ACCT 444 ( all weeks 1-5 quizzes and Homework Assignments ) Full Course
https://homeworklance.com/downloads/devry-acct-444-all-weeks-1-5-quizzes-and-homework-
assignments-full-course/
ACCT 444 ( all weeks 1-5 quizzes and Homework Assignments ) Full Course
DeVry ACCT 444 Week 1-5 Complete Quizzes
ACCT 444 Week 1 Quiz
1. (TCO 3) Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for
establishing auditing standards? (Points: 3)
Public Company Accounting Oversight Board
Securities and Exchange Commission
National Association of Accounting
Auditing Standards Board
Chapter 2
2. (TCO 1) Which one of the following is not one of the three general standards? (Points: 3)
Proper planning and supervision
Due professional care
Adequate training and proficiency
Independence of mental attitude
Chapter 2
3. (TCO 1) An independent auditor must have which of the following? (Points: 3)
A pre-existing and well-informed point of view with respect to the audit
Technical training that is adequate to meet the requirements of a professional
Experience in taxation that is sufficient to comply with generally accepted auditing standards
A background in many different disciplines
4. (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that
is made by another party is a(n) (Points: 3)
assurance service.
attestation service.
tax service.
accounting and bookkeeping service.
Chapter 1
5. (TCO 1) Which of the following statements is incorrect regarding the SEC’s partner rotation rules? (Points:
3)
The lead and concurring partners are subject to a 5-year time out period.
For assignment help email
, All audit partners must rotate off the audit engagement after 5 years.
Other audit partners are subject to a 2-year time out period.
Small firms may be exempted from the partner rotation requirement.
6. (TCO 3) Burrow & Co., CPAs, have provided annual audit and tax compliance services to Mare Corp. for
several years. Mare has been unable to pay Burrow in full for services Burrow rendered 19 months ago. Burrow is
ready to begin fieldwork for the current year’s audit. Under the ethical standards of the profession, which of the
following arrangements will permit Burrow to begin the fieldwork on Mare’s audit? (Points: 3)
Mare engages another firm to perform the fieldwork, and Burrow is limited to reviewing the workpapers and issuing
the audit report.
Mare sets up a 2-year payment plan with Burrow to settle the unpaid fee balance.
Mare gives Burrow an 18-month note payable for the full amount of the past due fees before Burrow begins the audit.
Mare commits to pay the past due fee in full before the audit report is issued.
Chapter 2
7. (TCO 3) Independence in auditing means (Points: 3)
remaining aloof from a client.
taking an unbaised and objective viewpoint.
not being financially dependent on a client.
being an advocate for a client.
Chapter 4
8. (TCO 3) The financial interests of which of the following parties would not be included as a direct financial
interest of the CPA? (Points: 3)
Dependent child
Relative supported by the CPA
Spouse
Sibling living in the same city as the CPA
Chapter 4
9. (TCO 1) The phrase U.S. generally accepted accounting principles is an accounting term that (Points: 3)
encompasses the conventions, rules, and procedures necessary to define U.S. accepted accounting practice at a
particular time.
provides a measure of conventions, rules, and procedures governed by the AICPA.
is included in the audit report to indicate that the audit has been conducted in accordance with generally accepted
auditing standards (GAAS).
includes broad guidelines of general application but not detailed practices and procedures.
Chapter 1
10. (TCO 1) Which of the following statements best describes the ethical standard of the profession pertaining to
advertising and solicitation? (Points: 3)
A CPA may advertise in any manner that is not false, misleading, or deceptive.
There are no prohibitions regarding the manner in which CPAs may solicit new business.
All forms of advertising and solicitation are prohibited.
A CPA may only solicit new clients through mass mailings.
