Do you want to crack CPA Exam? Free CPA Exam Questions based on Syllabus.Certified Public
Accountant(CPA Exam) Consist of four Paper .In the United States, the CPA is a license to provide accounting services to the public.The exam is administered by the American Institute of Certified Public
Accountants (AICPA).
AUDITING AND ATTESTATION (AUD) Mock Test
Auditing and Attestation (AUD) CPA Exam Test
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Do you want to crack CPA Exam? Free CPA Exam Questions based on Syllabus.Certified Public Accountant(CPA Exam) Consist of four Paper .In the United States, the CPA is a license to provide accounting services to the public.The exam is administered by the American Institute of Certified Public Accountants (AICPA).
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Question 1 of 10
1. Question
1 points
Which organization developed the framework most commonly used by the auditing profession for benchmarking internal controls of non-issuers?
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In response to high profile cases involving fraudulent financial reporting, a group of professional organizations and special interest groups involved in accounting formed the Committee of Sponsoring Organizations of the Treadway Commission, known familiarly as COSO, to determine the causes. The outcome was the development of a framework that has become the benchmark against which an entity’s internal controls are evaluated. The Public Company Accounting Oversight Board was established to oversee the audits of public companies. The Financial Reporting Council promotes high quality corporate governance and reports for the United Kingdom and Ireland. The AICPA, a member of COSO, is a professional organization established to advocate for and protect the accounting profession.
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Question 2 of 10
2. Question
1 points
As specified in Title II of the Sarbanes Oxley Act (SOX), which of the following non-audit services to audit clients are not prohibited from being performed by a registered public accounting firm if the preapproved by the audit committee and disclosed to the SEC?
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Question 3 of 10
3. Question
1 points
What is the most likely opportunity for theft or fraud by employees?
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Question 4 of 10
4. Question
1 points
As part of its system of internal control, X Company requires that all sales orders received from customers receive approval from the credit department before they are fulfilled. What type of control activity is this?
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Question 5 of 10
5. Question
1 points
According to professional standards, which of the following circumstances will impair a CPA’s independence?
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Question 6 of 10
6. Question
1 points
According to Title II of the Sarbanes Oxley Act (SOX) of 2002, which of the following nonaudit services is not prohibited from being performed for an audit client by a registered public accounting firm?
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Question 7 of 10
7. Question
1 points
Which of the following assertions applies to an audit of inventory?
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Question 8 of 10
8. Question
1 points
Which of the following would be considered corroborative evidence?
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Corroborative evidence, which supports the information derived from the accounting records, includes minutes, confirmations, data about competitors, and information obtained by the auditor through inquiry, observation, and inspection of documents. Checks, invoices, and contracts; general and subsidiary ledgers; worksheets and spreadsheets supporting cost allocations, and computations, reconciliations and disclosures make up the accounting records.
Incorrect
Question 9 of 10
9. Question
1 points
An auditor discovers several immaterial errors that the auditor determines do not, individually or in the aggregate, cause the financial statements to be materially misstated. The auditor proposes adjusting entries to the client, who refuses to correct the errors. Which of the following best summarizes the steps the auditor should take?
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Question 10 of 10
10. Question
1 points
Which of the following financial ratios would be most useful to an auditor seeking information on a company’s ability to cover current obligations?
