ACC 403 help A Guide to career/Snaptutorial ACC 403 help A Guide to career/Snaptutorial | Page 25

9. For privately held companies who is responsible for establishing
auditing standards?
10. The "Principles Underlying an Audit in Accordance with
Generally Accepted Auditing Principles" provides a framework to
help auditors:
11. The Public Company Accounting Oversight Board:
12. Statements on Standards for Accounting and Review Services
are issued by the:
13. The auditor's responsibility section of the standard audit report
states that the auditor is:
14. The standard unqualified audit report:
15. Under AICPA auditing standards, the primary auditor issuing the
opinion on the financial statements is called the:
16. An audit of historical financial statements most commonly
includes the:
17. The standard unqualified audit report for public entities includes
the following three paragraphs:
18. If most or all users' decisions that are based on the financial
statements are likely to be significantly affected, the materiality level
is:
19. Which of the following is required for a firm to designate itself
"Member of the American Institute of Certified Public Accountants"
on its letterhead?
20. The Sarbanes-Oxley Act requires a cooling off period of
________ before a member of an audit team can work for a client in a
key management position?
21. The Sarbanes-Oxley Act ________ a CPA firm from doing both
bookkeeping and auditing services for the same public company
client.
22. Which of the following services are allowed by the SEC
whenever a CPA also audits the company?
23. "Independence" in auditing means:
24. Several months after an unqualified audit report was issued, the
auditor discovers the financial statements were materially misstated.
The client's CEO agrees that there are misstatements, but refuses to
correct them. She claims that "confidentiality" prevents the CPA from
informing anyone. Which of the following statements is correct?