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Week One Self-Guided Quiz
The questions below generally follow the order of the topics as presented in the text in Chapters 1 and 2. However, you will need to read all chapters (1, 2, 25, 26) in order to get the complete picture of most of these topics as Chapters 25 and 26 and additional insight to topics found in Chapters 1 and 2 and contain original material addressed in later questions.
Write a brief response, 30-90-words, for each question below.
1. In your own words, define “Auditing.”2. Discuss the importance of “Evidence” in auditing.3. Define “Independence” and “Objectivity” as they relate to auditing.4. Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase. 5. Distinguish between Assurance and Attestation Services.6. Describe the following types of Audits:a. Operational Auditsb. Compliance Auditsc. Financial Statement Auditsd. Informational Technology Audits (may need to go outside the text to address this)7. Discuss the following types of Auditors:a. Auditors Working for CPA Firmsb. Governmental Auditors (e.g. GAO, IRS, health inspectors)c. Internal Auditors 8. Identify the roles CPA firms play in society.9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits.10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)?11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS)12. What are SAS, and for what are they used?13. True or False – CPA firms are required to engage in quality control efforts of its audits? Why or Why not?14. What is a Peer Review and how and when are they performed?15. Why does government often have different auditing and accounting standards?