TEST BANK Auditing: A Practical Approach with Data Analytics 1st Edition by Campbell All chapters (1-15) covered

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Chapter 2 m




Professionalism and Professional m m m




Responsibilities
QuestionmType:mTruemormFalse


1. Themcornerstonemofmthempublicmaccountingmprofessionmismevidencedmbymthemworkmdone
minm
thempublicminterestmbymCPAs.

A. True

B. False

Answer:mA,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmBB:mGovernancemPerspective,mAACSB:mEth
ics,mLearningmObjective:mLO2.1,mSolution:mThemcornerstonemofmthempublicmaccountingmprofessionmismrecog
nizedminmthempublicminterestminmthemworkmdonembymCPAs.



2. BothmlicensedmtaxmpreparersmandmCPAmprofessionalsmhavemthemrightmtomsignmtaxmreturns.

A. True

B. False

Answer:mA,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmBB:mGovernancemPerspective,mAACSB:mEth
ics,mLearningmObjective:mLO2.1,mSolution:mThemrightmtomsignmtaxmreturnsmasmamtaxmpreparermismgrantedmtom
bothmlicensedmtaxmpreparersmandmlicensedmCPAmProfessionals.



3. Amprofessionalmconcernedmformthempublicminterestm(CPI)mismdefinedmbymtheirmprofessio
nalmlinemofmworkmormoccupation.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mProfessionalmBehavior,mAACSB:mEth
ics,mLearningmObjective:mLO2.1,mSolution:mInmthemcontextmofmanmECmProfessional,mthemprofessionmismus
uallymdefinedmbymthemlinemofmworkmormoccupation.




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tics Enhanced eText 1st Edition Johnson
m m m m m




4. ThemrulesmofmAICPAmCodemofmProfessionalmConductmaremapplicablemtommembersminmpub
licmpracticemonly.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmBB:mGovernancemPerspective,mAACSB:mEth
ics,mLearningmObjective:mLO2.2,mSolution:mThemrulesmofmAICPAmCodemofmProfessionalmConductmaremapplic
ablemtommembersminmpublicmpractice,mthoseminmbusiness,mandmothers.



5. ThemrulesmofmconductmofmthemAICPAmCodemofmProfessionalmConductmestablishmminimu
mmstandardsmofmethicalmconductminmthemperformancemofmprofessionalmservices.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmBB:mGovernancemPerspective,mAACSB:mEth
ics,mLearningmObjective:mLO2.2,mSolution:mThemrulesmofmconductmofmthemAICPAmCodemofmProfessionalmCo
nductmestablishmminimummstandardsmofmacceptablemconductminmthemperformancemofmprofessionalmservice
s.



6. CPAsmmustmobtainmtheirmlicensemfrommStatemBoardsmofmAccountancy.

A. True

B. False

Answer:mA,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmBB:mGovernancemPerspective,mAACSB:mEth
ics,mLearningmObjective:mLO2.2,mSolution:mCPAsmmustmobtainmtheirmlicensemfrommStatemBoardsmofmAccoun
tancy,mirrespectivemofmwhethermtheymaremmembersmofmthemAICPAmormnot.



7. AnmadverseminterestmthreatmismamthreatmthatmamCPAmwillmnotmactmwithmobjectivitymbecausemt
hemCPA’sminterestsmaremopposedmtomthemclient’sminterests.

A. True

B. False

Answer:mA,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mDecisionmMaking,mAACSB:mEthics,
mLearningmObjective:mLO2.3,mSolution:mAnmadverseminterestmthreatmismamthreatmthatmamCPAmwillmnotma

ctmwithmobjectivitymbecausemthemCPA’sminterestsmaremopposedmtomthemclient’sminterests.




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8. Ofmthemthreembasicmtypesmofmsafeguards,mthemfirstmismthemsafeguardsmimplementedmb
ymamclient.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mDecisionmMaking,mAACSB:mEthics,mLea
rningmObjective:mLO2.3,mSolution:mInmthreembasicmtypesmofmsafeguards,mthemfirstmismsafeguardsmcreatedmby
mthemprofessionm(e.g.,mthem safeguardsmsuggestedminmthemrulesmofmthemcodemofmconduct,mlegislation,mormreg

ulation).



9. CPAsmshouldmevaluatemidentifiedmthreatsmindividuallymonly.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mDecisionmMaking,mAACSB:mEthics,mLea
rningmObjective:mLO2.3,mSolution:mCPAsmshouldmevaluatemidentifiedmthreatsmbothmindividuallymandminmaggr
egate.



10. Accordingmtomthemintegritymandmobjectivitymrule,mammembermneedmnotmbemfreemofmconflict
mofm
interest.

A. True

B. False

Answer:mB,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mDecisionmMaking,mAACSB:mEthics,mLea
rningmObjective:mLO2.4,mSolution:mAccordingmtomthemintegritymandmobjectivitymrule,mammembermshouldmbemfr
eemofmconflictmofminterest.



11. ThemrulemonmintegritymandmobjectivitymappliesmtomallmservicesmperformedmbymCPAs.

A. True

B. False

Answer:mA,mTaxonomy:mKnowledge,mDifficulty:mEasy,mAICPAmPC:mDecisionmMaking,mAACSB:mEthics,mLea
rningmObjective:mLO2.4,mSolution:mThemrulemonmintegritymandmobjectivitymappliesmtomallmservicesmperformed
mbymCPAs,mincludingmtax,maudit,mbookkeeping,mandmconsultingmservices.




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