1. Eldercare services may be part of a CPA firm's assurance services. 2. Mistakes over $10,000 are a form of statutory fraud. 3. The professional organization representing Certified Public Accountants in public firms is the National Association of Accountants. 4. Currently issued statements involving auditing standards (SAS's) must be followed by all public companies. 5. The CPA examination is prepared by the Financial Accounting Standards Board. Self-regulation is demonstrated in the requirement for regular membership in the AICPA which includes: 6. practice monitoring (peer review), and 7. members must obtain continuing education: 120 hours for every three years for members in private practice, and 90 hours every 3 years for other members. 8. The "Big 4" accounting firms include Deloite, Ernest & Young, Price Waterhouse, and Goldman Sachs. 9. A "consolidator" is a large conglomerate that buys CPA firms. 10. A company is either audited by the GAO or internal auditors, but not both. 11. Many small companies elect to have their financial statements reviewed by a CPA firm, rather than incur the cost of an audit. 12. To express an opinion on financial statements, the auditor obtains reasonable assurances about whether the financial statements, as a whole are free from material misstatements, whether due to fraud, or error. 13. The auditor's report on a corporation's financial statements is addressed to the president of the company. 14. An audit is more likely to detect tax evasion than violations of anti-trust laws. AICPA. 15. A peer review is performed by employees of the 16. The Rules of the AICPA Code of Professional Conduct must be followed only by those members in private practice. 17. An immaterial loan from the CPA to an officer of a client impairs the independence of the CPA. 18. Financial interests of a CPA's non-dependent children are attributed directly to the CPA. 19. A CPA may receive a commission for recommending a particular computer system to an audit client. 20. The communications between CPA's and their clients are privileged under federal law