Item 16 Item 16 Which of the following is true? Multiple Choice Federal securities laws regarding...
Item 16
Item 16
Which of the following is true?
Multiple Choice
-
Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well.
-
Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical conduct.
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The existence of generally accepted accounting principles (GAAP) virtually eliminates the need for professional judgment except in very unusual circumstances.
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A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency.
Homework Answers
Option, Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well.
Reason: The laws apply equally to both the management and independent auditors.
Add Answer to:
Item 16
Item 16
Which of the following is true?
Multiple Choice
Federal securities laws regarding...
Which of the following is true? Select one: a. The existence of generally accepted accounting principles...
Which of the following is true? Select one: a. The existence of generally accepted accounting principles (GAAP) virtually eliminates the need for professional judgment except in very unusual circumstances. b. Federal securities laws regarding the issuance of misleading financial statements apply not only to the independent auditors, but to management of the company as well. c. Attaining a passing score on the part of the Uniform CPA Examination that covers professional ethics is evidence of integrity and commitment to ethical...
The office rent for the month, regardless of when paid, is a completely e 16. (82-...
The office rent for the month, regardless of when
paid, is a
completely e 16. (82- Ethics Question). Whic need for an accountant to use her/his professional judgment. statements that show a net loss from operations. A. Following generally accepted accounting princi only to the independent auditors, but to management of the company as well. B. Federal securities laws regarding the issuance of misleading financial statemer professional ethics assures a company that the accountant will use integrity and C. Attaining...
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....
Which of the following would not require a departure from an unqualified opinion? Question 1 Which...
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
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...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
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....
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
The office rent for the month, regardless of when
paid, is a
completely e 16. (82- Ethics Question). Whic need for an accountant to use her/his professional judgment. statements that show a net loss from operations. A. Following generally accepted accounting princi only to the independent auditors, but to management of the company as well. B. Federal securities laws regarding the issuance of misleading financial statemer professional ethics assures a company that the accountant will use integrity and C. Attaining...
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....
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
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...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
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