The engagement quality control reviewer (choose he INCORRECT one) Does not otherwise participate in the engagement during the period of review May be selected by the engagement partner Does not make decisions for the engagement team Is not subject to other considerations that would threaten the reviewer's objectivity

The engagement quality control reviewer (choose he INCORRECT one) Does not otherwise participate in the engagement during the period of review May be selected by the engagement partner Does not make decisions for the engagement team Is not subject to other considerations that would threaten the reviewer's objectivity

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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What would be the audit resolution in case there is a difference of opinion in the engagement team? Explain.
Choose the one correct answer. The following are usually considered in the preparation of management letter [I] the letter should indicate that it is only for management's use [II] A description of the reportable conditions discovered [III] Auditor's suggestion to improve the client's internal control. *yes, no, yesno, yes, yesyes, yes, noyes, yes, yes
Question 5 The primary purpose of establishing quality control policies and procedures for deciding whether to accepting a new client is to: 1. Enable the CPA fırm to attest to the reliability of the client. 2. Satisfy the CPA fırm's duty to the public concerning the acceptance of new clients. 3. Minimize the likelihood of association with clients whose management lacks integrity. 4. Anticipate before performing any fieldwork whether an unmodified opinion can be expressed. O 2 O 1 3 O4
Which ethical principle is violated by an auditor who discloses information for personal gain? a. Confidentiality b. Objectivity c. Competency d. Integrity
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What factors should auditors consider in deciding whether to accept or continue the engagement with a particular client? What should firms do if they decide to withdraw from an engagement?
2. Which of the following is not a guideline of ethical conduct? a. Identify an ethical decision using your personal ethical standards of honesty and fairness. b. Identify the consequences of the decision and its effect on others. c. Make a decision that is in the best interests of the company; other parties affected are not important. d. None of these choices are correct.
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S1: Where a conflict of interest poses a threat to one or more of the fundamental principles that cannot be eliminated or reduced to an acceptable level through the application of safeguards, the professional accountant in public practice should conclude that it is not appropriate to accept a specific engagement. S2: A professional accountant in business should only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. S3: It is not appropriate for the engagement team to use of advisory services provided by other firms, professional and regulatory bodies, or commercial organizations that provide relevant quality control services. A. Only 1 statement is True B. Only 2 statements are True C. All statements are True D. All statements are False
A moral or legal obligation to ensure the safety or well-being of others Could be defined as duty of care. An auditor's duty of care to a client would most likely be breached if the auditor failed to: Select one: a.comply with the Cooperation Act 2001 & all relevant auditing standards. b. Resolve their staffing issues. c. conduct the audit for the cheapest price. d.Prevent & detect earnings of management.
29. This term means an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. Group of answer choices Assurance Internal Audit None of the choices Operations Audit Consultancy
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