When CPAs are able to maintain an independence attitude in fulfilling theirresponsibility, it is referred to asindependence ina. Fact.b. Appearance.c. Conduct.d. Total.

When CPAs are able to maintain an
independence attitude in fulfilling their
responsibility, it is referred to as
independence in
a. Fact.
b. Appearance.
c. Conduct.
d. Total.
by

1 Answer

Answer :

Fact
by

Related questions

When CPAs are able to maintain an independent attitude in fulfilling theirresponsibility, it is referred to asindependence ina. Fact.b. Appearance.c. Conduct.d. Tota

Description : When CPAs are able to maintain an independent attitude in fulfilling theirresponsibility, it is referred to as independence in a. Fact. b. Appearance. c. Conduct. d. Tota

Last Answer : Fact.

When the users of financial statements have confidence in the independence of the CPA, it is referred to as in independence in a. Fact. b. Appearance. c. Conduct. d. Tota

Description : When the users of financial statements have confidence in the independence of the CPA, it is referred to as in independence in a. Fact. b. Appearance. c. Conduct. d. Tota

Last Answer : Appearance

When the users of financial statements have confidence in the independence of the CPA, it is referred to as in independence in a. Fact. b. Appearance. c. Conduct. d. Tota

Description : When the users of financial statements have confidence in the independence of the CPA, it is referred to as in independence in a. Fact. b. Appearance. c. Conduct. d. Tota

Last Answer : Appearance

Which of the following does not belong to the group: a. Independence of mind b. Independence of fact c. Independence in mental attitude d. Independence in appearance

Description : Which of the following does not belong to the group: a. Independence of mind b. Independence of fact c. Independence in mental attitude d. Independence in appearance

Last Answer : Independence in appearance

A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession

Description : A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession

Last Answer : Maintain public confidence in the profession

A CPA, while performing an audit, strives to achieve independence in appearance in order to: a. Reduce risk and liability. b. Become independent in fact. c. Comply with GAAS. d. Maintain public confidence in the profession.

Description : A CPA, while performing an audit, strives to achieve independence in appearance in order to: a. Reduce risk and liability. b. Become independent in fact. c. Comply with GAAS. d. Maintain public confidence in the profession.

Last Answer : Maintain public confidence in the profession.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently applied. b. Maintain an impartial attitude on all matters which come under his review. c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Last Answer : Maintain an impartial attitude on all matters which come under his review.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit procedures. b. Determine the materiality of items. c. Determine accounting practices that were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit ... were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Last Answer : Maintain an impartial attitude on all matters which come under his review

Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The auditor should comply with the Philippine Code of Professional Ethics. c. The auditor should plan and perform the audit with an attitude of professional skepticism. d. The auditor should obtain sufficient appropriate evidence primarily through inquiry and analyticaprocedures to be able to draw reasonable conclusions.l

Description : Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The ... appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions.

Last Answer : The auditor should obtain sufficient appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions

The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out sentences of imprisonment to CPAs who fail to present a valid system of quality control. c. Revoke the certificate of registration and professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures and who has not complied with the standards of quality prescribed for the practice of public accountancy. d. All of these

Description : The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out ... with the standards of quality prescribed for the practice of public accountancy. d. All of these

Last Answer : Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review.

Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is toa. Remind management of its primaryresponsibility over the financialstatements.b. Satisfy the requirements of the Code ofProfessional Conduct for CPAs.c. Provide a starting point for the auditor'spreparation of the preliminary auditprogram.d. Provide a written record of theagreement with the client as to theservices to be provided.

Description : Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is to a. Remind management of its primary responsibility over the financial ... a written record of the agreement with the client as to the services to be provided.

Last Answer : Provide a written record of the agreement with the client as to the services to be provided.

.Which of the following fee arrangements is in violation of the Code of Professional Conduct? a. A fee based on whether the CPA's report on the client's financial statements results in the approval of a bank loan. b. A fee based on the outcome of a bankruptcy proceeding. c. A fee based on the nature of the service rendered and the CPA's particulaexpertise instead of the actual time spent on the engagement. d. A fee based on the fee charged by the prior auditor.r

Description : .Which of the following fee arrangements is in violation of the Code of Professional Conduct? a. A fee based on whether the CPA's report on the client's financial statements results in the approval of a ... actual time spent on the engagement. d. A fee based on the fee charged by the prior auditor.