For assignment help email
,1. (TCO 3) The Sarbanes-Oxley Act applies to which of the following companies? (Points : 3)
Privately held companies
All companies
All public companies and privately held companies with assets greater than $500 million
Public companies
Chapter 1
Question 4. 4. (TCO 1) An operational audit has as one of its objectives to (Points : 3)
make recommendations for improving performance.
determine whether the financial statements fairly present the entity’s operations.
evaluate the feasibility of attaining the entity’s operational objectives.
report on the entity’s relative success in attaining profit maximization.
Chapter 1
Question 5. 5. (TCO 1) Which of the following services do not need to be preapproved by the audit committee of an
issuer? (Points : 3)
Nonaudit services related to internal control over financial reporting
Tax services
Nonaudit services that are less than 5 % of total revenues from the audit client
Services provided by the auditor on a recurring basis
Question 8. 8. (TCO 3) Several months after an unqualified audit report was issued, the auditor discovered the
financial statements were materially misstated. The client’s CEO agrees that there are misstatements, but refuses to
correct them. She claims that confidentiality prevents the CPA from informing anyone. (Points : 3)
The CEO is incorrect, but because the audit report has been issued, it is too late.
The CEO is correct and the auditor must maintain confidentiality.
The CEO is correct, but to be ethically correct the auditor should violate the confidentiality rule and disclose the error.
The CEO is incorrect, and the auditor has an obligation to issue a revised audit report, even if the CEO will not
correct the financial statements.
Chapter 4
Question 9. 9. (TCO 1) Which of the following terms identifies a requirement for audit evidence? (Points : 3)
Adequate
Disconfirming
Reasonable
Appropriate
Chapter 1
Question 10. 10. (TCO 1) The auditor of an issuer may provide which of the following tax services? (Points : 3)
Tax services for immediate family members of corporate officers
Tax planning services
Tax services for officers of the issuer
Services related to confidential tax transactions
5. (TCO 1) Jackson & Company, CPAs, plan to audit the financial statements of Perigee Technologies, an
issuer as defined under the Sarbanes-Oxley Act of 2002. Which of the following situations would impair Jackson’s
For assignment help email
, independence? (Points : 3)
For assignment help email
https://homeworklance.com/downloads/devry-acct-444-all-weeks-1-5-quizzes-and-homework-
assignments-full-course/
ACCT 444 ( all weeks 1-5 quizzes and Homework Assignments ) Full Course
DeVry ACCT 444 Week 1-5 Complete Quizzes
ACCT 444 Week 1 Quiz
1. (TCO 3) Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for
establishing auditing standards? (Points: 3)
Public Company Accounting Oversight Board
Securities and Exchange Commission
National Association of Accounting
Auditing Standards Board
Chapter 2
2. (TCO 1) Which one of the following is not one of the three general standards? (Points: 3)
Proper planning and supervision
Due professional care
Adequate training and proficiency
Independence of mental attitude
Chapter 2
3. (TCO 1) An independent auditor must have which of the following? (Points: 3)
A pre-existing and well-informed point of view with respect to the audit
Technical training that is adequate to meet the requirements of a professional
Experience in taxation that is sufficient to comply with generally accepted auditing standards
A background in many different disciplines
4. (TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that
is made by another party is a(n) (Points: 3)
assurance service.
attestation service.
tax service.
accounting and bookkeeping service.
Chapter 1
5. (TCO 1) Which of the following statements is incorrect regarding the SEC’s partner rotation rules? (Points:
3)
The lead and concurring partners are subject to a 5-year time out period.
For assignment help email
, All audit partners must rotate off the audit engagement after 5 years.
Other audit partners are subject to a 2-year time out period.
Small firms may be exempted from the partner rotation requirement.
6. (TCO 3) Burrow & Co., CPAs, have provided annual audit and tax compliance services to Mare Corp. for
several years. Mare has been unable to pay Burrow in full for services Burrow rendered 19 months ago. Burrow is
ready to begin fieldwork for the current year’s audit. Under the ethical standards of the profession, which of the
following arrangements will permit Burrow to begin the fieldwork on Mare’s audit? (Points: 3)
Mare engages another firm to perform the fieldwork, and Burrow is limited to reviewing the workpapers and issuing
the audit report.
