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1. Which of the following statements is true as it relates to limited liability partnerships?

A) Only senior partners are liable for the partnership's debts.


B) Partners have no liability in a limited liability partnership arrangement.
C) Partners are personally liable for the acts of those under their supervision.
D) All partners must be AICPA members.

2. Which of the following best describes the roles of the AICPA and the PCAOB in establishing auditing standards?
A) Auditing standards issued by the AICPA and the PCAOB are considered minimum standards of performance for auditors.
B) The AICPA sets auditing standards for use in audits of non-public entities.
C) The PCAOB sets auditing standards for use in audits of publicly held companies.
D) All of the above.

3. The AICPA has authority to establish standards and rules in all but which of the following areas?
A) Auditing standards applicable to financial statements of private companies
B) Compilation and review standards
C) Code of Professional conduct
D) Auditing standards applicable to financial statements of private and public companies

4. Which of the following statement is the most correct answer?
A) All CPA firms registered with the PCAOB are required to undergo a peer review annually.
B) The Public Company Accounting Oversight Board (PCAOB) provides oversight to auditors of publicly traded and private
companies.
C) Form 10-K must be filed with the SEC whenever a public company experiences a significant event.
D) The overall purpose of the Securities and Exchange Commission is to assist in providing investors with reliable
information upon which to make investment decisions.

5. If an auditor of a public company cannot find guidance issued by the PCAOB on a particular audit matter, the
auditor should generally seek guidance from which of the following sources?
A) Statements on Auditing Standards
B) Statements on Standards for Accounting and Review Services
C) Regulations issued by the Securities and Exchange Commission
D) The AICPA Code of Professional Conduct

6. To exercise due professional care, an auditor should
A) Attain the proper balance of professional experience and formal education.
B) Critically review the work performed and judgment exercised by those assisting in the audit.
C) Examine all available corroborating evidence supporting management's assertions.
D) Design the audit to detect all instances of illegal acts.

7. What is the essential meaning of the generally accepted auditing standard that requires that the auditor be
independent?
A) The auditor must be without bias with respect to the client under audit.
B) The auditor must adopt a critical attitude during the audit.
C) The auditor's sole obligation is to third parties.
D) The auditor may have a direct ownership interest in his client's business if it is not material.

8. What is the general character of the three generally accepted auditing standards classified as general
standards?
A) Criteria for competence, independence, and professional care of individuals performing the audit.
B) Criteria for the content of the financial statements and related footnote disclosures.
C) Criteria for the content of the auditors' report on financial statements and related footnote disclosures.
D) Criteria of audit planning and evidence gathering.

9. To obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, the auditor must fulfill several performance responsibilities, including:
A) verifying that all audit work is performed by a CPA with a minimum of three years experience.
B) obtaining sufficient, appropriate audit evidence.
C) exercising professional judgment.
D) providing an opinion on the financial statements.

10. In order to properly plan and perform an audit, an important fact for both the auditor and the client to
understand is that:
A) the internal control policies and procedures are developed by the auditors.
B) the purpose of an audit is to prevent fraud.
C) management is responsible for the preparation of the financial statements.
D) management can restrict the auditor's access to important information relevant to the financial statements.

11. Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked
upon by practitioners as:
A) ideals to work towards, but which are not achievable.
B) maximum standards that denote excellent work.
C) minimum standards of performance that must be achieved on each audit engagement.
D) benchmarks to be used on all audits, reviews, and compilations.

12. A procedure in which a quality control partner periodically tests the application of quality control procedures
is most directly related to which quality control element?
A) Engagement performance.
B) Human resources.
C.) Leadership responsibilities for quality with the firm.
D) Monitoring

13. Requirements for training, independence and due professional care are included in which group of the
generally accepted auditing standards?
A) Fieldwork. B) General.
C) Reporting. D) Quality control

14. A requirement that working papers be reviewed by the supervisor, and any deficiencies be discussed with the
preparer is an example of a quality control procedure in the area of:
A) Acceptance and continuance of client relationships and specific engagements.
B) Engagement performance.
C) Human resources.
D) Relevant ethical requirements.

