Question 1

Which of the following claims is amenable to attestation? What problems does each assertion cause with regard to attestation?
a. "Smith Company's total assets grew 13% compared to last year."
b. "Diet Rite's market share in 2005 increased 46%."
c. "We, the Islamic Republic of Iran meet the requirements of the International Atomic Energy Agency."
d. "Pepsi's products are the best soft drinks available."
e. "My business lunch expenses today were $43.29."
f. "The Jones Manufacturing Company is in compliance with all OSHA standards."
g. "Our new drug will provide the best chance for cancer patients."
h. "Our lotion reduces the appearance of wrinkles due to aging better than competing products."

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Question 2

Explain the role of the internal auditors and external auditors in corporate governance.

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Question 3

Consider the information needs of a locally owned convenience store and a national grocery chain.
a. What information needs are similar?
b. What information needs are different?
c. How does each company collect and process information?

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Question 4

How are audits regulated in the USA?

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Question 5

What are the general requirements (legal and otherwise) for becoming a licensed public accountant?

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Question 6

Describe examples of assurance services and give an illustrative example.

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Question 7

Describe the CPA licensing process in the United States.

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Question 8

Using the examples of Enron, describe different ways individuals react when faced with decisions that are ethically questionable.
a. Note to Professors: This question can be broadened or narrowed, depending on what actual cases you have discussed or assigned.

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Question 9

Compare and contrast assurance, attestation and financial statement audit.

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Quiz 1: Assurance and Auditing