Mare sets up a 2-year payment plan with Burrow to settle the unpaid fee balance.
Mare gives Burrow an 18-month note payable for the full amount of the past due fees before Burrow begins the audit.
Mare commits to pay the past due fee in full before the audit report is issued.
Chapter 2
7. (TCO 3) Independence in auditing means (Points: 3)
remaining aloof from a client.
taking an unbaised and objective viewpoint.
not being financially dependent on a client.
being an advocate for a client.
Chapter 4
8. (TCO 3) The financial interests of which of the following parties would not be included as a direct financial
interest of the CPA? (Points: 3)
Dependent child
Relative supported by the CPA
Spouse
Sibling living in the same city as the CPA
Chapter 4
9. (TCO 1) The phrase U.S. generally accepted accounting principles is an accounting term that (Points: 3)
encompasses the conventions, rules, and procedures necessary to define U.S. accepted accounting practice at a
particular time.
provides a measure of conventions, rules, and procedures governed by the AICPA.
is included in the audit report to indicate that the audit has been conducted in accordance with generally accepted
auditing standards (GAAS).
includes broad guidelines of general application but not detailed practices and procedures.
Chapter 1
10. (TCO 1) Which of the following statements best describes the ethical standard of the profession pertaining to
advertising and solicitation? (Points: 3)
A CPA may advertise in any manner that is not false, misleading, or deceptive.
There are no prohibitions regarding the manner in which CPAs may solicit new business.
All forms of advertising and solicitation are prohibited.
A CPA may only solicit new clients through mass mailings.
For assignment help email
,1. (TCO 3) The Sarbanes-Oxley Act applies to which of the following companies? (Points : 3)
Privately held companies
All companies
All public companies and privately held companies with assets greater than $500 million
Public companies
Chapter 1
Question 4. 4. (TCO 1) An operational audit has as one of its objectives to (Points : 3)
make recommendations for improving performance.
determine whether the financial statements fairly present the entity’s operations.
evaluate the feasibility of attaining the entity’s operational objectives.
report on the entity’s relative success in attaining profit maximization.
Chapter 1
Question 5. 5. (TCO 1) Which of the following services do not need to be preapproved by the audit committee of an
issuer? (Points : 3)
Nonaudit services related to internal control over financial reporting
Tax services
Nonaudit services that are less than 5 % of total revenues from the audit client
Services provided by the auditor on a recurring basis
Question 8. 8. (TCO 3) Several months after an unqualified audit report was issued, the auditor discovered the
financial statements were materially misstated. The client’s CEO agrees that there are misstatements, but refuses to
correct them. She claims that confidentiality prevents the CPA from informing anyone. (Points : 3)
The CEO is incorrect, but because the audit report has been issued, it is too late.
The CEO is correct and the auditor must maintain confidentiality.
The CEO is correct, but to be ethically correct the auditor should violate the confidentiality rule and disclose the error.
The CEO is incorrect, and the auditor has an obligation to issue a revised audit report, even if the CEO will not
correct the financial statements.
Chapter 4
Question 9. 9. (TCO 1) Which of the following terms identifies a requirement for audit evidence? (Points : 3)
Adequate
Disconfirming
Reasonable
Appropriate
Chapter 1
Question 10. 10. (TCO 1) The auditor of an issuer may provide which of the following tax services? (Points : 3)
Tax services for immediate family members of corporate officers
Tax planning services
Tax services for officers of the issuer
Services related to confidential tax transactions
5. (TCO 1) Jackson & Company, CPAs, plan to audit the financial statements of Perigee Technologies, an
issuer as defined under the Sarbanes-Oxley Act of 2002. Which of the following situations would impair Jackson’s
For assignment help email
, independence? (Points : 3)
For assignment help email
