ACC562 Week 5 Midterm Exam;ACC 562 Week 5 Midterm Exam;Question 1;Congress authorized which of the following organizations to establish generally accepted accounting principles for public companies?;Answer;Question 2;As it relates to an audit, materiality is;Answer;Question 3;The audit committee of the board of directors of a company is responsible for;Answer;Question 4;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 5;What is the criteria used in an operational audit?;Question 6;The organization that issued the Internal Control, Integrated Framework which serves as the primary criterion for evaluating the quality of a company?s internal control system is;Question 7;The AICPA remains a valuable organization because of its continuing involvement in;education and administration of the CPA exam.;Question 8;Auditing is important in a free market society because;Question 9;The criteria against which the auditor measures the fairness of financial statement presentation are known as;Question 10;The Certified Internal Auditor program is administered by the;Question 11;Which of the following are the CEO and CFO of a public company prohibited from performing under the Sarbanes-Oxley Act of 2002?;Question 12;According to the Sarbanes-Oxley Act of 2002, how often must audit managers and partners rotate off an engagement of a public company?;Question 13;Corporate governance is a process by which the owners and creditors of an organization;Question 14;A proper system of corporate governance is one that demands;Question 15;The organization that will continue to set auditing standards for firms auditing private companies is the;Question 16;The responsibility for operating an enterprise is delegated to the;Question 17;The audit client of the CPA firm is;Question 18;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 19;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 20;The Public Company Accounting Oversight Board was established by;Question 21;Which of the following describes a situation in which an individual is morally or ethically required to do something that conflicts with his or her immediate self-interest?;Question 22;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 23;A CPA may only practice public accounting in which of the following forms?;Question 24;Which of the following describes a situation in which moral duties or obligations conflict and one action is not necessarily the correct action?;Question 25;William Tyler, CPA, may not accept a commission for recommending a product or service to which type of client?;Question 26;Independence is not required for which of the following types of services?;Question 27;Members of the AICPA are required to act with integrity and objectivity for which of the following engagements?;? Question 28;A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client?;Question 29;Which one of the following is an example of a conflict of interest for a CPA?;Question 30;Information about a client that cannot be subpoenaed by a court of law is referred to as what type of information?
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