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2-17 (Objective 2-7) The following questlols the best response. a. The nature and extent of a CPA firm's quality control policies and procedures depend on The CPA Firm's Size The Nature of the CPA Firm's Practice Cost-benefit Considerations Yes Yes (1) (2) (3) (4) Yes Yes Yes No No Yes Yes Yes Yes No b. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? Monitoring Engagement Performance Human Resources No Yes

2-17 (Objective 2-7) The following questlols the best response. a. The nature and extent of a CPA firm's quality control policies and procedures depend on The CPA Firm's Size The Nature of the CPA Firm's Practice Cost-benefit Considerations Yes Yes (1) (2) (3) (4) Yes Yes Yes No No Yes Yes Yes Yes No b. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? Monitoring Engagement Performance Human Resources No Yes

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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b. The Responsibilities principle underlying AICPA auditing standards includes a requirement that (1) field work be adequately planned and supervised. (2) the auditor's report state whether or not the financial statements conform to generally accepted accounting principles. (3) professional judgment be exercised by the auditor. (4) informative disclosures in the financial statements be reasonably adequate. c. What is the general character of the responsibilities characterized by the Performance principles? (1) The competence, independence, and professional care of persons performing the audit. (2) Criteria for the content of the auditor's report on financial statements and related footnote disclosures. (3) The criteria of audit planning and evidence gathering. (4) The need to maintain an independence in mental attitude in all matters per- taining to the audit. 2-17 (Objective 2-7) The following questions concern quality control standards. Choose the best response. a. The nature and extent of a CPA firm's quality control policies and procedures depend on The CPA Firm's Size The Nature of the CPA Firm's Practice Cost-benefit Considerations (1) (2) (3) (4) Yes Yes Yes Yes Yes No Yes No Yes No Yes Yes b. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? Monitoring Engagement Performance Human Resources Yes No Yes Yes (1) (2) (3) (4) Yes Yes Yes Yes No Yes Yes No C. One purpose of establishing quality control policies and procedures for deciding whether to accept a new client is to (1) enable the CPA firm to attest to the reliability of the client. (2) satisfy the CPA firm's duty to the public concerning the acceptance of new clients. (3) provide reasonable assurance that the integrity of the client is considered. (4) anticipate before performing any field work whether an unqualified opinion can be issued. LEMS anart of her
Transcribed Image Text:b. The Responsibilities principle underlying AICPA auditing standards includes a requirement that (1) field work be adequately planned and supervised. (2) the auditor's report state whether or not the financial statements conform to generally accepted accounting principles. (3) professional judgment be exercised by the auditor. (4) informative disclosures in the financial statements be reasonably adequate. c. What is the general character of the responsibilities characterized by the Performance principles? (1) The competence, independence, and professional care of persons performing the audit. (2) Criteria for the content of the auditor's report on financial statements and related footnote disclosures. (3) The criteria of audit planning and evidence gathering. (4) The need to maintain an independence in mental attitude in all matters per- taining to the audit. 2-17 (Objective 2-7) The following questions concern quality control standards. Choose the best response. a. The nature and extent of a CPA firm's quality control policies and procedures depend on The CPA Firm's Size The Nature of the CPA Firm's Practice Cost-benefit Considerations (1) (2) (3) (4) Yes Yes Yes Yes Yes No Yes No Yes No Yes Yes b. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? Monitoring Engagement Performance Human Resources Yes No Yes Yes (1) (2) (3) (4) Yes Yes Yes Yes No Yes Yes No C. One purpose of establishing quality control policies and procedures for deciding whether to accept a new client is to (1) enable the CPA firm to attest to the reliability of the client. (2) satisfy the CPA firm's duty to the public concerning the acceptance of new clients. (3) provide reasonable assurance that the integrity of the client is considered. (4) anticipate before performing any field work whether an unqualified opinion can be issued. LEMS anart of her
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