FREE Auditing and Assurance Training Trivia Questions and Answers

Question 1

Audits of compliance measure the efficacy and efficiency of any aspect of an organization's operational processes.

Accepted Answer

FALSE

Answer

TRUE

Question 2

Operational audits have often been carried out by internal auditors and governmental auditing organizations, however qualified public accountants may also execute them. An operational audit's main goal is to give

Accepted Answer

A measure of management performance in meeting organizational goals.

Answer

A means of assurance that internal controls are functioning as planned.

Answer

Aid to the independent auditor, who is conducting the audit of the financial statements.

Answer

The results of internal examinations of financial and accounting matters to a company's top-level management.

Question 3

Logic-based recording, categorization, and summarization of economic events with the goal of delivering financial data for decision-making are frequently referred to as:

Accepted Answer

Accounting

Answer

Economics

Answer

Finance

Answer

Auditing

Question 4

Which of the following accounting bases is used the most frequently while auditing historical financial statements?

Accepted Answer

Generally accepted accounting principles.

Answer

Regulatory accounting principles.

Answer

Liquidation basis of accounting.

Answer

Cash basis of accounting.

Question 5

Any service that calls for a CPA company to provide a report assessing the accuracy of a claim made by another party is a(n):

Accepted Answer

Attestation service.

Answer

Tax service.

Answer

Accounting and bookkeeping service.

Answer

Assurance service.

Question 6

There are three typical types of attestation services:

Accepted Answer

Audits, reviews, and “other” attestation services.

Answer

Audits, reviews, and verifications.

Answer

Reviews, verifications, and “other” attestation services.

Answer

Audits, verifications, and “other” attestation services.

Question 7

The _______ is the name of the entity in charge of supervising auditors of publicly traded firms.

Accepted Answer

Public Company Accounting Oversight Board.

Answer

Auditing Standards Board.

Answer

Public Oversight Board.

Answer

American Institute of Certified Public Accountants.