Question Details

ACC 403 MIDTERM PART 1
•	Question 1 
An accountant:

			
•	Question 2 
An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?		

			
•	Question 3 
	________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.
			
•	Question 4 
An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

			
•	Question 5 
The Sarbanes-Oxley Act applies to which of the following companies?

			
•	Question 6 
The three requirements for becoming a CPA include all but which of the following?

			
•	Question 7 
Assume the Public Company Accounting Oversight Board (PCAOB) identifies a violation during its inspection of a registered accounting firm. The PCAOB:



			
•	Question 8 
Members of the Public Company Accounting Oversight Board are appointed and overseen by:
.
			
•	Question 9 
The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the:
.
			
•	Question 10 
Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit:

			
•	Question 11 
The legal right to perform audits is granted to a CPA firm by regulation of:

			
•	Question 12 
Which of the following is not one of the responsibilities of an auditor under the principles underlying an audit?

			
•	Question 13 
A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of:

			
•	Question 14 
Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the:

			
•	Question 15 
The appropriate audit report date for a standard nonqualified audit report for a non-public entity should be the:

			
•	Question 16 
If most or all users' decisions that are based on the financial statements are likely to be significantly affected, the materiality level is:

			
•	Question 17 
The standard unqualified audit report for public entities includes the following three paragraphs:

			
•	Question 18 
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 19 
"Independence" in auditing means:
.
			
•	Question 20 
Of the four parts of the AICPA's Code of Professional Conduct, which part is enforceable?

			
•	Question 21 
Interpretations of the rules regarding independence allow an auditor to serve as:

			
•	Question 22 
An auditor's independence is considered impaired if the auditor has:

			
•	Question 23 
When determining whether independence is impaired because of an ownership interest in a client company, materiality will affect ownership:
.
			
•	Question 24 
When CPAs are able to maintain their actual independence, it is referred to as independence in:

			
•	Question 25 
According to the Principles section of the Code of Professional Conduct, all members:

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