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Exam 19: Professsional Conduct,Independence,and Quality Control

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Question 41

Multiple Choice

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Following the issuance of a PCAOB draft report,how many days does the CPA firm have to respond to accusations?

A) 10 days.
B) 30 days.
C) 50 days.
D) 90 days.

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Question 42

Multiple Choice

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A violation of the profession's ethical standards would least likely have occurred when a CPA in public practice

A) used a records-retention agency to store the CPA's working papers and client records.
B) served as an expert witness in a damage suit and received compensation based on the amount awarded to the plaintiff.
C) referred life insurance assignments to the CPA's spouse, who is a life insurance agent.
D) failed to file his personal tax return.

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Question 43

Multiple Choice

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In which one of the following situations would a CPA be in violation of the AICPA Code of Professional Conduct in determining a fee?

Mavis,CPA,has audited the financial statements of South Bay Sales Incorporated for several years and had always been paid promptly for services rendered.Last year's audit invoices have not been paid because South Bay is experiencing cash flow difficulties and the current year's audit is scheduled to commence in one week.With respect to the past due audit fees,Mavis should

A CPA firm evaluates its personnel advancement experience to ascertain whether individuals assigned to increased degrees of responsibility meet predetermined criteria.This policy is evidence of the firm's adherence to which of the following prescribed standards?

The profession's ethical standards would most likely be considered to have been violated when the CPA represents that specific consulting services will be performed for a stated fee and it is apparent at the time of the representation that the

Which of the following is required for a firm to designate itself as a "Member of the American Institute of Certified Public Accountants" on its letterhead?

In connection with a lawsuit,a third party attempts to gain access to the auditor's working papers.The client's defense of privileged communication will be successful only to the extent it is protected by the

Which of the following is allowable for a CPA?

Listed below are definitions of the six Principles of Professional Conduct.For each,identify the principle being defined. a.A member should observe the profession's technical and ethical standards,strive continually to improve competence and the quality of services,and discharge professional responsibility to the best of the member's ability. b.Members should exercise sensitive professional and moral judgments in all their activities. c.A member should be free of conflicts of interest in discharging professional responsibilities. d.A member in public practice should observe the Principles of the Code of Professional Conduct in determining the type and extent of services to be provided. e.Members should accept the obligation to act in a way that will honor the public trust and demonstrate commitment to professionalism. f.To maintain and broaden public confidence,members should perform all professional responsibilities with the highest sense of _____________.

The term "ethics" refers to a person's propensity to follow the laws of the land.

The quality control standards are concerned primarily with