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Gleim Q&a

In: Business and Management

Submitted By ktzrox21
Words 2708
Pages 11
SU 1
In performing an attestation engagement, a CPA typically
Expresses a conclusion about an assertion
Attestation Standards are
Sufficient evidence shall be obtained to provide reasonable basis for the conclusion that is expressed in the report
The report shall identify the assertion being reported on and state the character of the engagement
The work shall be adequately planned, and assistants, if any, shall be properly supervised
Which of the following professional services is considered an attest engagement
An engagement to report on compliance with statutory requirements
The primary reason for an audit by an independent, external firm is to
Provide increased assurance to users as to the fairness of the financial statements
Independent CPAs perform audits on the financial statements of issuers. This type of auditing can best be described as
A discipline that attests to financial information presented by management
Users of an issuers financial statements demand independent audits because
Management may not be objective in reporting
An audit of the financial statements of Camden Corporation is being conducted by an external auditor. The eternal auditor is expected to
Express an opinion as to the fairness of Camden’s financial statements
Notes (payable) that are included with financial statements are the responsibility of the
Company’s management
Brand-new company is going public, and its stock will be listed on a stock exchange. Audited financial statements are required to be filed with the SEC. Who is expected to be the primary user of the audited financial statements?
Brand-new company’s investors
When congress passed the Sarbanes Oxley act of 2002, it imposed greater regulation on issuers and their auditors and required increased accountability. Which are provisions of the act?
Executives must certify the appropriateness of the

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