FINANCE

1. Which of the following standards is inapplicable regarding the PCAOB’s responsibility to “establish or adopt” for the profession? (Points : 1)

Brokerage firm reporting standards        Ethics standards        Independence standards        Quality control standards

Question 2. 2. In which situation is an auditor unauthorized to release client confidential information, according to Rule 301 of the AICPA Code of Professional Conduct? (Points : 1)

When the auditor has been subpoenaed to disclose information about the illegal act.        When the client has not taken appropriate action to report the illegal act.        When the client takes appropriate action to report the illegal act.        When the illegal act has caused the auditor to lose faith in the client’s integrity.

Question 3. 3. How many board members serve on the PCAOB? (Points : 1)

2        3        4        5

Question 4. 4. Which of the following standards is inapplicable to Rule 201 of the AICPA Code of Professional Conduct? (Points : 1)

Due professional care        Planning and supervision        Reporting illegal acts        Sufficient relevant data

Question 5. 5. Publishing the Tax Advisor falls under which responsibility of the AICPA? (Points : 1)

Pursuing program of research and publication        Contributing to the profession’s self-regulation        Establishing standards and rules to guide CPAs        Promoting continuing professional education

Question 6. 6. Under the Securities Act of 1934, what must an auditor prove to try to avoid liability? (Points : 1)

Client negligence        Good faith        No direct involvement        No loss occurred

Question 7. 7. In making an ethical decision, which step entails exploring your own personal beliefs and how it can affect your opinion? (Points : 1)

Identify any constraints relating to the decision.        Identify the possible courses of action from all courses of action.        Identify and analyze the problem at hand.        Select the best course of action based on experience.

Question 8. 8. According to Rule 203 of the AICPA Code of Professional Conduct, which of the following organizations is unauthorized by the AICPA to issue generally accepted accounting principles? (Points : 1)

Financial Accounting Standards Board        Governmental Accounting Standards Board        International Accounting Standards Board        Public Company Accounting Oversight Board

Question 9. 9. Which GAAS principle concerns competence and capabilities to perform an audit? (Points : 1)

Auditor actions in performing the audit        Auditor personal responsibilities        Premise of an audit        Reporting results of an audit

Question 10. 10. Which of the following procedures is inapplicable when an auditor discovers illegal acts when noncompliance is discovered? (Points : 1)

Communicate the act to those charged with governance        Contact the proper law enforcement personnel and other outside authorities        Gather additional information to evaluate financial statement effects        Understand the act and the circumstances in which it occurred

Question 11. 11. Which of the following is an unlikely auditor consideration when making an ethical decision? (Points : 1)

The constraints in making a decision.        Time given to make a decision.        The nature of the problem.        The various courses of action.

Question 12. 12. Which of the following is the auditor’s responsibility for detecting fraud and errors? (Points : 1)

Finding all fraud and errors in balance sheet accounts        Finding all fraud and errors in income statement accounts        Finding all fraud and errors, regardless of materiality        Finding all material fraud and errors

Question 13. 13. Which of the following is an example of statutory law liability? (Points : 1)

Blue sky law violation        Breach of contract        Negligence        Tort

Question 14. 14. In which situation do auditors have the highest level of responsibility to detect noncompliance? (Points : 1)

Where violations are committed by senior management        Where violations are known by the company’s board        Where violations have a direct effect        Where violations have no direct effect

Question 15. 15. Which ethical characteristic explains why passing the CPA exam is necessary in the accounting profession? (Points : 1)

Complex body of knowledge        Need for public confidence        Responsibility to serve the public        Standards of admission to the profession

Question 16. 16. Which body has authority over the PCAOB? (Points : 1)

American Institute of CPAs        Federal Accounting Standards Advisory Board        International Federation of Accountants        Securities and Exchange Commission

Question 17. 17. According to Rule 101 of the AICPA Code of Professional Conduct, which of the following key terms is inapplicable to independence standards? (Points : 1)

Covered member capable of influence        Direct and indirect financial interests        Office where the lead partner primarily practices        Professional standards for consulting services

Question 18. 18. Which PCAOB Auditing Standard category requires a statement on whether or not financial statements are presented in accordance with GAAP? (Points : 1)

General Standards        Standards of Fieldwork        Standards of Internal Control        Standards of Reporting

Question 19. 19. According to Rule 102 of the AICPA Code of Professional Conduct, which of the following falls outside the realm of integrity and objectivity? (Points : 1)

Failing to correct materially false financial statements        Maintaining client confidentiality of records        Making materially incorrect entries in a client’s records        Signing a document containing misleading information

Question 20. 20. Which of the following is a characteristic of non-assurance services? (Points : 1)

Accountant independence from clients        Assistance with decision making        Consulting on technology issues        Increased reliability of information

Question 21. 21. Under common law liability, what does a client have to prove if he/she believes the auditors’ negligent performance caused the client damage? (Points : 1)

Breach of duty        Causation        Duty        Losses

Question 22. 22. What is a main distinction between an error and fraud? (Points : 1)

The amount of the misstatement        The general ledger account misstated        The intentions behind the misstatement        The staff position responsible for the misstatement

Question 23. 23. In an accounting firm, who is responsible for ensuring an audit is performed according to professional standards? (Points : 1)

Managers        Partners        Senior auditors        Staff assistants

Question 24. 24. Under the Securities Act of 1933, which of the following burdens of proof on the auditor is incorrect? (Points : 1)

The audit was conducted with due diligence.        The auditor relied on the registration.        The losses were not caused by material misstatements.        The statute of limitations has expired.

Question 25. 25. In an accounting firm, who is responsible for training staff on each audit engagement? (Points : 1)

Managers        Partners        Senior auditors        Staff assistants

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