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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.

  • The existence of generally accepted accounting principles (GAAP) virtually eliminates the need for professional judgment except in very unusual circumstances.

  • A professional accountant should resign his position rather than become involved in the distribution of financial statements indicating insolvency.

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Answer #1

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.

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