Last Answer : A fee based on whether the CPA's report on the client's financial statements results in the approval of a bank loan

The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA’s license. b. Description of the CPA’s procedures for responding to an inquiry from trial board. c. Set of specific, mandatory rules describing levels of conduct the CPA must observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Description : The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA's license. b ... observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Last Answer : Set of specific, mandatory rules describing levels of conduct the CPA must observe

Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of the services. b. Attorneys in tax practice customarily set contingent fees. c. Determination by taxing authorities are a matter of judicial proceedings which do not involve third parties. d. The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Description : Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of ... . The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Last Answer : The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Which of the following statements is true? a. Professional standards prohibit CPAs from performing non-assurance engagements. b. Absolute assurance is attainable owing to the fact that much of the evidence available to the CPA is persuasive rather than conclusive. c. The CPA’s conclusion provides a level of assurance about the subject matter. d. The responsible party expresses a conclusion that provides a level of assurance as to whether the subject matter conforms, in all material respects, with the identified suitable criteria

Description : Which of the following statements is true? a. Professional standards prohibit CPAs from performing non-assurance engagements. b. Absolute assurance is attainable owing to the fact that much of ... to whether the subject matter conforms, in all material respects, with the identified suitable criteria

Last Answer : The CPA’s conclusion provides a level of assurance about the subject matter.

Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? a. The CPA’s lack of understanding of the prospective client’s internal auditor’s computer-assisted audit techniques. b. Management’s disregard of its responsibility to maintain an adequate internal control environment. c. The CPA’s inability to determine whether related-party transactions were consummated on terms equivalent to arm’s-length transactions. d. Management’s refusal to permit the CPA to perform substantive tests before the year-end.

Description : Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? a. The CPA's lack of understanding of the prospective client's internal auditor's ... . d. Management's refusal to permit the CPA to perform substantive tests before the year-end.

Last Answer : Management’s disregard of its responsibility to maintain an adequate internal control environment

.In which of the following instances would the independence of the CPA not be considered to be impaired? The CPA has been retained as the auditor of a brokerage firm a. Which owes the CPA audit fees for more than one year. b. In which the CPA has a large active margin account. c. In which the CPA's brother is the controller. d. Which owes the CPA audit fees for services in the current year and has just filed a petition for bankruptcy

Description : .In which of the following instances would the independence of the CPA not be considered to be impaired? The CPA has been retained as the auditor of a brokerage firm a. Which owes the CPA audit ... owes the CPA audit fees for services in the current year and has just filed a petition for bankruptcy

Last Answer : Which owes the CPA audit fees for services in the current year and has just filed a petition for bankruptcy

The concept of materiality would be least important to an auditor when considering the a. Decision whether to use positive or negative confirmations of accounts receivable. b. Adequacy of disclosure of a client's illegal act. c. Discovery of weaknesses in a client's internal control structure. d. Effects of a direct financial interest in the client upon the CPA's independence.

Description : The concept of materiality would be least important to an auditor when considering the a. Decision whether to use positive or negative confirmations of accounts receivable. b. Adequacy of disclosure of a ... . d. Effects of a direct financial interest in the client upon the CPA's independence.

Last Answer : Effects of a direct financial interest in the client upon the CPA's independence.

Which of the following statements is incorrect? a. CPAs lose their independence if they acquire any direct financial interest in a client. b. CPAs lose their independence if they have a material direct financial interest in a client. c. CPAs lose their independence if they acquire any indirect financial interest in a client. d. CPAs lose their independence if they acquire a material indirect financial interest in a client.

Description : Which of the following statements is incorrect? a. CPAs lose their independence if they acquire any direct financial interest in a client. b. CPAs lose their independence if they have a material ... d. CPAs lose their independence if they acquire a material indirect financial interest in a client.

Last Answer : CPAs lose their independence if they acquire any indirect financial interest in a client.