15. A requirement to design recruitment processes and procedures to help the firm select individuals meeting
minimum academic requirements established by the firm is an example of a quality control procedure in the area
of:
A) Acceptance and continuance of client relationships and specific engagements.
B) Engagement performance.
C) Human resources.
D) Relevant ethical requirements.

Answer:
CDDDA BAABC CDBBC

Problem_1

Answer :








DISCUSSION QEUESION 2-21
General Standards
1. The audit is to be performed by a person
or persons having adequate technical
training and proficiency is an auditor.
It was inappropriate for Holmes to hire the two students
to conduct the audit. The audit must be conducted by
persons with proper education and experience in the
field of auditing. Although a junior assistant has not
completed his or her formal education, he or she may
help in the conduct of the audit as long as there is proper
supervision and review.
2. In all matters relating to the assignment,
an independence in mental attitude is to
be maintained by the auditor or auditors.
To satisfy the second general standard, Holmes must be
without bias with respect to the client under audit.
Holmes has an obligation for fairness to the owners,
management, and creditors who may rely on the report.
Because of the financial interest in whether the bank
loan is granted to Ray, Holmes is independent in neither
fact nor appearance with respect to the assignment
undertaken.
3. Due professional care is to be exercised
in the performance of the audit and the
preparation of the report.\
This standard requires Holmes to perform the audit with
due care, which imposes on Holmes and everyone in
Holmes' organization a responsibility to observe the
standards of fieldwork and reporting. Exercise of due
care requires critical review at every level of supervision
of the work done and the judgments exercised by those
assisting in the audit. Holmes did not review the work or
the judgments of the assistants and clearly failed to
adhere to this standard.
Standards of Field Work
1. The work is to be adequately planned and
assistants, if any, are to be properly
supervised.
This standard recognizes that early appointment of the
auditor has advantages for the auditor and the client.
Holmes accepted the engagement without considering
the availability of competent staff. In addition, Holmes
failed to supervise the assistants. The work performed
was not adequately planned.
2. A sufficient understanding of the internal
controls is to be obtained to plan the
audit and to determine the nature,
timing, and extent of tests to be
performed.
Holmes did not obtain any understanding of the internal
control structure. There appears to have been no audit at
all. The work performed was more an accounting
service than it was an auditing service.


3. Sufficient, competent evidential matter is to
be obtained through inspection,
observation, inquiries, and confirmations
to afford a reasonable basis for an
opinion regarding the financial
statements under examination.
Holmes acquired no evidence that would support the
financial statements. Holmes merely checked the
mathematical accuracy of the records and summarized
the accounts. Standard audit procedures and techniques
were not performed.
Standards of Reporting
1. The report shall state whether the financial
statements are presented in accordance
with generally accepted accounting
principles.
Holmes' report made no reference to generally accepted
accounting principles. Because Holmes did not conduct
a proper audit, the report should state that no opinion
can be expressed as to the fair presentation of the
financial statements in
accordance with generally accepted accounting
principles.
2. The report shall identify those
circumstances in which such principles
have not been consistently observed in
the current period in relation to the
preceding period.
Holmes' improper audit did not result in a determination
of whether principles were consistently observed.
3. Informative disclosures in the financial
statements are to be regarded as
reasonably adequate unless otherwise
stated in the report
Management is primarily responsible for adequate
disclosure in the financial statements, but when the
statements do not contain adequate disclosures the
auditor should make such disclosures in the auditor's
report. In this case both the statements and the auditor's
report lack adequate disclosures.
4. The report shall either contain an
expression of opinion regarding the
financial statements taken as a whole or
an assertion to the effect that an opinion
cannot be expressed. When an overall
opinion cannot be expressed, the reasons
therefor should be stated. In all cases
where an auditor's name is associated
with financial statements, the report
should contain a clear-cut indication of
the character of the audit, if any, and the
degree of responsibility the auditor is
taking.
Although the Holmes report contains an expression of
opinion, such opinion is not based on the results of a
proper audit. Holmes should not express an opinion
because he failed to conduct an audit in accordance with
generally accepted auditing standards.

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