Notes & Summaries for CPA

CPA-06619) A company is required to file quarterly financial statements with the United States Securities and Exchange Commission on Form 10-Q. The company operates in an industry that is not subject to seasonal fluctuations that could have a significant impact on its financial condition. In addition to the most recent quarter end, ………. to present balance sheets on Form 10-Q? Question: (TCO A) (CPA-00125) Taft Corp. discloses supplemental industry segment information. The following informa...

he Foreign Corrupt Practices Act (FCPA) of 1977: In the auditing environment, failure to meet auditing standards is often: In the performance of an audit, a CPA: The principal issue to be resolved in cases involving alleged negligence is usually: Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include: "Absence of reasonable care that can be expected of a person in a set of circumstances" defines: A broad interpretation of t...

Tax preparer Margie is wondering: Why should CPAs make reasonable efforts to obtain and provide for the client appropriate answers to all questions on a tax return? 2. A client suing a CPA for negligence must prove each of the following factors except 3. Which of the following is true? 4. CPA Amanda has been Kathy's tax accountant for a few years. Under which of the following situations has Amanda violated the SSTSs? 5. The intent, or scienter, element necessary to establish a ca...

n audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): The Sarbanes-Oxley Act applies to which of the following companies? Three common types of attestation services are: ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. In "auditing" financial accounting data, the primary concern is with: The use of the Certified Public Accountant title is regula...

WEEK 1 HOMEWORK (ACCT 555: EXTERNAL AUDITING) 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. Yes Yes Yes 2. Yes Yes No 3. Yes No Yes 4. 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...

Question #1 (AICPA.REG) ________________________________________ Under Treasury Circular 230, which of the following actions of a CPA tax advisor is characteristic of a best practice in rendering tax advice? A. Requesting written evidence from a client that the fee proposal for tax advice has been approved by the board of directors. B. Recommending to the client that the advisor's tax advice be made orally instead of in a written memorandum. C. Establishing relevant facts, evaluating...

How CPA Firms are Leveraging New Developments in IT

THE CONTENTS COVERED INCLUDE THE FOLLOWING CONTENTS I. THE AUDITING PROFESSION 1 The Demand for Audit and Other Assurance Services . 1-1 2 The CPA Profession. 2-1 3 Audit Reports. 3-1 4 Profes sional Ethics 4-1 5 Legal Liability. 5-1 II. THE AUDIT PROCESS 6 Audit Responsibilities and Objectives. 6-1 7 Audit Evidence . 7-1 8 Audit Planning and Analytical Procedures 8-1 9 Materiality and Risk . 9-1 10 Section 404 Audits of Internal Control and Control Risk 10-1 11 Fraud Auditing . 11-1 12 The Impa...

Page 1 Question. (TCO B) An auditor was unable to obtain sufficient appropriate audit evidence concerning certain transactions due to an inadequacy in the entity’s accounting records. The auditor would choose between issuing a(an): Question. (TCO K) An auditor should consider which of the following when evaluating the ability of a company to continue as a going concern? Question. (TCO A) An auditor’s independence is considered impaired if the auditor has: Question. (TCO H) Which of the foll...

This is a full length Study guide used for the CPA REG section.