Homework Answers
Solution to the above questions:
Which of the following is false with regards to audit responsibility?
The auditor of a public company is required to certify the annual financial statements.
Answer to question 4:
Which of the following is not a factor that has increased litigation against CPAs?
The difficulty of judges or jurors to understand accounting.
Solution to question 6:
Which of the following is false regarding the financial statement cycle?
Several accounts will be maintained and audited as one transaction cycle.
Solution to question 7:
which of the following is false regarding legal liability?
Foreseeable users are users the auditor should have reasonably been able to foresee as likely users of the clients financial statements.
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Please try to answer all questions.
Which of the following is false with regards to audit...
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
need # 6,7,9 need correct answer with explanations 6. Auditing standards for public companies are established...
need # 6,7,9 need correct answer with explanations
6. Auditing standards for public companies are established by the (A) SEC. B) FASB. C) PCAOB D) IRS. 7. When CPAs are able to maintain their actual independence, it is referred to as independence in (A) conduct. B) appearance. C) fact D) total. 2/5 8. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty A) contract fraud. B) breach of contract. C) constructive fraud. D)...
Tinder the Ultramares rule, an accountant that negligently prepares a client's financial report will be liable...
Tinder the Ultramares rule, an accountant that negligently prepares a client's financial report will be liable to clients and any person or limited foreseeable class of persons who the CPA knows will be relying on the CPA's work. (7) persons in privity of contract with the CPA and intended third parties. 13 clients and any third party that foreseeably relied on the accountant's report. (4) the client only. Yn di or DISCUSSION QUESTIONS AND PROI G.IZOBJECTIVES 5-3,5-4,5-5,5-6) Following are eight...
For each definition (or portion of a definition in the first column, select the term that...
For each definition (or portion of a definition in the first column, select the term that most closely applies. Each term may be used only once or not at all. Term 1. Breach of contract 2. Common law 3. Constructive fraud 4. Defendant 5. Fraud 6. Joint and several liability 7. Negligence S. Ponzi scheme 9. Proportionate liability 10. Proximate cause 11. Scienter 12. Securities Act of 1933 13. Securities Exchange Act of 1934 14. Statutory law Partial (or Complete)...
12. The auditor is responsible for the footnotes to the financial statements. -True -False 13. The...
12. The auditor is responsible for the footnotes to the financial statements. -True -False 13. The auditors determine which disclosures must be presented in the financial statements. -True -False 14. Which of the following is not a factor that has increased litigation against CPAs? a. The tendency of society to accept lawsuits by injured parties against anyone who might be able to provide compensation. b. Increasing incompetence within the profession. C. CPA firms are willing to settle out of court...
QUESTION 12 10 points Save Answer Which of the following statements is/are false regarding Investment Banks:...
QUESTION 12 10 points Save Answer Which of the following statements is/are false regarding Investment Banks: I.) Act as intermediaries between issuers of securities and investors. II.) Act as advisors to companies in helping them analyze their financial needs and find buyers for newly issued securities. III.) Similar to commercial banks, accept deposits from savers and retirees to fund their business. I and II Only ll Only I and III Only III Only QUESTION 13 10 points Save Answer True...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
Which of the following statements is/are false regarding Investment Banks: I.) Act as intermediaries between issuers...
Which of the following statements is/are false regarding Investment Banks: I.) Act as intermediaries between issuers of securities and investors. II.) Act as advisors to companies in helping them analyze their financial needs and find buyers for newly issued securities. III.) Similar to commercial banks, accept deposits from savers and retirees to fund their business. I and II Only II Only I and III Only III Only
45- Which of the following is a correct statement regarding the SEC? A.All public companies must...
45- Which of the following is a correct statement regarding the SEC? A.All public companies must file monthly statements with the SEC. B.The Securities Act of 1934 requires most companies planning to issue new securities to the public to submit a registration statement to the SEC for approval. C.The SEC has the power to establish rules for any CPA associated with audited financial statements submitted to the commission. D.The Form 10−K must be filed within 30 days after the close of...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
need # 6,7,9 need correct answer with explanations
6. Auditing standards for public companies are established by the (A) SEC. B) FASB. C) PCAOB D) IRS. 7. When CPAs are able to maintain their actual independence, it is referred to as independence in (A) conduct. B) appearance. C) fact D) total. 2/5 8. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty A) contract fraud. B) breach of contract. C) constructive fraud. D)...
Tinder the Ultramares rule, an accountant that negligently prepares a client's financial report will be liable to clients and any person or limited foreseeable class of persons who the CPA knows will be relying on the CPA's work. (7) persons in privity of contract with the CPA and intended third parties. 13 clients and any third party that foreseeably relied on the accountant's report. (4) the client only. Yn di or DISCUSSION QUESTIONS AND PROI G.IZOBJECTIVES 5-3,5-4,5-5,5-6) Following are eight...
For each definition (or portion of a definition in the first column, select the term that most closely applies. Each term may be used only once or not at all. Term 1. Breach of contract 2. Common law 3. Constructive fraud 4. Defendant 5. Fraud 6. Joint and several liability 7. Negligence S. Ponzi scheme 9. Proportionate liability 10. Proximate cause 11. Scienter 12. Securities Act of 1933 13. Securities Exchange Act of 1934 14. Statutory law Partial (or Complete)...
12. The auditor is responsible for the footnotes to the financial statements. -True -False 13. The auditors determine which disclosures must be presented in the financial statements. -True -False 14. Which of the following is not a factor that has increased litigation against CPAs? a. The tendency of society to accept lawsuits by injured parties against anyone who might be able to provide compensation. b. Increasing incompetence within the profession. C. CPA firms are willing to settle out of court...
QUESTION 12 10 points Save Answer Which of the following statements is/are false regarding Investment Banks: I.) Act as intermediaries between issuers of securities and investors. II.) Act as advisors to companies in helping them analyze their financial needs and find buyers for newly issued securities. III.) Similar to commercial banks, accept deposits from savers and retirees to fund their business. I and II Only ll Only I and III Only III Only QUESTION 13 10 points Save Answer True...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
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