AUD 2 Professional Responsibilities and Ethics 8 Flashcards

Question 1

Q

Privacy Acts

Congress passed certain laws that are designed to protect ind_______s from professionals or institutions that may use their client information in an appropriate manner.

Answer

A

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.

Question 2

Q

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client in_________ in an appropriate manner.

Answer

A

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.

Question 3

Q

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or ins_______s that may use their client information in an appropriate manner.

Answer

A

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.

Question 4

Q

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.

The Gramm-Leach–Bliley Act requires t__ planners and t__ preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Answer

A

Privacy Acts

Congress passed certain laws that are designed to protect individuals from professionals or institutions that may use their client information in an appropriate manner.

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Question 5

Q

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to no___y clients about the information that will be obtained and policies for protecting the client’s information.

Answer

A

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Question 6

Q

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be ob___ed and policies for protecting the client’s information.

Answer

A

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Question 7

Q

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for pro___ing the client’s information.

Answer

A

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Question 8

Q

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s in________n.

Answer

A

Privacy Acts

The Gramm-Leach–Bliley Act requires tax planners and tax preparers to notify clients about the information that will be obtained and policies for protecting the client’s information.

Question 9

Q

Privacy Acts

The Financial Services Modernization Act of 1999 pro_____s a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Question 10

Q

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a f_______l institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Question 11

Q

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from s___ing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Question 12

Q

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s co_____.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Question 13

Q

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without f____ obtaining the customer’s consent.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999 prohibits a financial institution from sharing client information, other than with other financial institutions, without first obtaining the customer’s consent.

Question 14

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing t__ planning, financial planning or t__ returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 15

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain dis_______s be made either in writing or electronically to all clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 16

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in w___ing or ele________y to all clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 17

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to ___ clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 18

Q

Privacy Acts

Fe_____ Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 19

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax p_____ing, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

Question 20

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of pe\_\_\_\_\_\_ info to be collected, disclosed and to which third parties this info may be disclosed.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

Question 21

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, dis\_\_\_\_ed and to which third parties this info may be dis\_\_\_\_ed.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 22

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which th\_\_\_ parties this info may be disclosed.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

Question 23

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s po\_\_\_\_ on sharing info of past clients and the po\_\_\_\_ regarding protecting the confidentiality, security and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 24

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on s\_\_\_ing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 25

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding pro\_\_\_\_\_ing the confidentiality, security and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 26

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the con\_\_\_\_\_\_\_\_\_y, security and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 27

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, se\_\_\_\_\_y and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 28

Q

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and in\_\_\_\_\_y of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 29

Q

Privacy Acts

Federal Privacy Dis_______ Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Answer

A

Privacy Acts

Federal Privacy Disclosure Rules – Gramm-Leach-Bliley Act

• When performing tax planning, financial planning or tax returns, the Federal Trade Commission (FTC) requires certain disclosures be made either in writing or electronically to all clients.

     o The categories of personal info to be collected, disclosed and to which third parties this info may be disclosed.

     o The CPA’s policy on sharing info of past clients and the policy regarding protecting the confidentiality, security and integrity of the info.

Question 30

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from s___ing private personal info to nonaffiliated third parties without prior notice to the client.

Can still s____ with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 31

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Pro_____s financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 32

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing pri____ personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 33

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nona______ed third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 34

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated th___ parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 35

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties w_____ prior notice to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 36

Q

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior no____ to the client.

Can still share with other financial institutions and its affiliates.

Answer

A

Privacy Acts

The Financial Services Modernization Act of 1999

• Prohibits financial institutions from sharing private personal info to nonaffiliated third parties without prior notice to the client.

Can still share with other financial institutions and its affiliates.

Question 37

Q

Working Paper (Audit Documentation)

The accountant, not the c_____, owns the working papers that an accountant creates during an engagement.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 38

Q

Working Paper (Audit Documentation)

The acc_______, not the client, owns the working papers that an accountant creates during an engagement.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 39

Q

Working Paper (Audit Documentation)

The accountant, not the client, o__s the working papers that an accountant creates during an engagement.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 40

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working p____s that an accountant creates during an engagement.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 41

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant cr____s during an engagement.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 42

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an en__________.

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Question 43

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must ma______ confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Question 44

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain con________y, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Question 45

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during en_________s to other parties

without the per________ of the client

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Question 46

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot pr_____ the papers or information obtained during engagements to other parties

without the permission of the client

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

Question 47

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the pa___s or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 48

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client con________ty does not preclude a CPA from providing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 49

Q

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing ac___s to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 50

Q

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a ___ from providing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 51

Q

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from pro___ing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 52

Q

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other me____s of his/her firm).

Answer

A

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 53

Q

Working Paper (Audit Documentation)

(it should be noted that c____ confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 54

Q

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant m___ maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Answer

A

Working Paper (Audit Documentation)

The accountant, not the client, owns the working papers that an accountant creates during an engagement.

Nevertheless, the accountant must maintain confidentiality, and

cannot provide the papers or information obtained during engagements to other parties

without the permission of the client

(it should be noted that client confidentiality does not preclude a CPA from providing access to other members of his/her firm).

Question 55

Q

Working Paper (Audit Documentation)

There are some exceptions to con________ty, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena – the accountant must honor a valid court order to turn over information.
IRS administrative subpoena.
Court order (unless rare state with privilege statute).
Quality control peer review – The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Question 56

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid sub____a
IRS administrative subpoena
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 57

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Va___ subpoena
IRS administrative subpoena
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 58

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
I__ administrative subpoena
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 59

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative sub____a
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 60

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS ad_________e subpoena
Court order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 61

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court o____
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 62

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Co___ order
Quality control peer review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 63

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control p____ review

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Question 64

Q

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer re____

Answer

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Answer 65

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Answer 66

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena
IRS administrative subpoena
Court order
Quality control peer review

Answer 67

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena – the accountant must honor a valid court order to turn over information.
IRS administrative subpoena.
Court order (unless rare state with privilege statute).
Quality control peer review – The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 68

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Valid subpoena – the accountant must honor a valid court order to turn over information.

Answer 69

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Valid subpoena – the accountant must honor a valid court order to turn over information.

Answer 70

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena – the accountant must honor a valid court order to turn over information.
IRS administrative subpoena.

• Court order
(unless rare state with privilege statute).

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 71

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 72

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 73

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 74

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 75

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 76

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 77

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 78

A

Working Paper (Audit Documentation)

There are some exceptions to confidentiality, including:

Valid subpoena – the accountant must honor a valid court order to turn over information.
IRS administrative subpoena.

• Court order
(unless rare state with privilege statute).

• Quality control peer review
– The accountant may allow other accountants and the PCAOB to see confidential information in connection with a valid program of peer review.

Answer 79

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 80

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 81

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 82

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 83

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 84

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 85

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 86

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 87

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 88

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 89

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

Answer 90

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 91

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 92

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 93

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 94

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 95

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 96

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 97

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 98

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 99

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Answer 100

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 101

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 102

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 103

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 104

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 105

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 106

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 107

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 108

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 109

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 110

A

Working Paper (Audit Documentation)

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist

if the client waives the privilege.

Answer 111

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 112

A

Working Paper (Audit Documentation)

Common law does not recognize the concept of privilege, which would allow the accountant to refuse to honor a court subpoena.

A small number of states have enacted privilege statutes, and

the federal government now recognizes working papers developed in connection with the preparation of a tax return to be privileged in certain circumstances.

Nevertheless, privilege may not be used

if the accountant has already provided some of the information requested in the subpoena, and

the purpose of privilege is to protect the client, not the accountant,

so the accountant may not assert privilege even where privilege statutes exist if the client waives the privilege.

Answer 113

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Answer 114

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

Answer 115

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

Answer 116

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

Answer 117

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

Answer 118

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 119

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 120

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 121

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 122

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 123

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 124

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 125

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 126

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 127

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

Established the Public Company Accounting Oversight Board (PCAOB) to regulate auditors of public companies – subject to SEC oversight.

SOX led to “integrated audits” in which auditors’ report on audits of both the financial statements and on internal control over financial reporting for public audit clients.