Which of the following statements concerning consulting services is incorrect? a. The performance of consulting services for audit clients does not, in and of itself, impair the auditor's independence. b. Consulting services differ fundamentally from the CPA's function of attesting to the assertions of other parties. c. Consulting services ordinarily involve external reporting. d. Most CPAs, including those who provide audit and tax services, also provide consulting services to their clients

Description : Which of the following statements concerning consulting services is incorrect? a. The performance of consulting services for audit clients does not, in and of itself, impair the auditor's ... including those who provide audit and tax services, also provide consulting services to their clients

Last Answer : Consulting services ordinarily involve external reporting

In which of the following instances would the independence of the CPA not be considered to be impaired? The CPA has been retained as the auditor of a brokerage firm a. Which owes the CPA audit fees for more than one year. b. In which the CPA has a large active margin account. c. In which the CPA’s brother is the controller. d. Which owes the CPA audit fees for the current year services and jusfiled a petition for bankruptcyt

Description : In which of the following instances would the independence of the CPA not be considered to be impaired? The CPA has been retained as the auditor of a brokerage firm a. Which owes the CPA audit ... . Which owes the CPA audit fees for the current year services and just filed a petition for bankruptcy

Last Answer : Which owes the CPA audit fees for the current year services and justfiled a petition for bankruptcy

A CPA’s retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable by the Code of Ethics. c. Ill advised since it would impair the CPA’s independence with respect to the client. d. Considered discreditable to the profession

Description : A CPA's retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable ... would impair the CPA's independence with respect to the client. d. Considered discreditable to the profession

Last Answer : Considered discreditable to the profession

Which of the following statements is incorrect? a. CPAs lose their independence if they acquire any direct financial interest in a client. b. CPAs lose their independence if they acquire any indirect financial interest in a client. c. CPAs lose their independence if they acquire a material indirect financial interest in a client. d. CPAs lose their independence if they have a material direct financial interest in a client

Description : Which of the following statements is incorrect? a. CPAs lose their independence if they acquire any direct financial interest in a client. b. CPAs lose their independence if they acquire any indirect ... . d. CPAs lose their independence if they have a material direct financial interest in a client

Last Answer : CPAs lose their independence if they acquire any indirect financial interest in a client

Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material misstatement due to fraud throughout the audit. b. Conduct a discussion by the audit team of the risks of material misstatement due to fraud. c. Conduct inquiries of the audit committee as to their views about the risks of fraud and their knowledge of any fraud or suspected fraud. d. Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Description : Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material ... professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Last Answer : Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.

Description : The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.

Last Answer : An attitude of professional skepticism.

Internal auditing relates to an a. Audit which is performed by a practitioner as an independent contractor. b. Audit which is incidentally concerned with the detection and prevention of fraud. c. Audit which serves the needs of management d. Audit wherein the auditor should be independent of management both in fact and in mental attitude

Description : Internal auditing relates to an a. Audit which is performed by a practitioner as an independent contractor. b. Audit which is incidentally concerned with the detection and prevention of fraud. c. ... . Audit wherein the auditor should be independent of management both in fact and in mental attitude

Last Answer : Audit which serves the needs of management

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its engagements. b. Adherence to generally accepted auditing standards. c. Having an appropriate a system of quality control. d. Continuing professional education.

Description : A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its ... c. Having an appropriate a system of quality control. d. Continuing professional education.

Last Answer : Having an appropriate a system of quality contro

A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an attitude of independence in its engagements. c. Having an appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Description : A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an ... appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Last Answer : Having an appropriate a system of quality control.

The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or fraud. a. Objectivity and integrity b. Professional c. Independence is mental attitude d. Sufficient appropriate evidence

Description : The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or ... integrity b. Professional skepticism c. Independence is mental attitude d. Sufficient appropriate evidence

Last Answer : Professional skepticism

Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of significant interests in the affairs of an audit client. c. Possessing the ability to act with integrity and objectivity. d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Description : Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of ... . d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Last Answer : Possessing the ability to act with integrity and objectivity.

The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Description : The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Last Answer : One or two lawyers and one or two CPAs for a total of three

The probability that an auditor's procedures leading to the conclusion that a material error does not exist in an account balance when, in fact, such error does exist is referred to as a. Prevention risk. b. Detection risk. c. Inherent risk. d. Control risk

Description : The probability that an auditor's procedures leading to the conclusion that a material error does not exist in an account balance when, in fact, such error does exist is referred to as a. Prevention risk. b. Detection risk. c. Inherent risk. d. Control risk

Last Answer : Detection risk.

