All companies filing annually with the Securities and Exchange Commission ate required to have an annual external audit.

True

False

CPA firms are never allowed to provide bookkeeping services for audit clients.

True

False

Membership in the AICPA is restricted to CPAs who are currently practicing as independent auditors.

True

False

Membership in the AICPA is mandatory for all licensed practicing CPAs.

True

False

Statements on Auditing Standards (SASs) are issued by the Auditing Standards Board of the AICPA.

True

False

In a limited liability partnership (LLP), partners are personally liable for liabilities arising from negligent acts of other partners, but not for liabilities arising from negligent acts of non-partner employees.

True

False

The first standard of field work states that due professional care is to be exercised in the performance of the audit and the preparation of the report.

True

False

The standards of reporting require that the reports states whether the financial statements are presented in accordance with generally accepted auditing standards

True

False

Statements on Auditing Standards (SASs) are considered to be interpretations of the 10 generally accepted auditing standards.

True

False

Quality controls ate procedures used by a CPA firm to help ensure that generally accepted auditing standards are followed consistently on every audit engagement.

True

False