ACCT 591 DeVry Week 6 Quiz Latest
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>ACCT</strong> <strong>591</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>Quiz</strong> <strong>Latest</strong><br />
Downloading is very simple, you can download this Course here:<br />
http://wiseamerican.us/product/acct-<strong>591</strong>-devry-week-6-quiz-latest/<br />
Or<br />
Contact us at:<br />
SUPPORT@WISEAMERICAN.US<br />
<strong>ACCT</strong> <strong>591</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>Quiz</strong> <strong>Latest</strong><br />
<strong>ACCT</strong><strong>591</strong><br />
<strong>ACCT</strong> <strong>591</strong> <strong>DeVry</strong> <strong>Week</strong> 6 <strong>Quiz</strong> <strong>Latest</strong><br />
Question 1.1. (TCO D) (CPA-06736.B) In which of the following situations is there a violation of client confidentiality<br />
under the AICPA Code of Professional Conduct? (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
A member discloses confidential client information to a court in connection with arbitration proceedings relating<br />
to the client.<br />
A member discloses confidential client information to a professional liability insurance carrier after learning of<br />
a potential claim against the member.<br />
A member whose practice is primarily bankruptcy discloses a client's name.<br />
A member uses a records retention agency to store clients' records that contain confidential client information.<br />
Question 2.2. (CPA-02429) The primary purpose of establishing quality control policies and procedures for deciding<br />
whether to accept a new client is to: (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
Enable the CPA firm to attest to the reliability of the client.<br />
Satisfy the CPA firm's duty to the public concerning the acceptance of new clients.<br />
Minimize the likelihood of association with clients whose management lacks integrity.<br />
Anticipate before performing any fieldwork whether an unmodified opinion can be expressed.<br />
Question 3.3. (TCO D) (CPA-01502.B) According to the profession's ethical standards, which of the following<br />
events may justify a departure from GAAP?<br />
Evolution of<br />
a new form<br />
New of business<br />
legislation transaction (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
No Yes<br />
Yes No<br />
Yes Yes<br />
No No<br />
Question 4.4. (TCO D) (CPA-06038.B) Detection risk of noncompliance is inversely related to: (Points : 10)
o<br />
o<br />
o<br />
o<br />
Audit risk of noncompliance.<br />
Risk of material noncompliance.<br />
Inherent risk of noncompliance.<br />
Control risk of noncompliance.<br />
Question 5.5. (TCO D) (CPA-02925.B) When an auditor tests a computerized accounting system, which of the<br />
following is true of the test data approach? (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
Several transactions of each type must be tested.<br />
Test data are processed by the client's computer programs under the auditor's control.<br />
Test data must consist of all possible valid and invalid conditions.<br />
The program tested is different from the program used throughout the year by the client.<br />
Question 6.6. (CPA-05904) Quality control policies and procedures that are established to decide whether to accept<br />
a new client should provide the CPA firm with reasonable assurance that: (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
The CPA firm's duty to the public concerning the acceptance of new clients is satisfied.<br />
The likelihood of associating with clients whose management lacks integrity is minimized.<br />
Client-prepared schedules that are necessary for the engagement are completed on a timely basis.<br />
Sufficient corroborating evidence to support the financial statement assertions is available.<br />
Question 7.7. (TCO D) (CPA-06110.B) Under the ethical standards of the profession in the United States, which<br />
of the following circumstances would impair independence in the audit of an issuer but would not impair independence<br />
in the audit of a nonissuer? (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
The firm performing the financial statement audit also designed and implemented the client's financial<br />
information system.<br />
The audit firm provided a loan to the client during the prior year.<br />
The lead partner has worked on the audit engagement of a client for ten years.<br />
The audit firm has an immaterial direct financial interest in the client.<br />
Question 8.8. (TCO D) (CPA-03065.B) The two requirements crucial to achieving audit efficiency and effectiveness<br />
with a computer are selecting: (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
The appropriate audit tasks for computer applications and the appropriate software to perform the selected<br />
audit tasks.<br />
The appropriate software to perform the selected audit tasks and client data that can be accessed by the<br />
auditor's computer.<br />
Client data that can be accessed by the auditor's computer and audit procedures that are generally applicable<br />
to several clients in a specific industry.<br />
Audit procedures that are generally applicable to several clients in a specific industry and the appropriate audit<br />
tasks for computer applications.<br />
Question 9.9. (TCO D) (CPA-03482.B) An audit performed in accordance with 2 CFR 200 single audit will expand<br />
the auditor's responsibilities beyond generally accepted auditing standards. The auditor's expanded responsibilities<br />
include: (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
Performance of additional procedures to test and report on compliance with laws, rules, regulations and<br />
provisions of contracts or grant agreements that have any effect on federal award programs.<br />
Performance of additional procedures to test for noncompliance with laws, rules and regulations targeted for<br />
review by the Office of the Inspector General.<br />
Performance of additional procedures to test and report on compliance with laws, rules, regulations and<br />
provisions of contracts or grant agreements that have a direct and material effect on major federal award<br />
programs.<br />
Performance of additional procedures to test and report on achievement of program objectives.
Question 10.10. (TCO D) (CPA-05961.B) Under the ethical standards of the profession, which of the following<br />
investments by a CPA in a corporate client is an indirect financial interest? (Points : 10)<br />
o<br />
o<br />
o<br />
o<br />
An investment held in a retirement plan.<br />
An investment held in a blind trust.<br />
An investment held through a regulated mutual fund.<br />
An investment held through participation in an investment club.