Module B HW - 1. Which B Student: of the following is NOT a...

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1. Which B Student: of the following is NOT a key element of the definition of ethics? A. B. C. D. Reflective choice Moral principles Definitive conclusions Consequences of decisions 2. Which of the following defines the imperative principle of ethics? A. B. C. D. Ethic decisions cannot be resolved without evaluating all possible outcomes of all choices. Ethics are a function of moral rules and principles. All ethical decisions will have positive and negative consequences. It is essential that decisions be made for the greater good of society. 3. Which of the following philosophical principles in ethics places emphasis on the consequences of action, rather than on following the rules? A. B. C. D. Imperative principle. Utilitarianism principle. Generalization principle. Moral principle. 4. What agency has the ultimate authority in defining independence for public companies? A. B. C. D. AICPA SEC Department of Justice Congress 5. Which of the following is the responsibility of the Professional Ethics Executive Committee? A. B. C. D. Enforce SEC ethical standards. Act as an investigative body of the AICPA when ethical violations are suspected. Make and enforce all the rules of conduct for CPAs who are AICPA members. Establish minimal ethical standards for financial reporting. 6. Which of the following is NOT one of the AICPA Principles of Professional Conduct? A. B. C. D. Responsibilities Reliability Objectivity Due Care 7. Dara & Co. audit Hill Corporation. Ellie is the engagement partner on the audit with an office in Buffalo Grove. Which of the following would NOT be considered a covered member? A. Jason, who is a member of the attest engagement team with an office in Elmhurst. B Adam, who is a tax partner and provided 50 hours of tax service to Hill Company during the year of the . audit with an office in Elmhurst. C. Ben, a partner in Dara & Company, with an office in Buffalo Grove. D. Julie, a partner in Dara & Company, with an office in Elmhurst. 8. Which of the following is NOT included in Rule of Conduct 102, Integrity and Objectivity? A. B. C. D. Prudent assessment of facts Free of conflict of interests Not knowingly misrepresent facts Not subordinate judgment to others 9. Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor? A. B. C. D. The CPA firm's engagement partner. The CPA firm's quality control partner. The client's senior management. The audit committee. 10. According to Sarbanes-Oxley, the audit committee must pre-approve all audit and non-audit services. This can be done A. B. C. D. Case-by-case basis: Yes; Through established policies: No; Delegating the responsibility: Yes Case-by-case basis: Yes; Through established policies: Yes; Delegating the responsibility: No Case-by-case basis:
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No; Through established policies: Yes; Delegating the responsibility: No Case-by-case basis: No; Through established policies: No; Delegating the responsibility: Yes 11. Which of the following is NOT a restriction placed on audit partners by Sarbanes-
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Module B HW - 1. Which B Student: of the following is NOT a...

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