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    Practice QUIZ - SEC and PCAOB

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    Aaditya Manoj
    This document appears to be a quiz on topics related to the SEC and PCAOB. It contains multiple choice questions about PCAOB auditing standards 5, entity level controls, financial statement assertions, indicators of material weaknesses, and internal controls over financial reporting. The quiz covers technical terms, required audit procedures, and definitions from SEC and PCAOB regulations and auditing standards.

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    Practice QUIZ - SEC and PCAOB

    Uploaded by

    Aaditya Manoj
    43 views4 pages
    This document appears to be a quiz on topics related to the SEC and PCAOB. It contains multiple choice questions about PCAOB auditing standards 5, entity level controls, financial statement assertions, indicators of material weaknesses, and internal controls over financial reporting. The quiz covers technical terms, required audit procedures, and definitions from SEC and PCAOB regulations and auditing standards.

    Original Title

    Practice QUIZ _ SEC and PCAOB

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    This document appears to be a quiz on topics related to the SEC and PCAOB. It contains multiple choice questions about PCAOB auditing standards 5, entity level controls, financial statement assertions, indicators of material weaknesses, and internal controls over financial reporting. The quiz covers technical terms, required audit procedures, and definitions from SEC and PCAOB regulations and auditing standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    43 views4 pages

    Practice QUIZ - SEC and PCAOB

    Uploaded by

    Aaditya Manoj
    This document appears to be a quiz on topics related to the SEC and PCAOB. It contains multiple choice questions about PCAOB auditing standards 5, entity level controls, financial statement assertions, indicators of material weaknesses, and internal controls over financial reporting. The quiz covers technical terms, required audit procedures, and definitions from SEC and PCAOB regulations and auditing standards.

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    8/31/22, 2:10 PM Practice QUIZ _ SEC and PCAOB

    Practice QUIZ _ SEC and PCAOB Total points 6/10

    The respondent's email (aaditya.manoj@commerce.christuniversity.in) was recorded on


    submission of this form.

    PCAOB 5 applies to audit of 


    * 0/1

    Financial Statements

    Internal Control over Financial Reporting

    At the option of the auditor

    Financial Statements and Internal Control over Financial Reporting

    Correct answer

    Financial Statements and Internal Control over Financial Reporting

    A firm has a responsibility to ensure that ........ comply with professional *1/1
    standards 

    Partner

    Managers

    All the personnel

    All CPA

    https://docs.google.com/forms/d/e/1FAIpQLScfU-Je1OqSfh0SsiqNvu_zWKpjZHei6B9kWdqn5O73KYldfQ/viewscore?viewscore=AE0zAgBqFyIKb… 1/4
    8/31/22, 2:10 PM Practice QUIZ _ SEC and PCAOB

    Monitoring involves an ongoing consideration and evaluation of the .....


    * 1/1

    Relevance and adequacy of the firm's policies and procedures.

    All of them.

    Effectiveness of professional development activities

    Compliance with the firm's policies and procedures. When monitoring, the effects
    of the firm's management philosophy and the environment in which the firm
    practices and its clients operate should be considered

    PCAOB 5 requires use of..... approach


    * 1/1

    Diagonal

    Bottom -up

    None

    Top - Down

    Entity Level Controls include those relating to


    * 0/1

    Monitoring

    Risk Assessment

    Control Environment

    Control Activities

    Correct answer

    Control Environment

    https://docs.google.com/forms/d/e/1FAIpQLScfU-Je1OqSfh0SsiqNvu_zWKpjZHei6B9kWdqn5O73KYldfQ/viewscore?viewscore=AE0zAgBqFyIKb… 2/4
    8/31/22, 2:10 PM Practice QUIZ _ SEC and PCAOB

    The financial statement assertions include


    * 0/1

    Revaluation

    Fair Valuation

    Historical Cost

    Occurence

    Correct answer

    Occurence

    Design Ineffectiveness is discovered during


    * 1/1

    Process walkthrough

    Taking Management Representation

    Physical Verification

    Vouching

    When the auditor reports on the effectiveness of controls as of a specific *1/1


    date and obtains evidence about the operating effectiveness of controls
    at an interim date, he or she should determine what additional evidence
    concerning the operation of the controls for the remaining period is
    necessary

    Roll down procedure

    Roll Forward Procedure

    Roll on procedure

    Roll up procedure

    https://docs.google.com/forms/d/e/1FAIpQLScfU-Je1OqSfh0SsiqNvu_zWKpjZHei6B9kWdqn5O73KYldfQ/viewscore?viewscore=AE0zAgBqFyIKb… 3/4
    8/31/22, 2:10 PM Practice QUIZ _ SEC and PCAOB

    Incidators of Material Weaknesses


    * 0/1

    Non-availability of CFO

    Ineffective Oversight of external financial reporting

    Absence of Internal Audit

    Errors in financial statements not identified

    Correct answer

    Ineffective Oversight of external financial reporting

    Effective internal control over financial reporting provides ............. *1/1


    regarding the reliability of financial reporting and the preparation of
    financial statements for external purposes

    Conclusion

    Reasonable Assurance

    True and Fair View

    Absolute Assurance

    This form was created inside of Christ University.

     Forms

    https://docs.google.com/forms/d/e/1FAIpQLScfU-Je1OqSfh0SsiqNvu_zWKpjZHei6B9kWdqn5O73KYldfQ/viewscore?viewscore=AE0zAgBqFyIKb… 4/4

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