Strayer ACC403/ ACC403 Quiz 2 - 96078

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Question 1 2 out of 2 points Correct Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern? Question 2 2 out of 2 points Correct If most or all users' decisions that are based on the financial statements are likely to be significantly affected, the materiality level is: Question 3 2 out of 2 points Correct The standard unqualified audit report for a non-public entity must: Question 4 2 out of 2 points Correct The audit report date on a standard unqualified report indicates: Question 5 2 out of 2 points Correct The standard unqualified audit report for public entities includes the following three paragraphs: Answer Question 6 2 out of 2 points Correct The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to: Question 7 2 out of 2 points Correct Auditing standards for public companies are established by the: Question 8 0 out of 2 points Incorrect The auditor's responsibility section of the standard audit report states that the auditor is: Question 9 2 out of 2 points Correct The term "explanatory paragraph" was replaced in the AICPA auditing standards with: Question 10 2 out of 2 points Correct If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n): Question 11 2 out of 2 points Correct The first step to be followed when deciding the appropriate audit report in a given set of circumstances is to: Question 12 2 out of 2 points Correct Items that materially affect the comparability of financial statements generally require disclosure in the footnotes. If the client refuses to properly disclose the item, the auditor will most likely issue: Question 13 2 out of 2 points Correct When the auditor determines that the financial statements are fairly stated, but there is a nonindependent relationship between the auditor and the client, the auditor should issue: Question 14 2 out of 2 points Correct A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of: Question 15 2 out of 2 points Correct Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned that management may be trying to prevent discovery of misstatements. In such cases, the auditor will likely issue a: Question 16 2 out of 2 points Correct The Sarbanes-Oxley Act ________ a CPA firm from doing both bookkeeping and auditing services for the same public company client. Question 17 2 out of 2 points Correct When a member observes the profession's technical and ethical standards and strives to continually improve her competence and quality of services, she is exercising: Question 18 2 out of 2 points Correct The CPA must not subordinate his or her professional judgment to that of others in any: Question 19 2 out of 2 points Correct Interpretations of the rules regarding independence allow an auditor to serve as: Question 20 2 out of 2 points Correct Rule 301 of the AICPA's Code of Professional Conduct requires CPAs to maintain the confidentiality of client information. This rule would be violated if a CPA disclosed information without a client's consent as a result of a: Question 21 2 out of 2 points Correct The financial interests of a CPA's family members can affect the CPA's independence. Which of the following parties would not be included as a "direct financial interest" of the CPA? Question 22 2 out of 2 points Correct Ethics are: Question 23 2 out of 2 points Correct Which of the following services are allowed by the SEC whenever a CPA also audits the company? Question 24 2 out of 2 points Correct A CPA firm: Question 25 2 out of 2 points Correct The Sarbanes-Oxley Act requires a cooling off period of ________ before a member of an audit team can work for a client in a key management position? Question 26 2 out of 2 points Correct Of the four parts of the AICPA's Code of Professional Conduct, which part is enforceable? Question 27 2 out of 2 points Correct Freedom from ________ means the absence of relationships that might interfere with objectivity or integrity. Question 28 2 out of 2 points Correct Which of the following is required for a firm to designate itself "Member of the American Institute of Certified Public Accountants" on its letterhead? Question 29 2 out of 2 points Correct The AICPA's Code of Professional Conduct requires independence for all: Question 30 2 out of 2 points Correct The members of a client's "audit committee" should be:
Solution Description

Question 1

2 out of 2 points

Correct

Which of the following is least likely to cause uncertainty about the ability of an entity to continue as a going concern?

Question 2

2 out of 2 points

Correct

If most or all users' decisions that are based on the financial statements are likely to be significantly affected, the materiality level is:

Question 3

2 out of 2 points

Correct

The standard unqualified audit report for a non-public entity must:

Question 4

2 out of 2 points

Correct

The audit report date on a standard unqualified report indicates:

Question 5

2 out of 2 points

Correct

The standard unqualified audit report for public entities includes the following three paragraphs:

Answer

Question 6

2 out of 2 points

Correct

The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to:

Question 7

2 out of 2 points

Correct

Auditing standa