ACC 562 Midterm Exam Guide
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CPAs are licensed by the
The Certified Internal Auditor program is administered by the
The objective of an operational audit is to
As it relates to an audit, materiality is
Independent professional services that are provided on financial or other information that improve the quality of decision making are known as
An expectation of the public is that the auditor will recognize that the primary users of audit assurance are
The primary governing board that performs quality reviews on registered CPA firms that audit public companies is the
An audit which has as its purpose the evaluation of the economy and efficiency with which resources are employed is known as a(n)
Management of a company is responsible for
The audit agency for the U. S. Congress is the
An audit committee must be comprised of outside directors and at least one outside financial expert. Which of the following is considered an outside director?
A proper system of corporate governance is one that demands
Section 304 of the Sarbanes-Oxley Act requires executives to forfeit any bonus or incentive-based pay or profits (including stock options) from the sale of stock received in the twelve months prior to an earnings restatement. This is often referred to as:
Which one of the following will provide auditing standards of public companies?
The responsibility for operating an enterprise is delegated to the:
The Sarbanes-Oxley Act of 2002 requires which of the following?
The audit client of the CPA firm is:
The Public Company Accounting Oversight Board was established by:
Audit committees are required to have what person in its composition?
Corporate governance is a process by which the owners and creditors of an organization
In determining the types of activities, engagements and interactions an auditor should have with a client, the CPA and the audit firm must do which of the following?
Independence is not required for which of the following types of services?
The AICPA Principles of Professional Conduct include which of the following?
An auditor that has an attitude that includes a questioning mind and a critical assessment of audit evidence is considered which of the following?
A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?
Information about a client that cannot be subpoenaed by a court of law is referred to as what type of information?
Members of the AICPA are required to act with integrity and objectivity for which of the following engagements?
Which one of the following is an example of a conflict of interest for a CPA?
A CPA may only practice public accounting in which of the following forms?
Which of the following describes a situation in which moral duties or obligations conflict and one action is not necessarily the correct action?
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Discuss one (1) way in which you anticipate using what you have learned from this course in your current or future career. Provide one (1) specific example to support your response. Speculate on one (1) specific auditing area presented in this course that you believe may be eliminated, added,..
From the case study, evaluate the quality of REDTOP’s internal audit function. Based on your evaluation, recommend at least two (2) changes that you would make in order to improve the quality of REDTOP’s internal audit function. Provide a rationale to support your response. From the case stud..
From the case study, determine the main potential ethical dilemmas. Next, use the seven (7) steps in the ethical decision-making framework to recommend one (1) course of action you would take in order to avoid the ethical dilemmas. Provide a rationale to support your recommendation. 1. &..
From the e-Activity, analyze the auditor’s responsibility to determine if a company can continue as a going concern. From your analysis, propose at least two (2) key factors that the auditor should consider when determining an entity’s ability to continue as a going concern. Provide a rationale t..
From the e-Activity, determine the main reasons why several members of top management in Phar-Mor perpetrated the financial statement fraud. Next, recommend one (1) strategy that the auditors might have taken to detect or prevent the fraud. Provide a rationale to support your recommendation. ..
From the e-Activity, support or critique the idea that the Committee of Sponsoring Organization of the Treadway Commission (COSO) transition would strengthen internal controls over financial reporting in publicly traded companies. Provide a rationale to support your response. From ..
Imagine you work for an auditing firm. Your most recent task is to determine whether or not your firm should bid to perform the auditing services of a public company. Determine the fundamental kind of information that you need in order to make an informed decision as to whether or not to bid on t..
From the first e-Activity, determine at least two (2) AICPA Professional Conduct principles that are most likely to be violated. Provide a rationale to support your response. •From the second e-Activity, recommend at least two (2) additional responsibilities that the audit committee shou..
From the case study, use the ethical framework to propose a course of action that you would take concerning the audit. Provide a rationale for your response. Imagine that you work for an audit firm and the firm selected you to assess its auditor independence and the potential threats to ..
Analyze the changes made to corporate governance rules since the implementation of the Sarbanes–Oxley Act of 2002. Based on your analysis, formulate an opinion on whether or not these changes are sufficient in preventing financial fraud. Provide a rationale for your response. Debate it! Audit..
Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your response. Analyze the audit opinion formulation process and suggest at least one (1) improvement t..
Question 1 CPAs are licensed by the  ..
1.Developing an understanding of the client's business and industry is essential to proficiency as discussed in the general standards of GAAS. (Points: 4) True False 2. Ratio analysis only involves a year-to-y..
This Tutorial contains 2 Different PPT Review the Freescale Semiconductor case, located in Chapter 9 of your textbook. Prepare a twelve to twenty (12-20) slide PowerPoint presentation with speaker notes in which you: 1. Give your opinion as to whether ..
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