ACCT 444 DeVry Week 1 Complete Work Latest
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American Institution of Public Accountants.<br />
Accounting Oversight Board.<br />
Public Company Accounting Oversight Board.<br />
Question 2. Question: (TCO 1) Which one of the following is not a field work standard?<br />
Adequate planning and supervision<br />
Due professional care<br />
Understand the entity and its environment, including internal control<br />
Sufficient appropriate audit evidence<br />
Question 3. Question : (TCO 1) An independent auditor must have which of the following?<br />
A pre-existing and well-informed point of view with respect to the audit<br />
Technical training that is adequate to meet the requirements of a professional<br />
A background in many different disciplines<br />
Question 4. Question : (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an<br />
assertion that is made by another party is a(n) _____<br />
accounting and bookkeeping service.<br />
attestation service.<br />
assurance service.<br />
tax service.<br />
Question 5. Question : (TCO 1) Which of the following statements is incorrect regarding the SEC's partner<br />
rotation rules?<br />
All audit partners must rotate off the audit engagement after 5 years.<br />
Small firms may be exempted from the partner rotation requirement.<br />
The lead and concurring partners are subject to a 5-year time out period.<br />
Other audit partners are subject to a 2-year time out period.<br />
Question 6. Question : (TCO 3) The concept of materiality would be least important to an auditor when<br />
considering the<br />
adequacy of disclosure of a client's illegal act.<br />
discovery of weaknesses in a client's internal control.<br />
effects of a direct financial interest in the client on the CPA's independence.<br />
decision whether to use positive or negative confirmations of accounts receivable.<br />
Question 7. Question : (TCO 3) An auditor strives to achieve independence in appearance to<br />
maintain public confidence in the profession.<br />
be in a position to offer other services to the client.<br />
comply with the generally accepted accounting principles.<br />
maintain a biased mental attitude.<br />
Question 8. Question : (TCO 3) Several months after an unqualified audit report was issued, the auditor<br />
discovered the financial statements were materially misstated. The client’s CEO agrees that there are misstatements,<br />
but refuses to correct them. She claims that confidentiality prevents the CPA from informing anyone.
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