWER: ✔✔i. GAAP ii. Consistency iii. Disclosure iv. Clear opinion expressed Types of auditors - ANSWER: ✔✔External, internal, government, forensic Progression - ANSWER: ✔✔Staff (associate), senior, manager, partner PCAOB - ANSWER: ✔✔Public company accounting oversight board IAASB - ANSWER: ✔✔International Auditing and Assurance Standards Board IASB - ANSWER: ✔✔International Accounting Standards Board Auditing Standards (AS) - ANSWER: ✔✔Standards issued by PCAOB Principles - Purpose - ANSWER: ✔✔i) provide opinion on accuracy ii) management has responsibility for statements and to provide evidence Principles - Responsibilities - ANSWER: ✔✔i) Training, ethics, skepticism