Auditing Chapter 19 Quiz and Chapter 20 Quiz

Auditing Chapter 19 Quiz and Chapter 20 Quiz - Chapter 19...

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Chapter 19 Quiz Review of attempt 1 Started on Monday, April 18, 2011, 10:32 PM Completed on Monday, April 18, 2011, 10:47 PM Time taken 15 mins 7 secs Grade 10 out of a maximum of 10 ( 100 %) Question 1 Marks: 1 Which of the following is not a principle of professional conduct as defined by the Code of Professional Conduct? Choose one answer. a. Integrity b. Due care c. Reporting d. Scope and nature of services Correct Marks for this submission: 1/1. Question 2 Marks: 1 In determining estimates of fees, an auditor may take into account each of the following, except the Choose one answer. a. Value of the service to the client b. Degree of responsibility assumed by undertaking the engagement c. Skills required to perform the service d. Attainment of specific findings Correct Marks for this submission: 1/1. Question 3 Marks: 1 A violation of the profession's ethical standards would most likely have occurred when a CPA Choose one answer. a. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period b. Made arrangements with a bank to collect notes issued by a client in payment of fees due c. Named Smith formed a partnership with two other CPAs and used "Smith & Co." as the firm name d. Issued an unqualified opinion on the 2009 financial statements when fees for the 2008 audit were unpaid
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Correct Marks for this submission: 1/1. Question 4 Marks: 1 A CPA's retention of client records as a means of enforcing payment of an overdue audit fee is an action that is Choose one answer. a. Considered acceptable by the AICPA Code of Professional Conduct b. Ill-advised because it would impair the CPA's independence with respect to the client c. Considered discreditable to the profession d. A violation of generally accepted auditing standards Correct Marks for this submission: 1/1. Question 5 Marks: 1 Which of the following statements best describes why the profession of certified public accountants has deemed it essential to promulgate a code of conduct and to establish a mechanism for enforcing observance of the code? Choose one answer. a. Ethical standards are established so that users of accounting services know what to expect, the professionals know what behaviors are acceptable, and overseers can take disciplinary action when appropriate b. A prerequisite to success is the establishment of an ethical code that stresses primarily the professional's responsibility to clients and colleagues c. A requirement of most state laws calls for the profession to establish a code of conduct d. An essential means of self-protection for the profession is the establishment of flexible ethical standards by the profession Correct Marks for this submission: 1/1. Question 6
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This note was uploaded on 05/06/2011 for the course AUDITING 4505 taught by Professor Messier during the Spring '11 term at University of Minnesota Duluth.

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Auditing Chapter 19 Quiz and Chapter 20 Quiz - Chapter 19...

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