A CPA firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
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1 .For financial statement audits, generally accepted government auditing standards (GAGAS) incorporate the Statements on Auditing Standards (SAS) that are issued by the AICPA. GAGAS prescribe additional standards on:Direct reportingof illegal actsReporting oninternal controls
A No.........Yes B No.........No C Yes........No D Yes........Yes
2 .Each of the following is an ethical principle that should guide the work of auditors in the conduct of audits under government auditing standards, except:
A Materiality. B The public interest. C Proper use of government information. D Integrity.
3 .The scope of audits of recipients of federal financial assistance in accordance with federal audit regulations varies. Which of the following elements do these audits have in common?
A The auditor is required to disclose all situations and transactions that could be indicative of fraud, abuse, and illegal acts to the federal inspector general. B The accounts should be 100% verified by substantive tests because certain statistical sampling applications are not permitted. C The au...
4 .After performing a compliance audit of an entity that received federal funds, what conclusion would the auditor draw if the entity does not have adequate documentation to support $5 million in operating expenses paid from federal program funds?
A The entity submitted unauthorized invoices for expenses. B The entity spent $5 million of government funds for services that were not required. C The entity spent $5 million in operating expenses that were not approved. D Questioned costs of $5 million for operating expenses have been identified.
5 .The purpose of establishing quality control policies and procedures for deciding whether to accept or continue a client relationship is to:
A Minimize the likelihood of associating with clients whose management lacks integrity. B Document objective criteria for the CPA firm's responses to peer review comments. C Monitor the risk factors concerning misstatements arising from the misappropriation of assets. D Provide reasonable assurance ...
7 .Roro, Inc. paid USD7,200 to renew its only insurance policy for three years on March 1, Year 5, the effective date of the policy. At March 31, Year 5, Roro's unadjusted trial balance showed a balance of USD300 for prepaid insurance and USD7,200 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, Year 5?
A Prepaid insuranceUSD7,000; Insurance expense USD500 B Prepaid insuranceUSD7,000; Insurance expense USD300 C Prepaid insuranceUSD7,200; Insurance expense USD300 D Prepaid insuranceUSD7,300; Insurance expense USD200
8 .Gray Co. was granted a patent on January 2, Year 1, and appropriately capitalized USD45,000 of related costs. Gray was amortizing the patent over its estimated useful life of fifteen years. During Year 4, Gray paid USD15,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, Gray sold the patent to the plaintiff for USD75,000. Gray's policy is to take no amortization in the year of disposal. In its Year 4 income statement, what amount should Gray report as gain from sale of patent?
A USD24,000 B USD39,000 C USD27,000 D USD15,000
9 .During the current year, Orr Co. incurred the following costs:Research and development services performed by Key Corp. for OrrUSD150,000Design, construction, and testing of preproduction prototypes and models200,000Testing in search for new products or process alternatives175,000In its current year income statement, what should Orr report as research and development expense under U.S. GAAP?
A USD200,000 B USD350,000 C USD525,000 D USD150,000
10 .Goodwill should be tested for impairment at which of the following levels under IFRS?
A Each reporting unit. B Entire business as a whole. C Each acquisition unit. D Each cash-generating unit.
