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AUD > Professional Responsbilities > Flashcards

Professional Responsbilities Flashcards

1
Q

Is the AICPA Code of Professional Conduct applicable to all members of the AICPA?

A

Yes

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2
Q

What is a distinguishing mark of a profession that accepta a high degree of responsibility toward the public?

A

Professional Code of Conduct

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3
Q

What article speaks about how members should exercise sensitive professional and moral judgments in all their activities?

A

Article 1 - Responsibilities

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4
Q

What Article discusses objectivity and independence?

A

Article IV

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5
Q

What does objectivity apply to?

A

All services rendered

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6
Q

What does independence apply to?

A

Attestation services

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7
Q

What Article discusses due care?

A

Article V

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8
Q

What Rule discusses Independence?

A

Rule 101

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9
Q

What services does not require independence?

A

Compilations and Nonattestation services

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10
Q

When an auditor is not independent for a compilation, does the auditor have to disclose it?

A

Yes

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11
Q

Is independence impaired if a covered member has a direct financial interest or a material indirect financial interest in an attestation client?

A

Yes

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12
Q

Independence is not impaired in a financial institution client by?

A

Fully collateralized car loans with a financial institution client, cash advance or credit card balances not exceeding $10,000, a bank account that is fully insured by the government, and a passbook loan

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13
Q

Is independence impaired if a member makes management decisions for an attest client?

A

Yes

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14
Q

Can a member of the engagement team be a member of an honorary trustee for a nonprofit charitable without impairing independence?

A

Yes

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15
Q

Does fees overdue by 1 year impair independence?

A

Yes

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16
Q

Does actual or threatened litigation impair independence?

A

Yes

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17
Q

What services must a member maintain integrity and objectivity?

A

Any professional service

18
Q

What Rule discusses General Standards?

A

Rule 201

19
Q

A member must comply with the following standards in all engagements?

A

Professional Competence, Due professional care, and sufficient relevant data

20
Q

What Rule discusses Compliance with Standards?

A

Rule 202

21
Q

What Rules discuss Accounting Principles?

A

Rule 203

22
Q

What Rules discuss Confidential Client Information?

A

Rule 301

23
Q

What are the exceptions for when a member can disclose confidential information?

A

Subpoena or summon, quality review(peer review), and inquiry either made by the ethics division or the trial board

24
Q

What Rule discusses Contingent Fees?

A

Rule 302

25
Q

A contingent fee is established for performing services where?

A

No fee is charged unless a specific finding or result is obtained or the fee amount is dependent upon the finding or result obtained

26
Q

What rule discusses Discreditable Acts?

A

Rule 501

27
Q

The following acts are discreditable to the profession?

A

Failure to return records to a client after the client makes demand

28
Q

What Rule discusses Advertising and Other Forms of Solicitation?

A

Rule 502

29
Q

What Rule discusses Commissions and Referral Fees?

A

Rule 503

30
Q

What Rule discusses a Form of Organization and Name?

A

Rule 505

31
Q

How long can a remaining member continue to practice under the partnership name if the others died?

A

2 years

32
Q

The PCAOB is subject to oversight by the SEC and has the duty to?

A

Register public accounting firms that prepare audit reports for issuers, establish rules relating to the preparation of audit reports for issuers, and conduct inspections, investigations, and disciplinary proceedings concerning registered public account firms

33
Q

How long does the PCAOB require registered firms to maintain documentation?

A

7 years

34
Q

How often should lead audit and coordinating partner and the reviewing partner rotate off the audit?

A

5 years

35
Q

Is independence impaired by contingent fees?

A

Yes

36
Q

How often should other audit partners rotate off the audit engagement?

A

7 years

37
Q

How long is the other audit partners “time out” period?

A

2 years

38
Q

Pre-approval by the audit committee is not required for what services?

A

Non-audit services that do not exceed 5 percent of total revenues

39
Q

Can registered public accounting firms provide tax services related to certain confidential or aggressive tax transactions?

A

No

40
Q

Can registered public accounting firms provide tax services to corporate officers of audit clients?

A

No

41
Q

What are the 3 broad categoires of misconduct of the state board of accountancy?

A

Misconduct while performing accounting services, misconduct outside the scope of accounting services, and criminal conviction

42
Q

Is the accountant entitled to a due process of law when facing disciplinary action by the state board of public accountancy?

A

Yes

AUD (33 decks)

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