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Homework Answers
47) In the auditing environment, failure to meet auditing standards is often :
c. Conclusive evidence of negligence .
48)From the following , the most accurately describes constrictive fraud is -
d. Extreme or unusual negligence without the intent to device.
49) "privileged communication" between client and auditor is-
c. Available in several states .
50)The responsibilities standard stress the importance of -
b.personal quality the auditor should posses.
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47. a. ooo In the auditing environment, failure to...
Can you tell me the answer? Thank you 27. The prudent person concept establishes that: a....
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27. The prudent person concept establishes that: a. 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. all three of the above are true. 28....
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)...
Can you answer these questions? Thank you 24. soos Interpretations of the AICPA Code of Professional...
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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...
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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...
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and...
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13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
Can you answer these questions? Thank you 42 The AICPA's Code of Professional Conduct states that...
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42 The AICPA's Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term “objectivity” in the Code refers to a CPA's ability to: a. choose independently between alternate accounting principles and auditing standards. b. distinguish between accounting practices that are acceptable and those that are not. be unyielding in all matters dealing with auditing procedures. d. maintain an impartial attitude on matters that come under the CPA's review....
Can you answer these questions? Thank you doo The organization that is responsible for providing oversight...
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doo The organization that is responsible for providing oversight for auditors of public companies is called the Auditing Standards Board. American Institute of Certified Public Accountants. Public Oversight Board. Public Company Accounting Oversight Board. deos The Sarbanes-Oxley Act applies to which of the following companies? All companies. Privately held companies. Public companies. All public companies and privately held companies with assets greater than $500 million. 3. déos An operational audit has as one...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Can you answer these questions? Thank you 30. Which one of the following is not one...
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30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
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27. The prudent person concept establishes that: a. 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. all three of the above are true. 28....
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)...
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...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
Can you answer these questions? Thank you
42 The AICPA's Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term “objectivity” in the Code refers to a CPA's ability to: a. choose independently between alternate accounting principles and auditing standards. b. distinguish between accounting practices that are acceptable and those that are not. be unyielding in all matters dealing with auditing procedures. d. maintain an impartial attitude on matters that come under the CPA's review....
Can you answer these questions? Thank you
doo The organization that is responsible for providing oversight for auditors of public companies is called the Auditing Standards Board. American Institute of Certified Public Accountants. Public Oversight Board. Public Company Accounting Oversight Board. deos The Sarbanes-Oxley Act applies to which of the following companies? All companies. Privately held companies. Public companies. All public companies and privately held companies with assets greater than $500 million. 3. déos An operational audit has as one...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
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