SOX

Question 1

The Sarbanes-Oxley Act of 2002 imposes a mandatory rotation applicable to both the audit engagement partner and the quality control (also called review) partner. How long in total is the partner allowed to serve as the engagement partner or review partner before someone else must serve in that capacity?
	A.  	3 years.
	B.  	5 years.
	C.  	7 years.
	D.  	10 years

Answer 1

B

Question 2

Audit documentation associated with public companies must be retained for at least
	A.  	3 years.
	B.  	5 years.
	C.  	7 years.
	D.  	10 years

Answer 2

C

Question 3

An auditor should ordinarily add an explanatory paragraph to the auditor’s report to identify a material matter related to
A. A change in reporting entity resulting from a specific transaction or event.
B. A change in accounting principle caused by the issuance of a new authoritative accounting standard that rendered the principle previously used no longer generally accepted.
C. A change in classification in previously issued financial statements.
D. All of the above

Answer 3

B