Question

24. soos Interpretations of the AICPA Code of Professional Conduct are dominated by the concept of: independence. compliance with standards. accounting. acts discreditable to the profession. 25. Which of the following statements is not true with respect to audit committees? Board members who are not part of management should comprise the audit committee. The audit committee generally helps in resolving conflicts between the auditors and company management. All companies listed on the NYSE are required to have an audit committee. Audit committees are required for all companies. 26. ceod Audit contracts (engagement letters): may be either oral or written. must be written. c. must be written and notarized. must be written if the client is regulated by the Securities and Exchange Commission. 27. dė The prudent person concept establishes that: the CPA firm is not expected to make only perfect judgments. an audit in accordance with GAAS is subject to limitations and cannot be relied upon for complete assurance that all errors and irregularities will be found. the courts do not require that the auditor become the insurer or guarantor of the accuracy of the statements. d. all three of the above are true. o 28. Under common law, an individual or company that (1) does not have a contract with an auditor, (2) is known by the auditor in advance of the audit, and (3) will use the auditor's report to make decisions about the client company has: a. no rights unless an auditor is grossly negligent. b. no rights unless an auditor is fraudulent. no rights against an auditor. the same rights against an auditor as a client. soo 29. se od Which of the following most accurately describes fraud? Absence of reasonable care. Lack of slight care. Knowledge and intent to deceive. d. Extreme or unusual negligence without the intent to deceive.

Can you answer these questions? Thank you

Answer 1

24.
Answer is a. Independence
The most widely used concept is that of independence of auditor

25.
Answer is d. Audit committes are required for all companies
Only companies which fulfil the required criteria are required to have audit committee

26.
Answer is b. must be written
Without written letter, it wont constitute to be engagement letter

As per HOMEWORKLIB RULES, we are supposed to answer 1 question, i have answered 3, so kindly post other questions separately