第13版SolutionARENSAuditing13eChapter 4.docx
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第13版SolutionARENSAuditing13eChapter 4.docx
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第13版SolutionARENSAuditing13eChapter4
Chapter4
Multiple-ChoiceQuestions
1.
Societyhasattachedaspecialmeaningtotheterm“professional.”Aprofessionalis:
easy
a.someonewhohaspassedaqualifyingexamtoenterthejobmarket.
b
b.apersonwhoisexpectedtoconducthimselforherselfatahigherlevelthantherequirementsofsociety’slawsorregulations.
c.anypersonwhoreceivespayfortheservicesperformed.
d.someonewhohasbothaneducationinthetradeandon-the-jobexperiencereceivedunderanexperiencedsupervisor.
2.
Theunderlyingreasonforacodeofprofessionalconductforanyprofessionis:
easy
a.theneedforpublicconfidenceinthequalityofserviceoftheprofession.
a
b.thatitprovidesasafeguardtokeepunscrupulouspeopleout.
c.thatitisrequiredbyfederallegislation.
d.thatitallowslicensingagenciestohaveayardsticktomeasuredeficientbehavior.
3.
AchallengeassociatedwiththeEthicalPrinciplesstatedintheCodeofProfessionalConductis:
easy
a.theemphasisonpositiveactivities.
c
b.thattheyidentifyidealconduct.
c.thedifficultyofenforcingprinciples,orgeneralideals.
d.thattherearetoomanytoremember.
4.
ForwhichofthefollowingprofessionalservicesmustCPAsbeindependent?
easy
a.Managementadvisoryservices.
b
b.Auditsoffinancialstatements.
c.Preparationoftaxreturns.
d.Allthreeoftheabove.
5.
“Independence”inauditingmeans:
easy
a.maintaininganindirectfinancialinterest.
c
b.notbeingfinanciallydependentonaclient.
c.takinganunbiasedandobjectiveviewpoint.
d.beinganadvocateforaclient.
6.
WhenCPAsareabletomaintaintheiractualindependence,itisreferredtoasindependencein:
easy
a.conduct.
c
b.appearance.
c.fact.
d.total.
7.
Whichofthefollowingstatementsistrue?
TheCPAfirmwillloseitsindependenceif:
medium
a.astaffauditorprovidingauditservicestotheclientacquiresstockinthatclient.
a
b.astafftaxpreparerwhoprovides15hoursofnon-auditservicestotheclientacquiresstockinthatclient.
c.anauditmanagerinanofficedifferentthantheofficeprovidingauditserviceshasadirect,immaterialfinancialinterestintheauditclient.
d.acoveredmemberhasanindirect,immaterialfinancialinterestinanauditclient.
8.
easy
InterpretationsofRule101prohibitcoveredmembersfromowninganystockorotherdirectinvestmentinauditclients.Coveredmembersincludeallbutwhichofthefollowing?
a
a.Allpartnersinanofficethathasnoresponsibilityfortheengagement.
b.Thefirmanditsemployeebenefitplans.
c.Individualsontheattestengagement.
d.Alloftheabovedescribecoveredmembers.
9.
easy
c
Insomesituations,theinterpretationsoftheRulesofConductpermitformerpartnerstohaverelationshipswithaclientofthefirmwithoutaffectingthefirm’sindependence.Whichofthefollowingsituationswouldnotcausealossofindependence?
a.TheformerpartnerinvestsinacurrentclientofthefirmandreceivesretirementbenefitsfromtheCPAfirm,whicharedependentuponthefirm’sfinancialperformance.
b.TheformerpartnerusestheCPAfirm’sofficespaceandhassignificantinfluenceoveraclient.
c.Theformerpartnerseversrelationswiththefirmandacceptsemploymentwiththefirm’sclientafterhavingbeenretiredfor18months.
d.Theformerpartnerisheldoutasanassociateofthefirmandtakespartinthefirm’sbusinessactivities.
10.
easy
Thefinancialinterestsofwhichofthefollowingpartieswouldnotbeincludedasa“directfinancialinterest”oftheCPA?
d
a.Spouse.
b.Dependentchild.
c.RelativesupportedbytheCPA.
d.SiblinglivinginthesamecityastheCPA.
11.
Interpretationsoftherulesregardingindependenceallowanauditortoserveas:
easy
a.adirectororofficerofanauditclient.
d
b.anunderwriterforthesaleofaclient’ssecurities.
c.atrusteeofaclient’spensionfund.
d.anhonorarydirectorforanot-for-profitcharitableorreligiousorganization.
12.
easy
b
WhenthequestionariseswhetheraCPAfirmmaydobothbookkeepingandauditingservicesforthesamepubliccompanyclient,theInterpretationsoftheAICPA’sCodeofProfessionalConduct:
a.encourageit.
b.prohibitit.
c.allowit.
d.alloweachfirmtodeterminetheansweronacase-by-casebasis.
13.
TheCPAmustnotsubordinatehisorherprofessionaljudgmenttothatofothersinany:
easy
a.engagement.
a
b.auditengagement.
c.engagementexcludingtaxservices.
d.engagementexcludingmanagementadvisoryservices.
14.
