Auditing and Assurance Services 14th Edition By Arens, Beasley and Elder– Test Bank Score A Grade In your Quizzes (Exams) Click Here to Purchase the Test Bank All 26 Chapters Quiz Answers Email me if there is any problem or if you need help with your other classes assignments, problems or quizzes.

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Auditing and Assurance Services, 14e (Arens) Chapter 1 The Demand for Audit and Other Assurance Services Learning Objective 1-1
1) The Sarbanes-Oxley Act applies to which of the following companies? A) All companies. B) Privately held companies. C) Public companies. D) All public companies and privately held companies with assets greater than $500 million. Answer
Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX

2) Which of the following is considered audit evidence? A) Oral statements Written Auditor made by management Communications Observation Y N N B) Oral statements made by management N C) Oral statements made by management Y Written Communications Y Auditor Observation Y Written Communications Y Auditor Observation Y

D) Oral statements made by management N Answer
Terms: Audit evidence Diff: Moderate Objective: LO 1-1 AACSB: Reflective thinking skills

Written Communications N

Auditor Observation Y

3) Evidence is paramount to audit and attestation engagements. List the four basic types of audit evidence. 4) The criteria by which an auditor evaluates the information under audit may vary with the information being audited. A) True B) False
Terms: Criteria which an auditor evaluates information Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills

5) The criteria used by an external auditor to evaluate published financial statements are known as generally accepted auditing standards. A) True B) False Answer
Terms: Criteria used by external auditor to evaluate