To be meaningful, a code of ethics must strike a balance between being _______. A. above...
To be meaningful, a code of ethics must strike a balance between being _______.
A. above the law but below the ideal
B. below the law but above the ideal
C. above the law but below practical
D. below the law but above practical
If a CFO of a company is dealing with an ethical situation, which section of the AICPA’s Code of Professional Ethics might he/she refer?
A. Part I
B. Part II
C. Part III
D. Some other section
In the online version of the AICPA Code of Professional Conduct, what are used to make it easy to find related topics?
A. Summaries
B. A series of hyperlinks
C. Outlines
D. Interpretations
If new information comes to light that would cause the auditor to establish a different level of planning materiality, then the auditor _______.
|
A. should examine the information and make adjustments to materiality as needed |
||
|
B. issue a qualified opinion as part of the audit report |
||
|
C. follow the auditing standards that recommend an appropriate percentage of total assets as a benchmark for planning materiality for all companies |
||
|
D. have management of the company select the appropriate benchmark for planning materiality |
Homework Answers
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To be meaningful, a code of ethics must strike a balance between
being _______.
A. above...
The limitations of an audit are NOT caused by ________. A. the nature of financial reporting....
The limitations of an audit are NOT caused by ________. A. the nature of financial reporting. B. the nature of audit procedures. C. the need for the audit to be conducted within a reasonable period of time at a reasonable cost. D. a guarantee that the financial statements are free from error 2.5 points QUESTION 4 In an unqualified audit report on the financial statements of a public company, ACC562what does the first statement of the opinion paragraph state? A....
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states...
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states that a member may practice public accounting only in a form or organization allowed by law or regulation that conforms with resolutions of the AICPA Council. Assume that a CPA firm is part of an alternative practice structure (APS) in which the firm is a subsidiary of another entity. Which attribute prevents a member of the AICPA from practicing public accounting in the APS?...
Can you answer these questions? Thank you 24. soos Interpretations of the AICPA Code of Professional...
Can you answer these questions? Thank you
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...
1. What is the most common factor in the code of ethics for many professional organizations?...
1. What is the most common factor in the code of ethics for many professional organizations? a. Information, training, and credentials are based on evidence-based practice. b. Not all professionals who are a part of the organization are required to have credentials. c. Statistically significant findings from more than one study are considered appropriate evidence. d. Statistically significant findings from more than one study are considered sufficient evidence.
1. The term confirmation in auditing referrers to a)The notation in the auditor’s work papers that...
1. The term confirmation in auditing referrers to a)The notation in the auditor’s work papers that states all of the account balances have been verified by the client for accuracy b)The notations on the primary auditor’s work papers that correspond to those of the managing auditor c)The receipt of a written or oral response from an independent third party verifying the accuracy of information requested by the auditor d)The written verification by the client to the auditor stating that all...
Can you answer these questions? Thank you 7. An audit of historical financial statements most commonly...
Can you answer these questions? Thank you
7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and the statement of cash flows. b. income statement, the statement of cash flows, and the statement of net working capital. c. statement of cash flows, the balance sheet, and the retained earnings statement. all of the above The generally accepted auditing standard that requires “Adequate technical training and proficiency” is normally interpreted as requiring the...
5. Which of the following is the most accurate definition of the concept of materiality? A....
5. Which of the following is the most accurate definition of the concept of materiality? A. Information is material if it is greater than 5 to 10% of profit before tax B. Information is material if it is greater than 1 to 2% of total assets C. Information is material if is within a range of figures calculated by the auditor using figures from the draft financial statements at the planning stage Information is material if its misstatement or omission...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria for professional behavi o . honesty, dignity within the association B) Establish standards to follow for effective C) Provide a framework within which accounting polic e offeydded D) Outline criteria that can be utilized in conducting o n www 7) While assessing the risks of material misstatement is Wentify w i th could go wrong, consider the magnitude of risks, and A) Assess the...
3. A financial audit is related to which economic factor of production? a. Allocation of financial...
3. A financial audit is related to which economic factor of production? a. Allocation of financial capital b. Labor c. Land d. Manufacturing 4. Which of the following terms is associated with the auditing standard stating: In rare circumstances, the auditor may judge it necessary to depart fron a relevant presumptively mandatory requirement. In such circumstances, the auditor should perform alternative procedures to achieve the intent of the requirement. AU-C200.26 a. Can b. May d. Should c. Must 5....
28. The American Institute of Certified Public Accountants (AICPA) continues to be involved in all of...
28. The American Institute of Certified Public Accountants (AICPA) continues to be involved in all of the following except a. developing and enforcing professional ethics. b. developing auditing standards. c. providing professional education programs. d. all of the above. 29. Which of the following pronouncements were issued by the Accounting Principles Board? a. Accounting Research Bulletins b. Opinions c. Statements of Position d. Statements of Financial Accounting Concepts 30. What is not a source of pressure that may influence the...
The AICPA's Code of Professional Conduct includes a form of Organization and Name Rule. It states that a member may practice public accounting only in a form or organization allowed by law or regulation that conforms with resolutions of the AICPA Council. Assume that a CPA firm is part of an alternative practice structure (APS) in which the firm is a subsidiary of another entity. Which attribute prevents a member of the AICPA from practicing public accounting in the APS?...
Can you answer these questions? Thank you
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...
Can you answer these questions? Thank you
7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and the statement of cash flows. b. income statement, the statement of cash flows, and the statement of net working capital. c. statement of cash flows, the balance sheet, and the retained earnings statement. all of the above The generally accepted auditing standard that requires “Adequate technical training and proficiency” is normally interpreted as requiring the...
5. Which of the following is the most accurate definition of the concept of materiality? A. Information is material if it is greater than 5 to 10% of profit before tax B. Information is material if it is greater than 1 to 2% of total assets C. Information is material if is within a range of figures calculated by the auditor using figures from the draft financial statements at the planning stage Information is material if its misstatement or omission...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria for professional behavi o . honesty, dignity within the association B) Establish standards to follow for effective C) Provide a framework within which accounting polic e offeydded D) Outline criteria that can be utilized in conducting o n www 7) While assessing the risks of material misstatement is Wentify w i th could go wrong, consider the magnitude of risks, and A) Assess the...
28. The American Institute of Certified Public Accountants (AICPA) continues to be involved in all of the following except a. developing and enforcing professional ethics. b. developing auditing standards. c. providing professional education programs. d. all of the above. 29. Which of the following pronouncements were issued by the Accounting Principles Board? a. Accounting Research Bulletins b. Opinions c. Statements of Position d. Statements of Financial Accounting Concepts 30. What is not a source of pressure that may influence the...
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