Question 1.1. (TCO 3) The organization that is responsible for providing oversight for auditors of public companies is called the _____ (Points : 3) Auditing Standards Board. American Institution of Public Accountants. Accounting Oversight Board. Public Company Accounting Oversight Board. Question 2.2. (TCO 1) Which one of the following is not a field work standard? (Points : 3) Adequate planning and supervision Due professional care Understand the entity and its environment, including internal control Sufficient appropriate audit evidence Question 3.3. (TCO 1) An independent auditor must have which of the following? (Points : 3) A pre-existing and well-informed point of view with respect to the audit Technical training that is adequate to meet the requirements of a professional A background in many different disciplines Experience in taxation that is sufficient to comply with generally accepted auditing standards Question 4.4. (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n) _____ (Points : 3) accounting and bookkeeping service. attestation service. assurance service. tax service. Question 5.5. (TCO 1) Which of the following statements is incorrect regarding the SEC's partner rotation rules? (Points : 3) All audit partners must rotate off the audit engagement after 5 years. Small firms may be exempted from the partner rotation requirement. The lead and concurring partners are subject to a 5-year time out period. Other audit partners are subject to a 2-year time out period. Question 6.6. (TCO 3) The concept of materiality would be least important to an auditor when considering the (Points : 3) adequacy of disclosure of a client's illegal act. discovery of weaknesses in a client's internal control. effects of a direct financial interest in the client on the CPA's independence. decision whether to use positive or negative confirmations of accounts receivable. Question 7.7. (TCO 3) An auditor strives to achieve independence in appearance to (Points : 3) maintain public confidence in the profession. be in a position to offer other services to the client. comply with the generally accepted accounting principles. maintain a biased mental attitude. Question 8.8. (TCO 3) Several months after an unqualified audit report was issued, the auditor discovered the financial statements were materially misstated. The client’s CEO agrees that there are misstatements, but refuses to correct them. She claims that confidentiality prevents the CPA from informing anyone. (Points : 3) The CEO is correct and the auditor must maintain confidentiality. The CEO is incorrect, but because the audit report has been issued, it is too late. The CEO is correct, but to be ethically correct the auditor should violate the confidentiality rule and disclose the error. The CEO is incorrect, and the auditor has an obligation to issue a revised audit report, even if the CEO will not correct the financial statements. Question 9.9. (TCO 1) Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? (Points : 3) An auditor may not draft an entity's financial statements based on information from management's accounting system. The adoption of sound accounting policies is an implicit part of an auditor's responsibilities. An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. Making suggestions that are adopted about an entity's internal control environment impairs an auditor's independence. Question 10.10. (TCO 1) Which of the following items impairs independence under U.S. ethics standards but does not necessarily impair independence under the IFAC Code of Ethics for Professional Accountants? (Points : 3) An immaterial direct financial interest in an audit client Employment at a client of an immediate family member of the engagement partner in a key accounting position The auditor also provides internal audit outsourcing services Contingent fee arrangements for audit engagements
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