ACCT 444 Full Course All Quizzes and Homework Assignments
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ACCT 444 Week 1 Quiz
1. (TCO 3) Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for establishing auditing standards? (Points: 3)
Public Company Accounting Oversight Board
Securities and Exchange Commission
National Association of Accounting
Auditing Standards Board
2. (TCO 1) Which one of the following is not one of the three general standards? (Points: 3)
Proper planning and supervision
Due professional care
Adequate training and proficiency
Independence of mental attitude
3. (TCO 1) An independent auditor must have which of the following? (Points: 3)
A pre-existing and well-informed point of view with respect to the audit
Technical training that is adequate to meet the requirements of a professional
Experience in taxation that is sufficient to comply with generally accepted auditing standards
A background in many different disciplines
4. (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n) _____ (Points: 3)
accounting and bookkeeping service.
5. (TCO 1) Which of the following statements is incorrect regarding the SEC’s partner rotation rules? (Points: 3)
The lead and concurring partners are subject to a 5-year time out period.
All audit partners must rotate off the audit engagement after 5 years.
Other audit partners are subject to a 2-year time out period.
Small firms may be exempted from the partner rotation requirement.
6. (TCO 3) Burrow & Co., CPAs, have provided annual audit and tax compliance services to Mare Corp. for several years. Mare has been unable to pay Burrow in full for services Burrow rendered 19 months...