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ACC 562 MIDTERM EXAM STR UNIVERSITY

ACC 562 MIDTERM EXAM STR UNIVERSITY

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ACC 562 MIDTERM EXAM STR UNIVERSITY

1.     The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information.

True    False

2.     An audit of financial statements is a form of attestation service.

True    False

3.     Independence is an attribute necessary to perform assurance services.

True    False

4.     A bank using Milton Company’s financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting.

True    False

5.     Independence is only required for assurance service providers.

True    False

6.     A CPA automatically qualifies as an assurance provider in all areas of business.

True    False

7.     Attestation services are a subset of assurance services and always involve a report that goes to a third party.

True    False

8.     The American Institute of Certified Public Accountants has the primary authority to set auditing standards for public companies.

True    False

9.     The audit function is unique because it exists to perform services on a “client” on behalf of shareholders, directors and other parties.

True    False

10.   Auditing is the process of attesting to assertions about economic actions and events.

True    False

11.   Auditing is the process of verifying the accuracy of the financial statements.

True    False

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