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B) evaluate the feasibility of attaining the entity’s operational objectives. D) report on the entity’s relative success in attaining profit maximization. 8) The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.

A) True B) False Terms: Sarbanes-Oxley Act Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Topic: SOX 8) Only companies that file annual statements with the Securities and Exchange Commission are required to have an annual external audit. Answer Terms: Distinguishes auditors from accountants Diff: Challenging Objective: LO 1-2 AACSB: Reflective thinking skills 5) Discuss the differences and similarities between the roles of accountants and auditors. Answer Terms: Sarbanes-Oxley Act Diff: Challenging Objective: LO 1-5 AACSB: Reflective thinking skills Topic: SOX 7) Which of the following are required to have a written report regarding the assertion of another party?

A) True B) False Answer Terms: Required to have an annual external audit Diff: Easy Objective: LO 1-1 AACSB: Reflective thinking skills Learning Objective 1-2 1) Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: A) finance. What additional expertise must an auditor possess beyond that of an accountant? A) Answer Terms: Required to have a written report Diff: Challenging Objective: LO 1-5 AACSB: Reflective thinking skills 8) Attestation services on information technology include Web Trust services and Sys Trust services.

Answer Terms: Objective of operational audit Diff: Moderate Objective: LO 1-6 AACSB: Reflective thinking skills 2) An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? A) True B) False 9) Results of compliance audits are typically reported to someone within the organizational unit being audited rather than to a broad spectrum of outside users.

A) True B) False Answer Terms: Compliance audit Diff: Moderate Objective: LO 1-6 AACSB: Reflective thinking skills Learning Objective 1-7 1) Match the engagement described to the (A) type of audit and (B) auditor that would perform the engagement.