In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has occurred. c. Determining whether recorded information properly reflects theeconomic events that occurredduring the accounting period.d. Determining if taxable income has beencalculated correctly

In "auditing" accounting data, the auditor is
concerned with
a. Analyzing the financial information to be
sure that it complied with government
requirement.
b. Determining if fraud has occurred.
c. Determining whether recorded
information properly reflects the
economic events that occurred
during the accounting period.
d. Determining if taxable income has been
calculated correctly
by

1 Answer

Answer :

economic events that occurred
during the accounting period.
by

Related questions

The risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If client has good internal control. c. If client follows generally accepted accounting principles. d. Under no circumstances

Description : The risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If client has good internal control. c. If client follows generally accepted accounting principles. d. Under no circumstances

Last Answer : Under no circumstances

The risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If a client has strong internal controls. c. If a client follows generally accepted accounting principles. d. Under no circumstances

Description : The risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If a client has strong internal controls. c. If a client follows generally accepted accounting principles. d. Under no circumstances

Last Answer : Under no circumstances

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.

.Which of the following is not a requirement for a person applying for the CPA Board Examinations? a. Good moral character b. Degree of BS Accountancy c. Natural-born Filipino citizen d. No conviction of any criminal offense involving moral turpitude.

Description : .Which of the following is not a requirement for a person applying for the CPA Board Examinations? a. Good moral character b. Degree of BS Accountancy c. Natural-born Filipino citizen d. No conviction of any criminal offense involving moral turpitude.

Last Answer : Natural-born Filipino citizen

Which of the following services is not within the area of public accounting? a. Attest function b. Taxation service c. Write-up work for one client d. Management advisory services

Description : Which of the following services is not within the area of public accounting? a. Attest function b. Taxation service c. Write-up work for one client d. Management advisory services

Last Answer : Write-up work for one client

The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Last Answer : Determine whether the client's financial statements are fairly stated.

If it is probable that the judgment of a reasonable person would have been changed or influenced by the omission or misstatement of information, then the information is a. Relevant. b. Pervasive. c. Material. d. Significant

Description : If it is probable that the judgment of a reasonable person would have been changed or influenced by the omission or misstatement of information, then the information is a. Relevant. b. Pervasive. c. Material. d. Significant

Last Answer : Material.

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 procedures would an auditor be most likely to perform in planning a financial statement audit? a. Reviewing investment transactions of the audit period to determine whether related parties were created. b. Performing analytical procedures to identify areas that may represent specific risks. c. Obtaining a written representation letter from the client to emphasize management's responsibilities. d. Reading the minutes of stockholder and director meetings to discover whether any unusual transactions have occurred.

Description : Which of the following procedures would an auditor be most likely to perform in planning a financial statement audit? a. Reviewing investment transactions of the audit period to determine ... the minutes of stockholder and director meetings to discover whether any unusual transactions have occurred.

Last Answer : Performing analytical procedures to identify areas that may represent specific risks.

Which of the following is not one of the penalties that can be imposed by the BOA? a. Reprimand b. Fine or imprisonment c. Revocation of CPA certificate d. Suspension of CPA certificate

Description : Which of the following is not one of the penalties that can be imposed by the BOA? a. Reprimand b. Fine or imprisonment c. Revocation of CPA certificate d. Suspension of CPA certificate

Last Answer : Fine or imprisonment

Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of violations of the Philippine Accountancy Act. c. Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Description : Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of ... . Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Last Answer : Intolerance of violations of the Philippine Accountancy Act.

In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b. Provide a moderate level of assurance that the information is free of material misstatement. c. Provide a high, but not absolute, level of assurance that the information is free of material misstatement. d. Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Description : In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b ... and the entity and any appropriate third parties have agreed and to report on factual findings

Last Answer : Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for discovering fraud involving employee collusion or management overrideAn auditor should design the auditto provide reasonable assurance ofdetecting errors and fraud that arematerial to the financial statements.c. An auditor should plan the audit to detecterrors and fraud that are caused bydepartures from the applicable FRF.d. An auditor is not responsible fordetecting errors and fraud unless theapplication of PSAs and PAPs would resultin such detection

Description : Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for ... detecting errors and fraud unless the application of PSAs and PAPs would result in such detection

Last Answer : An auditor should design the audit to provide reasonable assurance of detecting errors and fraud that are material to the financial statements.

Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases. b. Test appropriateness of journal entries and adjustment. c. Make a legal determination of whether fraud has occurred. d. Evaluate the business rationale for significant unusual transactions

Description : Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases. b. Test appropriateness of journal entries and adjustment. c. ... determination of whether fraud has occurred. d. Evaluate the business rationale for significant unusual transactions

Last Answer : Make a legal determination of whether fraud has occurred.

Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions

Description : Which of the following is least likely to be required on an audit? a. Review accounting estimates for biases b. Test appropriateness of journal entries and adjustment c. Make a legal determination of whether fraud has occurred d. Evaluate the business rationale for significant, unusual transactions

Last Answer : Make a legal determination of whether fraud has occurred

Which statement is correct regarding the relationship between internal auditing and the external auditor? a. Some judgments relating to the audit of the financial statements are those of the internal auditor. b. The external audit function's objectives vary according to management's requirements. c. Certain aspects of internal auditing may be useful in determining the nature, timing and extent of external audit procedures. d. The external auditor is responsible for the audit opinion expressed, however that responsibility may be reduced by any use made of internal auditing

Description : Which statement is correct regarding the relationship between internal auditing and the external auditor? a. Some judgments relating to the audit of the financial statements are those of the ... opinion expressed, however that responsibility may be reduced by any use made of internal auditing

Last Answer : Certain aspects of internal auditing may be useful in determining the nature, timing and extent of external audit procedures.

Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. An audit, if properly conducted, ensures that fraud is prevented. d. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Description : Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. ... s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Last Answer : An independent auditor must be a CPA.

The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. Implementing adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Description : The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. ... adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Last Answer : Implementing adequate accounting and internal control system

A successor auditor is required to communicate with the previous auditor. The primary concern in this communication is a. Information which will help the successor auditor in determining whether the client management has integrity. b. To learn about client by examining predecessor's working papers. c. To enable successor auditor to perform a more efficient audit. d. To save successor auditor time and money in gathering data.

Description : A successor auditor is required to communicate with the previous auditor. The primary concern in this communication is a. Information which will help the successor auditor in determining whether the client ... a more efficient audit. d. To save successor auditor time and money in gathering data.

Last Answer : Information which will help the successor auditor in determining whether the client management has integrity.

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

The auditor has considerable responsibility for notifying users as to whether or not the statements are properly stated. This imposes upon the auditor a duty to a. Provide reasonable assurance that material misstatements will be detected. b. Be an insurer of the fairness in the statements. c. Be a guarantor of the fairness in the statements. d. Be equally responsible with management for the preparation of the financial statements

Description : The auditor has considerable responsibility for notifying users as to whether or not the statements are properly stated. This imposes upon the auditor a duty to a. Provide reasonable assurance ... statements. d. Be equally responsible with management for the preparation of the financial statements

Last Answer : Provide reasonable assurance that material misstatements will be detected.

Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that measures and communicates financial and business data. d. A discipline which attests to the results of accounting and other functional operations and data.

Description : Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that ... . A discipline which attests to the results of accounting and other functional operations and data.

Last Answer : A discipline which attests to the results of accounting and other functional operations and data.

Independent auditing can best be described as a a. Subset or branch of accounting. b. Professional activity that measures and communicates financial accounting data. c. A discipline or professional activity that attests to the fair presentation of financial statements. d. Regulatory activity that prevents the issuance of improper financial information

Description : Independent auditing can best be described as a a. Subset or branch of accounting. b. Professional activity that measures and communicates financial accounting data. c. A discipline or ... of financial statements. d. Regulatory activity that prevents the issuance of improper financial information

Last Answer : A discipline or professional activity that attests to the fair presentation of financial statements.

