SIM Review Flashcards
1
Q
auditors responsibility for subsequent events
A
auditor is responsible to investigate subsequent events between FS date and auditor report
auditor has no responsibility for making inquiries after issuance, but should consider implications
2
Q
according to SEC, how many years until audit partner must rotate off
A
7 years
3
Q
independence impaired if credit card balance exceeds what amount?
A
$10,000
4
Q
according to AICPA, if firm wishes to offer attest services, what % of it must be owned by CPAs?
A
greater than 50%
