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Acct 444 Full Course All Quizzes and Homework Assignments

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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
Chapter 2

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
Chapter 2

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)
assurance service.
attestation service.
tax service.
accounting and bookkeeping service.
Chapter 1

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...


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