The probability of an auditor's procedures leading to the conclusion that a material error does not exist in an account balance when, in fact, such error does exist is referred to as a. Prevention risk. b. Inherent risk. c. Control risk. d. Detection risk

Description : The probability of an auditor's procedures leading to the conclusion that a material error does not exist in an account balance when, in fact, such error does exist is referred to as a. Prevention risk. b. Inherent risk. c. Control risk. d. Detection risk

Last Answer : b

The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Examines all corroborating evidence available. d. Be responsible for fulfilling his or her duties diligently and carefull

Description : The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Examines all corroborating evidence available. d. Be responsible for fulfilling his or her duties diligently and carefull

Last Answer : Be responsible for fulfilling his or her duties diligently and carefull

The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Be responsible for fulfilling his or her duties diligently and carefully. d. Examines all corroborating evidence available.

Description : The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Be responsible for fulfilling his or her duties diligently and carefully. d. Examines all corroborating evidence available.

Last Answer : Be responsible for fulfilling his or her duties diligently and carefully.

Which of the following statements is correct? a. Sufficiency refers to the quality of evidence, while appropriateness refers to the quantity of evidence. b. The reliability of evidence is influenced not by its nature but by its source. c. The performance of consulting services for audit clients does not, in and of itself, impair the auditor’s independence. d. A belief that management and those charged with governance are honest and have integrity relieves the auditor of the need to maintain professional scepticism.

Description : Which of the following statements is correct? a. Sufficiency refers to the quality of evidence, while appropriateness refers to the quantity of evidence. b. The reliability of evidence is ... are honest and have integrity relieves the auditor of the need to maintain professional scepticism.

Last Answer : The performance of consulting services for audit clients does not, in and of itself, impair the auditor’s independence

Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant findings of fraud and illegal activity to the company president. b. Increased adoption of audit committees. c. Keeping external and internal auditing work separated to maintain independence. d. None of the above.

Description : Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant ... external and internal auditing work separated to maintain independence. d. None of the above.

Last Answer : Increased adoption of audit committees.

Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Description : Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Last Answer : Remoteness of users

A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally allows an omission of a material fact required to be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Description : A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally ... be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Last Answer : Intentionally allows an omission of a material fact required to be stated in a financial statement

A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally allows an omission of a material fact required to be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Description : A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally ... be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Last Answer : Intentionally allows an omission of a material fact required to be stated in a financial statement.

Which of the following is prohibited by the Code of Professional Ethics for CPAs? a. Use of a firm name which includes the name of a retired partner. b. Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence. c. Announcement in a newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours

Description : Which of the following is prohibited by the Code of Professional Ethics for CPAs? a. Use of a firm name which includes the name of a retired partner. b. Accepting an engagement or ... newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours

Last Answer : Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence

Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Description : Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Last Answer : Scope of services

Which of the following types of auditing is performed most commonly by CPA's on a contractual basis? a. Internal auditing b. Income tax auditing c. External auditing d. Government auditing

Description : Which of the following types of auditing is performed most commonly by CPA's on a contractual basis? a. Internal auditing b. Income tax auditing c. External auditing d. Government auditing

Last Answer : External auditing

Regarding practice of accountancy, which of the following certificates is issued to a CPA first, a certificate of registration or a certificate of accreditation? a. Certificate of registration b. Certificate of accreditation c. Both are issued at the same timed. Neither are issued to CPAs

Description : Regarding practice of accountancy, which of the following certificates is issued to a CPA first, a certificate of registration or a certificate of accreditation? a. Certificate of registration b. Certificate of accreditation c. Both are issued at the same time d. Neither are issued to CPAs

Last Answer : Certificate of registration

Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Description : Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Last Answer : Scope of services.

The predominant type of attestation service performed by CPAs is: a. Audit. b. Review. c. Compilationd. Management consulting

Description : The predominant type of attestation service performed by CPAs is: a. Audit. b. Review. c. Compilation d. Management consulting

Last Answer : Audit

The attest function: a. Is an essential part of every engagement performed by a CPA. b. Includes the preparation of a written report of the CPA's conclusion. c. Requires a complete review of all transactions during the period under examination. d. Requires a review of a sample of transactions during the period under examination.

Description : The attest function: a. Is an essential part of every engagement performed by a CPA. b. Includes the preparation of a written report of the CPA's conclusion. c. Requires a complete review ... under examination. d. Requires a review of a sample of transactions during the period under examination.

Last Answer : Includes the preparation of a written report of the CPA's conclusion

Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from, being subpoenaed. b. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. c. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rule. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit.