Welcome

Anti Essays offers essay examples to help students with their essay writing.

Sign Up

Auditing Essay

Open Document

Below is an essay on "Auditing" from Anti Essays, your source for research papers, essays, and term paper examples.

Chapter 1: Auditing: Integral to the Economy

  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
  2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence.

TRUE
  3. Auditors should conduct their work with an attitude of professional skepticism.

TRUE
  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
  5. An integrated audit requires the auditor to assess the effectiveness of internal controls.

TRUE
  6. In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license.

FALSE
  7. The Center for Audit Quality was started by the International Federation of Accountants.

FALSE
  8. The Center for Audit Quality has the primary authority to set auditing standards.

FALSE
  9. In an audit, management is considered the "client".

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

TRUE

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

FALSE
  12. Internal auditing only provides assurance about internal control effectiveness.

FALSE
  13. Auditing exists because users need unbiased information on which to assess management performance and make economic decisions.

TRUE
  14. A free market can only exist if there is sharing of perfectly reliable information.

FALSE
  15. Users rely on the auditors' independent assessment of financial statement presentation because few users have direct knowledge of the company's operations.

TRUE
  16. The PCAOB is a public board, appointed by Congress, to provide oversight of the firms that audit public companies...

Show More


Citations

MLA Citation

"Auditing". Anti Essays. 26 Apr. 2019

<https://www.antiessays.com/free-essays/Auditing-726899.html>

APA Citation

Auditing. Anti Essays. Retrieved April 26, 2019, from the World Wide Web: https://www.antiessays.com/free-essays/Auditing-726899.html