An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standardsb. Specific operating units arefunctioning economically andefficiently.c. Financial statements present fairly theresults of operations.d. Internal control is adequatelyoperating as designed

Description : An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standards b. Specific operating units are functioning ... present fairly the results of operations. d. Internal control is adequately operating as designed

Last Answer : Specific operating units are functioning economically and efficiently

Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and whether management has satisfactorily responded to any findings from these activities. b. Help the auditor understand the environment in which the financial statements are prepared. c. Relate to changes in the entity's marketing strategies, sales trends, or contractual arrangements with its customers. d. Help the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Description : Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and ... the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Last Answer : Help the auditor understand the environment in which the financial statements are prepared.

The auditor's responsibility for failure to detect fraud arises a. Whenever the amounts involved are material. b. When such failure clearly results from noncompliance to generally accepted auditing standards. c. Only when such failure clearly results from negligence so gross as to sustain an inference of fraud on the part of the auditor. d. Only when the examination was specifically designed to detect fraud

Description : The auditor's responsibility for failure to detect fraud arises a. Whenever the amounts involved are material. b. When such failure clearly results from noncompliance to generally accepted auditing ... part of the auditor. d. Only when the examination was specifically designed to detect fraud

Last Answer : When such failure clearly results from noncompliance to generally accepted auditing standards.

Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conductthe audit with an attitude ofa. Professional responsiveness.b. Conservative advocacy.c. Professional skepticism.d. Objective judgment

Description : Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conduct the audit with an ... . Professional responsiveness. b. Conservative advocacy. c. Professional skepticism. d. Objective judgment

Last Answer : Professional skepticism.

Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Description : Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Last Answer : Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures

Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Description : Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Last Answer : Relationships with national governments

Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Description : Corporate governance is concerned with: A. Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures B. Elections to the board of directors C. Relationships with national governments D. Corporate-level strategy

Last Answer : Relationships with national governments

While auditing the financial statements of non-corporate enterprises, the auditor’s duties and scope of work would be governed by– (A) the statute passed by the Parliament (B) the Companies Act, 1956, and the client concerned jointly (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961

Description : While auditing the financial statements of non-corporate enterprises, the auditor's duties and scope of work would be governed by- (A) the statute passed by the Parliament (B) the Companies Act, 1956, and ... (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961

Last Answer : Answer: the agreement with his client.

An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. Understand the events and transactions that may have an effect on the client's financial statements. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Description : An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. ... misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Last Answer : Understand the events and transactions that may have an effect on the client's financial statements

.If specific information comes to an auditor's attention that implies the existence of possible illegal acts that could have amaterial, but indirect effect on-the financialstatements, the auditor should nexta. Report the matter to an appropriate levelof management at least one level abovethose involved.b. Apply audit procedures specificallydirected to ascertaining whether anillegal act has occurred.c. Seek the advice of an informed expertqualified to practice law as to possiblecontingent liabilities.d. Discuss the evidence with the client'saudit committee, or others withequivalent authority.

Description : .If specific information comes to an auditor's attention that implies the existence of possible illegal acts that could have a material, but indirect effect on-the financial statements, the auditor ... d. Discuss the evidence with the client's audit committee, or others with equivalent authority.

Last Answer : Apply audit procedures specifically directed to ascertaining whether an illegal act has occurred

The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their responsibilities c. Unearth the truth and provide evidence in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Description : The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their ... in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Last Answer : Unearth the truth and provide evidence in legal and financial disputes

The overall objective of internal auditing is to a. Attest to the efficiency with which resources are employed. b. Ascertain that controls are costs justified. c. Provide assurance that financial data have been accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

Description : The overall objective of internal auditing is to a. Attest to the efficiency with which resources are employed. b. Ascertain that controls are costs justified. c. Provide assurance ... accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

Last Answer : Assist members of the organization in the effective discharge of their responsibilities

When a CPA is approached to perform an audit for the first time, the CPA should make inquiries of the predecessor auditor. This is a necessary procedure because the predecessor may be able to provide the successor with information that will assist the successor in determining a. Whether, in the predecessor's opinion, internal control of the company has been satisfactory. b. Whether the engagement should be accepted. c. Whether the predecessor's work should be utilized. d. Whether the company follows the policy of rotating its auditors.

