Question
Choose the correct answer: 1.All of the following are audit quality control requirements contained in the SarbanesOxley Act of 2002 except A.The lead audit partner
Choose the correct answer:
1.All of the following are audit quality control requirements contained in the SarbanesOxley
Act of 2002 except
A.The lead audit partner must rotate off the audit every 5 years.
B.The audit report must be submitted to the Public Company Accounting Oversight Board prior to issuance.
C.The audit report must be reviewed and approved by a second partner.
D.The Public Company Accounting Oversight Board will periodically inspect registered CPA firms.
2.An auditor may be able to reduce audit risk to an acceptably low level for some relevant assertions by
A.Performing analytical procedures.
B.Adhering to a system of quality control.
C.Preparing auditor working papers.
D.Increasing the level of detection risk.
3.A nonissuer changed from the straightline method to the decliningbalance method of depreciation for all newly acquired assets. This change has no material effect on the current years financial statements but is reasonably certain to have a material effect in later years. If the change is disclosed in the notes to the financial statements, the auditor should issue a report with a(n)
A.Qualified opinion.
B.Emphasisofmatter paragraph.
C.Unmodified opinion.
D.Consistency modification.
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