1. Which of the following statements is/are correct? As a result of the CLERP 9 Act of 2004:

A. Listed companies must report on the quality of their internal controls over financial reporting.

B. Public accounting firms can provide only certain consulting services to audit clients.

C. Public accounting firms cannot provide any non-audit services to audit clients.

D. Auditing standards are set by a statutory authority.

2. A public accountant is permitted to disclose confidential client information without the consent of the client to:

I. Another public accountant who has purchased the tax practice.

II. ASIC

III. A professional accounting body peer quality-control review.

A. I and III only

B. II and III only

C. II only

D. III only

3. In a common-law suit for damages, the jury awards the plaintiffs $1.5 million. The jury also determines that management is 70% at fault, the auditors are 20% at fault, and managements counsel is 10% at fault. Assume that management is unable to pay any damages. Under joint and several liability, the auditor would be responsible for damages of:

A. $1.5 million.

B. $1.0 million.

C. $0.3 million.

D. $1.05 million.

4. Quality control for a public accounting firm, as referred to in ASQC 1, Quality Control for Firms That Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements applies to:

A. Auditing services only

B. Auditing and consulting services.

C. Auditing and tax services.

D. Auditing and accounting and review services