Description : When a CPA is approached to perform an audit for the first time, the CPA should make inquiries of the predecessor auditor. This is a necessary procedure because the predecessor may be able to provide ... 's work should be utilized. d. Whether the company follows the policy of rotating its auditors.

Last Answer : Whether the engagement should be accepted.

When an independent auditor is approached to perform an audit for the first time, he/she should make inquiries of the predecessor auditor. Inquiries are necessary because the predecessor may be able to provide the successor with information that will assist the successor in determining whether a. A certain amount of audit fee will be acceptable to the client. b. An unqualified opinion may be issued. c. The audit documentation by the predecessor auditor can be utilized. d. The engagement proposal should be accepted

Description : When an independent auditor is approached to perform an audit for the first time, he/she should make inquiries of the predecessor auditor. Inquiries are necessary because the predecessor may ... documentation by the predecessor auditor can be utilized. d. The engagement proposal should be accepted

Last Answer : The engagement proposal should be accepted

When the auditor knows that an illegal act has occurred, the auditor must a. Issue an adverse opinion. b. Withdraw from the engagement. c. Report it to the proper government authorities. d. Consider the effects on the financial statements, including the adequacy of disclosure.

Description : When the auditor knows that an illegal act has occurred, the auditor must a. Issue an adverse opinion. b. Withdraw from the engagement. c. Report it to the proper government authorities. d. Consider the effects on the financial statements, including the adequacy of disclosure.

Last Answer : Consider the effects on the financial statements, including the adequacy of disclosure.

A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period

Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an ... bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period

Last Answer : Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid

A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2010 financial statements when fees for the 2009 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting ... firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

Last Answer : Issued an unqualified opinion on the 2010 financial statements when fees for the 2009 audit were unpaid

An auditor needs not abide by a Philippines Standard on Auditing if the auditor believes that a. The amount is insignificant. b. The requirement of the PSA is impractical to perform. c. The requirement of the PSA is impossible to perform. d. Any of the above three is correct

Description : An auditor needs not abide by a Philippines Standard on Auditing if the auditor believes that a. The amount is insignificant. b. The requirement of the PSA is impractical to perform. c. The requirement of the PSA is impossible to perform. d. Any of the above three is correct

Last Answer : Any of the above three is correct

Which of the following best describes why publicly-traded corporations follow the practice of having the outside auditor appointed by the board of directors or elected by the stockholders? a. To comply with the regulations of the Accounting Standards Council. b. To emphasize auditor independence from the management of the corporation. c. To encourage a policy of rotation of the independent auditors. d. To provide the corporate owners with an opportunity to voice their opinion concerning the quality of the auditing firm selected by the director

Description : Which of the following best describes why publicly-traded corporations follow the practice of having the outside auditor appointed by the board of directors or elected by the stockholders? a. ... opportunity to voice their opinion concerning the quality of the auditing firm selected by the director

Last Answer : To emphasize auditor independence from the management of the corporation

For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of accounting principles or any auditing and reporting standards discussed with management. b. Confirmation of material accounts receivable balance at the end of the year. c. Planned audit procedure to obtain sufficient appropriate audit evidence regarding opening balances. d. Assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Last Answer : Confirmation of material accounts receivable balance at the end of the year.

If an auditor had a substantial stock investment in a client that s(he) was auditing, which of the following would be true? a. The auditor would lack independence. b. The auditor would be violating the PASB standards. c. The auditor would be violating the Institute of Management Accounting standards d. The auditor would be violating the IIA standards

Description : If an auditor had a substantial stock investment in a client that s(he) was auditing, which of the following would be true? a. The auditor would lack independence. b. The auditor ... be violating the Institute of Management Accounting standards d. The auditor would be violating the IIA standards

Last Answer : The auditor would lack independence