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Unformatted text preview: “C” applies to all members of a firm, including covered members. 8/5 D 9/6 A 10/7 D 11/8 A “E” was also a popular choice. However, as noted in class (Ch. 1 and 2 slides and referenced Exhibit 1.2), the reference is now to PCAOB auditing standards, not GAAS, in public company audit reports. Thus, “A” is correct. 12/9 D 13/10 D 14/11 C 15/12 D “E” was also chosen by many students. In class (Ch. 2 slides), we discussed audit committee responsibilities. The referenced Exhibit 2.3 makes clear that it oversees financial reporting in addition to the internal and external audit functions. 16/13 B 17/14 C 18/15 D 19/16 E “D” was also frequently selected. However, you are a covered member by virtue of being a partner in the same office as the lead partner (Ch. 3 discussion). That, in and of itself, doesn’t create an independence problem. 20/17 C 21/18 B 22/19 D 23/20 B 24/21 A 25/22 C...
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This note was uploaded on 09/26/2011 for the course ACC 358c taught by Professor Staff during the Spring '08 term at University of Texas.
- Spring '08