Whichofthefollowingwouldbeaviolationoftherulerequiring“objectivity”bytheCPA?
easy
c
a.Theauditoracceptsmanagement’sopinionregardingthecollectionofaccountsreceivablewithoutanindependentevaluation.
b.Inpreparingaclient’staxreturn,theCPAencouragesaclienttotakeadeductionwhichtheCPAbelievesisrisky,butunlikelytobefoundduringanIRSaudit.
c.Eitheraorbwouldbeaviolationoftherule.
d.Neitheranorbwouldbeaviolationoftherule.
15.
easy
d
Severalmonthsafteranunqualifiedauditreportwasissued,theauditordiscoversthefinancialstatementsweremateriallymisstated.Theclient’sCEOagreesthattherearemisstatements,butrefusestocorrectthem.Sheclaimsthat“confidentiality”preventstheCPAfrominforminganyone.
a.TheCEOiscorrectandtheauditormustmaintainconfidentiality.
b.TheCEOisincorrect,butbecausetheauditreporthasbeenissueditistoolate.
c.TheCEOiscorrect,buttobeethicallycorrecttheauditorshouldviolatetheconfidentialityruleanddisclosetheerror.
d.TheCEOisincorrect,andtheauditorhasanobligationtoissuearevisedauditreport,eveniftheCEOwillnotcorrectthefinancialstatements.
16.
medium
Amemberinpublicpracticemayperformforacontingentfeeanyprofessionalservicesforaclientforwhomthememberormember’sfirmperforms:
b
a.anaudit.
b.consultingservices.
c.preparationofanoriginaltaxreturn.
d.preparationofanamendedtaxreturn.
17.
WhichofthefollowingactivitiesisallowedforaCPAfirm’sattestationclients?
easy
a.Contingentfeesbasedonsavingsduetoimplementationofaninformationsystem.
a
b.Commissionsforreferringareviewclienttoaninsuranceagencyforinsurancecoverage.
c.Preparationoftaxreturnsforwhichfeesarebaseduponclientrefunds.
d.Eachoftheaboveisallowed.
18.
Medium
b
Amemberinpublicpracticeshallneitherreceivefrom,norpayto,aclientacommissionwhenthememberormember’sfirmalsoperformscertainservicesforthatclient.ArecommissionsallowediftheCPAperforms:
Acompilationthatwillbeusedbyathirdparty
Anauditofprospectivefinancialinformation
a.
Yes
Yes
b.
No
No
c.
Yes
No
d.
No
Yes
19.
easy
IftheboardofaccountancyinthestateinwhichaCPAfirmislicensedhasrulesthataredifferentthantheAICPA’srules,theCPAfirmmustfollow:
b
a.whicheverrulesarelessrestrictive.
b.whicheverrulesaremorerestrictive.
c.therulesoftheAICPA.
d.therulesofthestate’sboardofaccountancy.
20.
easy
Elise,CPA,ownsapublicaccountingfirmandwishestoestablishaseparatepartnershiptoofferdataprocessingservicestothepublicandotherpublicaccountants.
b
a.Elisecannotbeapartnerinanyseparatepartnershipthatoffersdataprocessingservices.
b.Elisemayformaseparatepartnership.
c.ElisemayformaseparatepartnershipaslongaspartnersareCPAs.
d.Elisemayformaseparatepartnership,butmustgiveupthepublicaccountingpractice.
21.(SOX)
medium
TheSarbanes-OxleyActrequireswhichemployeesofanaccountingfirmtorotateofftheengagementeveryfiveyears?
d
In-ChargeAuditor
Partnerresponsibleforconcurringreview
a.
Yes
Yes
b.
No
No
c.
Yes
No
d.
No
Yes
22.
medium
TheAICPA’sCodeofProfessionalConductstatesthataCPAshouldmaintainintegrityandobjectivity.Theterm“objectivity”intheCodereferstoaCPA’sabilityto:
d
a.chooseindependentlybetweenalternateaccountingprinciplesandauditingstandards.
b.distinguishbetweenaccountingpracticesthatareacceptableandthosethatarenot.
c.beunyieldinginallmattersdealingwithauditingprocedures.
d.maintainanimpartialattitudeonmattersthatcomeundertheCPA’sreview.
23.
medium
Whichofthefollowingisrequiredforafirmtodesignateitself“MemberoftheAmericanInstituteofCertifiedPublicAccountants”onitsletterhead?
b
a.AtleastoneofthepartnersmustbeamemberoftheAICPA.
b.AllpartnersmustbemembersoftheAICPA.
c.ThepartnerswhosenamesappearinthefirmnamemustbemembersoftheAICPA.
d.AmajorityofthepartnersmustbemembersoftheAICPA.
24.
CPAsareprohibitedfromwhichofthefollowingformsofadvertising?
medium
a.Self-laudatoryadvertising.
d
b.Celebrityendorsementadvertising.
c.Useoftradenames,suchas“AwesomeAuditors.”
d.Useofphrases,suchas“Guaranteedlargesttaxrefundsintown!
”
25.
medium
d
AnnaGreer,aCPAinpublicpractice,contactsBlakeSawyers,anemployeeofJackson&Jackson,LLP,andmakeshimanofferofemploymentwithoutfirstnotifyingJackson&Jackson,LLP.AccordingtotheAICPA’sCodeofProfessionalConduct,Anna’sbehavior:
a.isaviolationoftheCodeofProfessionalConduct.
b.isaviolationonlyifGreerandSawyersareCPAs.
c.isaviolationonlyifJacks
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