CPA-Auditing CPA Auditing and Attestation Exam – Tips

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AICPA CPA-Auditing Exam Sample Questions

Question: 1

Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting principle. Which of the following should the auditor consider the most authoritative?

  1. FASB Technical Bulletins.
  2. AICPA Accounting Interpretations.
  3. FASB Statements of Financial Accounting Concepts.
  4. AICPA Technical Practice Aids.


Answer: A

Explanation: :

Choice “a” is correct. In accordance with the GAAP hierarchy, FASB Technical Bulletins are considered the most authoritative of the sources listed in the question.

Choice “b” is incorrect. Of the sources listed, AICPA Accounting Interpretations would be considered the second most authoritative.

Choice “c” is incorrect. FASB Statements of Financial Accounting Concepts are among the least authoritative sources of GAAP available to auditors.

Choice “d” is incorrect. AICPA Technical Practice Aids are among the least authoritative sources of GAAP available to auditors.

Question: 4

Which of the following provides the most authoritative guidance for an auditor?

  1. An AICPA audit and accounting guide that provides specific guidance with respect to the accounting practices in the client’s industry.
  2. A Journal of Accountancy article discussing implementation of a new standard.
  3. General guidance provided by a Statement on Auditing Standards.
  4. Specific guidance provided by an interpretation of a Statement on Auditing Standards.


Answer: C

Explanation:

Choice “c” is correct. General guidance provided by a Statement on Auditing Standards is the most authoritative of level of auditing guidance. Auditors are required to comply with SASs, and should be prepared to justify any departures therefrom.

Choices “a” and “d” are incorrect. AICPA audit and accounting guides and SAS interpretations are interpretive publications that provide guidance regarding how SASs should be applied in specific situations. They are not as authoritative as SASs.

Choice “b” is incorrect. Journal of Accountancy articles have no authoritative status but may be helpful to the auditor.

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Question: 4

Which of the following provides the most authoritative guidance for an auditor?

  1. An AICPA audit and accounting guide that provides specific guidance with respect to the accounting practices in the client’s industry.
  2. A Journal of Accountancy article discussing implementation of a new standard.
  3. General guidance provided by a Statement on Auditing Standards.
  4. Specific guidance provided by an interpretation of a Statement on Auditing Standards.


Answer: C

Explanation:

Choice “c” is correct. General guidance provided by a Statement on Auditing Standards is the most authoritative of level of auditing guidance. Auditors are required to comply with SASs, and should be prepared to justify any departures therefrom.

Choices “a” and “d” are incorrect. AICPA audit and accounting guides and SAS interpretations are interpretive publications that provide guidance regarding how SASs should be applied in specific situations. They are not as authoritative as SASs.

Choice “b” is incorrect. Journal of Accountancy articles have no authoritative status but may be helpful to the auditor.

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Question: 3

Which of the following statements is correct concerning an auditor’s responsibilities regarding financial statements?

  1. An auditor may not draft an entity’s financial statements based on information from management’s accounting system.
  2. The adoption of sound accounting policies is an implicit part of an auditor’s responsibilities.
  3. An auditor’s responsibilities for audited financial statements are confined to the expression of the auditor’s opinion.
  4. Making suggestions that are adopted about an entity’s internal control environment impairs an auditor’s independence.


Answer: C

Explanation:

Choice “c” is correct. An auditor’s responsibility is to express an opinion on financial statements based on an audit.

Choice “a” is incorrect. An auditor may draft an entity’s financial statements based on information from management’s financial system. This would be referred to as a compilation engagement.

Choice “b” is incorrect. The adoption of sound accounting policies is an implicit part of management’s responsibilities, not the auditor’s responsibilities.

Choice “d” is incorrect. An auditor often makes suggestions that are adopted about an entity’s internal control environment.

Professional Standards

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Question: 1

Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting principle. Which of the following should the auditor consider the most authoritative?

  1. FASB Technical Bulletins.
  2. AICPA Accounting Interpretations.
  3. FASB Statements of Financial Accounting Concepts.
  4. AICPA Technical Practice Aids.


Answer: A

Explanation: :

Choice “a” is correct. In accordance with the GAAP hierarchy, FASB Technical Bulletins are considered the most authoritative of the sources listed in the question.

Choice “b” is incorrect. Of the sources listed, AICPA Accounting Interpretations would be considered the second most authoritative.

Choice “c” is incorrect. FASB Statements of Financial Accounting Concepts are among the least authoritative sources of GAAP available to auditors.

Choice “d” is incorrect. AICPA Technical Practice Aids are among the least authoritative sources of GAAP available to auditors.

Question: 4

Which of the following provides the most authoritative guidance for an auditor?

  1. An AICPA audit and accounting guide that provides specific guidance with respect to the accounting practices in the client’s industry.
  2. A Journal of Accountancy article discussing implementation of a new standard.
  3. General guidance provided by a Statement on Auditing Standards.
  4. Specific guidance provided by an interpretation of a Statement on Auditing Standards.


Answer: C

Explanation:

Choice “c” is correct. General guidance provided by a Statement on Auditing Standards is the most authoritative of level of auditing guidance. Auditors are required to comply with SASs, and should be prepared to justify any departures therefrom.

Choices “a” and “d” are incorrect. AICPA audit and accounting guides and SAS interpretations are interpretive publications that provide guidance regarding how SASs should be applied in specific situations. They are not as authoritative as SASs.

Choice “b” is incorrect. Journal of Accountancy articles have no authoritative status but may be helpful to the auditor.

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