ACC 403 Quiz 3 Set 3
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ACC 403 Quiz 3 Set 3
1. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include:
2. In an action against a CPA in a jurisdiction that follows the Ultramares doctrine, lack of privity is a viable defense provided the plaintiff:
3. An individual who is not party to the contract between a CPA and the client, but who is known by both and is intended to receive certain benefits from the contract is known as:
4. Which of the following most accurately describes fraud?
5. The principal issue to be resolved in cases involving alleged negligence is usually:
6. To succeed in an action against the auditor, the client must be able to show that:
7. The principal issue in cases involving alleged negligence is usually:
8. While the Foreign Corrupt Practices Act of 1977 remains in effect, its internal control provisions have been largely superseded by which of the following?
9. The laws that have been developed through court decisions are called:
10. Which of the following auditor's defenses usually means nonreliance on the financial statements by the user?
11. In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if:
12. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of:
13. In the auditing environment, failure to meet auditing standards is often:
14. Recklessness in the case of an audit is present if the auditor knew an adequate audit was not done but still issued an opinion, even though there was no intent to deceive financial statement users. This description is the legal term for:
15. In the performance of an audit, a CPA:
16. If a client has violated federal tax laws:
17. In testing for cutoff, the objective is to determine:
18. The concept of reasonable assurance indicates that the auditor is:
19. The cycle approach to auditing:
20. Which of the following is not one of the three categories of assertions?
21. When an auditor believes that an illegal act may have occurred, the auditor should first:
22. The posting and summarization audit objective is the auditor's counterpart to management's assertion of:
23. If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor:
24. When an auditor knows that an illegal act has occurred, she must:
25. Which of the following assertions is described as "this assertion addresses whether all transactions that should be included in the financial statements are in fact included"?
26. In certifying their annual financial statements, the CEO and CFO of a public company certify that the financial statements comply with the requirements of:
27. The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to:
28. The auditor's best defense when material misstatements are not uncovered is to have conducted the audit:
29. An audit must be performed with an attitude of professional skepticism. Professional skepticism consists of two primary components: a questioning mind and:
30. The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the:
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