Interest in a client an indirect financial interest

This preview shows page 4 - 6 out of 6 pages.

interest in a client. An indirect financial interest involves a removedrelationship, such as owning shares in a mutual fund that owns stock in acorporate client.
Question 8.Question :(TCO D) (CPA-04792.B) A CPA who isnotin public practice isobligated to follow which of the following rules of conduct?InstructorExplanation:
Question 9.Question :(TCO D) (CPA-03517.B) In auditing a not-for-profit entity that receivesgovernmental financial assistance, the auditor has a responsibility to:
the governmental financial assistance.InstructorExplanation:Choice "b" is correct. The auditor must assess whether managementhas identified laws and regulations that have a direct and materialeffect on the determination of amounts in an entity's financialstatements and obtain an understanding of the possible effects onthe financial statements of such laws and regulations.Question 10.Question :(TCO D) (CPA-02363.B) The permanent file of the audit documentationfor an engagement generally wouldnotinclude:
InstructorExplanation:Choice "c" is correct. A working trial balance is a part of the currentyear's audit documentation.
End of preview. Want to read all 6 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
N/A
Tags
Financial audit, Student Answer

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture