Chapter 6

Question 1

Indepence for issuers vs non-issuers

Answer 1

difference is audit partners have no rotation under AICPA

Question 2

SEC partner rotation rules

Answer 2

5 years and 7 years

Question 3

what services must be pre-approved by audit committee of an issuer

Answer 3

TBD

Question 4

which tax services may be provided to an issuer?

Answer 4

TBD

Question 5

member class of independence

Answer 5

tbd

Question 6

what is a discreditable act

Answer 6

tbd

Question 7

when is a CPA not required to be independent when performing services for an issuer?

Answer 7

tbd

Question 8

what business relationship impairs auditors independence.

Answer 8

The Independence Rule of the Code of Conduct requires that members be independent in audits and attestation services. Independence is impaired if an auditor is an employee of an audit client or is able to make management decisions on behalf of an audit client.

Question 9

what gifts don’t impair independence

Answer 9

tbd

Question 10

2 CFR 200

Answer 10

TBD