Answer 128

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

This “integrated audits” eliminated a significant portion of the accounting profession’s system of self-regulation.

Answer 129

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

This “integrated audits” eliminated a significant portion of the accounting profession’s system of self-regulation.

Answer 130

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

This “integrated audits” eliminated a significant portion of the accounting profession’s system of self-regulation.

Answer 131

A

Sarbanes-Oxley Act (SOX)

Sarbanes-Oxley Act (SOX) was created to restore investor’s confidence.

This “integrated audits” eliminated a significant portion of the accounting profession’s system of self-regulation.

Answer 132

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 133

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 134

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 135

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 136

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 137

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 138

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 139

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 140

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 141

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 142

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 143

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 144

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 145

A

Sarbanes-Oxley Act (SOX)

The PCAOB is a private-sector, nonprofit corporation,

created by the Sarbanes-Oxley Act of 2002,

to oversee the auditors of public companies, or issuers,

in order to protect the interests of investors

and further the public interest

in the preparation of informative, fair, and independent audit reports.

Answer 146

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 147

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 148

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 149

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 150

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 151

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 152

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 153

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 154

A

Sarbanes-Oxley Act (SOX)

In some cases, nonissuers not subject to the requirements of SOX may nonetheless request an audit conducted in accordance with PCAOB standards.

AU-C 700 reminds practitioners that, in such cases, the auditor is still required to also conduct the audit in accordance with generally accepted accounting standards (GAAS).

Answer 155

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

Title II – Auditor Independence

Title III – Corporate Responsibility

Title IV – Enhanced Financial Disclosures

Title V – Analyst Conflict of Interest

Title VI – Commission Resources and Authority

Title VII – Studies and Reports

Title VIII – Corporate and Criminal Fraud Accountability

Title IX – White Collar Crime Penalty Enhancements

Answer 156

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 157

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 158

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 159

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 160

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 161

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

Answer 162

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 101 – Establishes the Board (PCAOB), which consists of
5 full time members,
2 of which are CPAs,
all appointed by the SEC.

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 163

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 164

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 165

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 166

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 167

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 168

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 169

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 102 – Requires public accounting firms to register with the Board in order to issue or participate in the issuance of an audit report for an issuer.

Answer 170

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 171

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 172

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 173

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 174

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 175

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

Answer 176

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 177

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 178

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 179

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 180

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 181

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 182

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

Answer 183

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 184

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 185

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 186

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 187

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 188

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

Answer 189

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

Answer 190

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

Answer 191

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

Answer 192

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

Answer 193

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

Answer 194

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

Answer 195

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

Answer 196

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 197

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 198

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 199

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 200

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 201

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 103 – Authorizes the Board to establish
audit standards,
quality control standards, and
ethics standards
to be used by registered public accounting firms
in the preparation and issuance of audit reports.

The board also inspects, investigates, and disciplines public accounting firms and enforces compliance with the act.

     o Standards either by the AICPA (ASB) or the PCAOB or a combination of the two.

     o Must keep workpapers for 7 years from report release date.

     o A second partner is required to review all audit reports.

     o Audit reports must describe the scope of testing for I/C.

Answer 202

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 203

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 204

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 205

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 206

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 207

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

Answer 208

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 209

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 210

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 211

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 212

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 213

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 214

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 215

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 216

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually

Answer 217

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 218

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 219

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 220

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 221

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 222

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 223

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board:

      o Must be performed every year for firms that provide more than 100 audit reports annually.

      o At least every 3 years if 100 or less annually
             ▪ A written report of findings, including deficiencies discovered, is provided to the SEC and made available to the public.

Answer 224

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 105 – Gives Board authority to conduct investigations and obtain all relevant info.

Answer 225

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 105 – Gives Board authority to conduct investigations and obtain all relevant info.

Answer 226

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 105 – Gives Board authority to conduct investigations and obtain all relevant info.

Answer 227

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

• 105 – Gives Board authority to conduct investigations and obtain all relevant info.

  o Power to 
    suspend auditors, 
    revoke the registration of the accounting firm, 
    or impose penalties for violations 
   or for unwillingness to cooperate with an investigation.