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Free CPA Auditing and Attestation: Auditing and Attestation Exam Questions and Answers
Last updated: April 1, 2025
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653-CPA Auditing and Attestation: Auditing and Attestation
#Question
What must an auditor confirm before accepting client engagement?
A.
Financial stability
B.
Management integrity
C.
Independence
D.
All of the above
Correct Answer:
D
Before accepting a client engagement, auditors must confirm their independence, assess management integrity, and evaluate financial stability.
#Question
Which of the following describes 'audit risk?'
A.
Risk of failing to comply with laws
B.
Risk of poor audit quality
C.
Risk of client dissatisfaction
D.
Risk of materially misstated financial statements
Correct Answer:
D
Audit risk specifically refers to the risk that an auditor may issue an incorrect opinion on financial statements that are materially misstated.
#Question
In what circumstances may auditors use specialists?
A.
For minor testing
B.
Only when required by law
C.
Complex issues or unusual transactions
D.
Only for high-value transactions
Correct Answer:
C
Auditors may use specialists when addressing complex issues or unusual transactions that require expert knowledge beyond general audit capabilities.
#Question
How can auditors assess going concern issues effectively?
A.
Obtain external confirmations
B.
Review management plans
C.
All of the above
D.
Analyze historical data
Correct Answer:
C
Auditors can effectively assess going concern issues by reviewing management plans, analyzing historical data, and obtaining external confirmations.
#Question
What is one of the fundamental principles of quality control in auditing?
A.
Less focus on ethics
B.
Streamlined processes
C.
Shorter audit timelines
D.
Professional competence
Correct Answer:
D
Professional competence is a fundamental principle of quality control in auditing, ensuring that auditors have the necessary skills and knowledge for their tasks.
#Question
If a misstatement is detected during an audit, what should be the auditor's first action?
A.
Document it
B.
Adjust the financial statements
C.
Discuss with management
D.
Report to the board
Correct Answer:
C
The auditor's first action should be to discuss any detected misstatements with management to understand and address the issue.
#Question
What identifies the boundaries of the audit scope?
A.
Planning phase documentation
B.
Direct confirmations
C.
Legal requirements
D.
Client feedback
Correct Answer:
A
The audit scope is identified in the planning phase documentation, outlining the specific boundaries and focus of the audit engagement.
653-CPA Auditing and Attestation: Auditing and Attestation
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