AUDITING A PRACTICAL APPROACH
WITH DATA ANALYTICS 2ND EDITION
RAYMOND JOHNSON LAURA DAVIS WILEY
ROBYN MORONEY TEST BANK PRACTICE
SCRIPT UPDATED 2026 TESTED SOLUTIONS
⫸ Why is ACCT 456 important? Answer: It develops critical thinking,
evidence evaluation skills, and understanding of how auditing supports
capital markets.
⫸ Primary reason companies pay for audits Answer: To provide
reasonable assurance that financial statements are fairly presented.
⫸ What historical development increased demand for auditing? Answer:
The Industrial Revolution and rise of public corporations.
⫸ What laws require audits for public companies? Answer: Securities
Acts of 1933 and 1934.
⫸ Who are principals? Answer: Owners or shareholders of a company.
⫸ Who are agents? Answer: Managers who run the company on behalf
of owners.
WITH DATA ANALYTICS 2ND EDITION
RAYMOND JOHNSON LAURA DAVIS WILEY
ROBYN MORONEY TEST BANK PRACTICE
SCRIPT UPDATED 2026 TESTED SOLUTIONS
⫸ Why is ACCT 456 important? Answer: It develops critical thinking,
evidence evaluation skills, and understanding of how auditing supports
capital markets.
⫸ Primary reason companies pay for audits Answer: To provide
reasonable assurance that financial statements are fairly presented.
⫸ What historical development increased demand for auditing? Answer:
The Industrial Revolution and rise of public corporations.
⫸ What laws require audits for public companies? Answer: Securities
Acts of 1933 and 1934.
⫸ Who are principals? Answer: Owners or shareholders of a company.
⫸ Who are agents? Answer: Managers who run the company on behalf
of owners.
