Question Details

ACC 403 WEEK 3 QUIZ 2
•  Question 1 
The explanatory paragraph for a qualified opinion would:

			
•  Question 2 
The first step to be followed when deciding the appropriate audit report in a given set of circumstances is to:

			
•  Question 3 
Auditing standards require that the audit report must be titled and that the title must:

			
•  Question 4 
If most or all users' decisions that are based on the financial statements are likely to be significantly affected, the materiality level is:

			
•  Question 5 
When dealing with materiality and scope limitation conditions:

			
•  Question 6 
The audit report date on a standard unqualified report indicates:

			
•  Question 7 
After the auditor determines whether any conditions exist which require a departure from a standard unqualified report, the next step in the decision process for audit reports is to:

			
•  Question 8 
If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n):

			
•  Question 9 
The auditor's responsibility section of the standard unqualified audit report states that the audit is designed to:
.
			
•  Question 10 
The appropriate audit report date for a standard nonqualified audit report for a non-public entity should be the:

			
•  Question 11 
The auditor's responsibility section of the standard audit report states that the auditor is:

			
•  Question 12 
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 
An adverse opinion is issued when the auditor believes:

			
•  Question 14 
A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of:

			
•  Question 15 
Auditing standards for public companies are established by the:

			
•  Question 16 
Ethics are:

			
•  Question 17 
Which of the following services are allowed by the SEC whenever a CPA also audits the company?

			
•  Question 18 
Which of the following represents all of the ways a CPA firm can be organized under Rule 505?

			
•  Question 19 
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 20 
In determining independence with respect to any audit engagement, the ultimate decision as to whether or not the auditor is independent must be made by the:

			
•  Question 21 
	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 22 
The members of a client's "audit committee" should be:

			
•  Question 23 
Freedom from ________ means the absence of relationships that might interfere with objectivity or integrity.

			
•  Question 24 
The CPA must not subordinate his or her professional judgment to that of others in any:

			
•  Question 25 
	A CPA firm:

			
•  Question 26 
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 27 
Independence is required of a CPA when performing:
.
			
•  Question 28 
"Independence" in auditing means:

			
•  Question 29 
When CPAs are able to maintain their actual independence, it is referred to as independence in:
		
•  Question 30 
	The AICPA's Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term "objectivity" in the Code refers to a CPA's ability to:

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