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ACC 562 Midterm Exam Guide
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ACC 562 Midterm Exam Guide

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Question 1

            CPAs are licensed by the                   

                       

                                   

Question 2

            The Certified Internal Auditor program is administered by the                                

                       

                                   

Question 3

            The objective of an operational audit is to                             

                       

                                   

Question 4

            As it relates to an audit, materiality is                       

                       

                                   

Question 5

           

            Independent professional services that are provided on financial or other information that improve the quality of decision making are known as                               

                       

                                   

Question 6

           

            An expectation of the public is that the auditor will recognize that the primary users of audit assurance are                              

                       

Question 7

            The primary governing board that performs quality reviews on registered CPA firms that audit public companies is the                                 

                       

                                   

Question 8

            An audit which has as its purpose the evaluation of the economy and efficiency with which resources are employed is known as a(n)                                   

                                   

Question 9

           

            Management of a company is responsible for            

                                   

Question 10

           

            The audit agency for the U. S. Congress is the                     

                       

Question 11

           

            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?                           

                                   

Question 12

           

            A proper system of corporate governance is one that demands                                

 

Question 13

            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:        

                                   

Question 14

           

            Which one of the following will provide auditing standards of public companies?                         

                                   

Question 15

           

            The responsibility for operating an enterprise is delegated to the:                            

                                   

Question 16

           

            The Sarbanes-Oxley Act of 2002 requires which of the following?                         

                                   

Question 17

           

            The audit client of the CPA firm is:                          

                                   

Question 18

            The Public Company Accounting Oversight Board was established by:                              

                                   

Question 19

            Audit committees are required to have what person in its composition?                              

                                   

 

Question 20

            Corporate governance is a process by which the owners and creditors of an organization                           

                                   

Question 21

           

            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?                                   

                                   

Question 22

           

            Independence is not required for which of the following types of services?                        

                                   

Question 23

            The AICPA Principles of Professional Conduct include which of the following?                           

                                   

Question 24

            An auditor that has an attitude that includes a questioning mind and a critical assessment of audit evidence is considered which of the following?                               

                                   

Question 25

            A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?    

                                   

Question 26

            Information about a client that cannot be subpoenaed by a court of law is referred to as what type of information?   

 

Question 27    

            Members of the AICPA are required to act with integrity and objectivity for which of the following engagements?

                                   

Question 28

            Which one of the following is an example of a conflict of interest for a CPA?                               

 

Question 29

            A CPA may only practice public accounting in which of the following forms?                   

                                   

Question 30

            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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