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Principles of Auditing and Other
Assurance Services 23rd Edition – Test
Bank | Whittington & Pany Latest
Update 2026/2027
pg. 1
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pg. 2
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MULTIPLE CHOICES
Which of the following organizations can revoke the right of an
individual to practice as a CPA?
(a) The Public Company Accounting Oversight Board.
(b) The American Institute of Certified Public Accountants.
(c) The Securities and Exchange Commission.
(d) The applicable state board of accountancy. - CORRECT ANSWER =
(d) The applicable state board of accountancy.
The AICPA over time has played an important role in standards setting.
Which of the following standards are currently established by the
AICPA?
(a) Accounting standards applicable to nonpublic companies.
(b) Auditing standards applicable to audits of nonpublic companies.
(c) Quality control standards applicable to audits of public companies.
pg. 3
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(d) Standards for reviews of the interim financial information issued by
public companies. - CORRECT ANSWER = (b) Auditing standards
applicable to audits of nonpublic companies
Which of the following does the FASB consider a source of
nonauthoritative guidance for use when there is no authoritative
guidance available?
(a) The FASB Codification.
(b) FASB Concepts Statements.
(c) SEC Rules.
(d) SEC Interpretive Releases - CORRECT ANSWER = (b) FASB Concepts
Statements.
Financial statement audits performed under PCAOB requirements are
designed to provide which type(s) of assurance with respect to the
detection of material misstatements due to errors or fraud?
Reasonable Absolute
(a) Yes Yes
pg. 4
Principles of Auditing and Other
Assurance Services 23rd Edition – Test
Bank | Whittington & Pany Latest
Update 2026/2027
pg. 1
,2|Page
pg. 2
,3|Page
MULTIPLE CHOICES
Which of the following organizations can revoke the right of an
individual to practice as a CPA?
(a) The Public Company Accounting Oversight Board.
(b) The American Institute of Certified Public Accountants.
(c) The Securities and Exchange Commission.
(d) The applicable state board of accountancy. - CORRECT ANSWER =
(d) The applicable state board of accountancy.
The AICPA over time has played an important role in standards setting.
Which of the following standards are currently established by the
AICPA?
(a) Accounting standards applicable to nonpublic companies.
(b) Auditing standards applicable to audits of nonpublic companies.
(c) Quality control standards applicable to audits of public companies.
pg. 3
, 4|Page
(d) Standards for reviews of the interim financial information issued by
public companies. - CORRECT ANSWER = (b) Auditing standards
applicable to audits of nonpublic companies
Which of the following does the FASB consider a source of
nonauthoritative guidance for use when there is no authoritative
guidance available?
(a) The FASB Codification.
(b) FASB Concepts Statements.
(c) SEC Rules.
(d) SEC Interpretive Releases - CORRECT ANSWER = (b) FASB Concepts
Statements.
Financial statement audits performed under PCAOB requirements are
designed to provide which type(s) of assurance with respect to the
detection of material misstatements due to errors or fraud?
Reasonable Absolute
(a) Yes Yes
pg. 4
