- GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET REGISTRATION
- GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET SOFTWARE
- GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET CODE
Prior to accepting the engagement, the firm must orally affirm its independence to the audit committee with all members present. Which of the following is a correct statement regarding the nature and timing of communications between an accounting firm performing an initial audit of an issuer and the issuer's audit committee? The payroll clerk of an issuer company did not answer questions about fraud truthfully during an interview with the auditor, at the instruction of the CFO. The audit committee approved a nonaudit service (tax return preparation) by the auditor, but this approval was not disclosed to investors. The head of internal audit at an issuer company worked for the public accounting firm that is now performing their audit.
GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET SOFTWARE
The auditor of an issuer company provided assistance to the company a year ago with their new accounting software package. Which of the following actions would violate Title III, Section 303, of the Sarbanes-Oxley Act? Prior to rules of the PCAOB becoming effective, they must be approved by the:Ĭongress. Prior to seeking approval of certain tax services from the audit committee, a registered public accounting firm must:ĭescribe in writing, to the audit committee, the scope of service and fee structure.ĭiscuss with the audit committee the potential effects of the services on independence of the firm.ĭocument the substance of the discussion with the audit committee.Īll of the answer choices are correct. nonaudit services to perform financial information systems design and implementation. Nonaudit services that were promptly brought to the attention of, and approved by, the audit committee prior to the completion of the audit. Nonaudit services with revenues in aggregate of less than 5% of the total revenues paid by the issuer to the auditor during the fiscal year in which the nonaudit services are provided. Nonaudit services to perform financial information systems design and implementation. Services that the issuer did not recognize as nonaudit services at the time of the engagement. Implementation and product services Advisory, implementation, and product services An auditor may provide an issuer client any of the following nonaudit services without impairing independence and without obtaining the preapproval of the audit committee, except: According to the profession's standards, which of the following would be considered consulting services?Īdvisory, implementation, and product services protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws.
Remove the impact of the private sector on the development of generally accepted accounting principles.Ĭreate additional jobs for accountants through additional regulatory requirements for public companies (issuers).
GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET REGISTRATION
Increase the cost of registration for public companies. Protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. It is up to audit committee to determine the cool-off period.įive years One year The primary purpose of the Sarbanes-Oxley Act is to: How long must the firm wait prior to being allowed to conduct the audit?
Performing an examination of prospective financial information Seeking a private letter ruling SOX Title II prevents a registered public accounting firm from performing an audit if a person employed at the client in a significant accounting position was previously employed at the registered public accounting firm and engaged on that audit. Performing a review of a financial statement Performing an audit of a financial statement
GENERALLY ACCEPTED AUDITING STANDARDS ARE QUIZLET CODE
According to the Code of Professional Conduct of the AICPA, for which type of service may a CPA receive a contingent fee? Contingent fees and commissions are currently not allowed. If they are approved by the audit committee.Ĭontingent fees and commissions are currently not allowed.
Based on Rule 3521 of the PCAOB, in order for registered public accounting firms to maintain independence, they can only accept contingent fees or commission:
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