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6. The primary purpose of the Sarbanes-Oxley Act is to: a. remove the impact of the private sector on the development of generally accepted accounting principles. b. protect investors by improving the accuracy and reliability of the corporate disclosures made pursuant to the securities laws. C. create additional jobs for accountants through additional regulatory requirements for public companies (issuers). d. increase the cost of registration for public companies. CPA Exam Review (try Mod 1 #19) 7. Which of the following accounts would NOT be part of the Revenue Cycle? a. Sales Returns and Allowances. b. Allowance for Doubtful Accounts c. Inventory d. Sales e. All would be part of the Revenue Cycle 8. How did the Sarbanes-Oxley Act strengthen auditing independence? a. By requiring auditors to provide reports in accordance with the Foreign Corrupt Practices Act. b. By requiring auditors to report the nature of any auditor-client disagreements to the SEC, C. By requiring audit committees to appoint the auditors. d. By requiring a different audit firm from the one that performs the audit to prepare the client's tax return. 9. Which type of audit "... is to detect or deter fraudulent activities ..." (see textbook, page 41)? a. Compliance audit. b. Financial audit. c. Forensic audit. d. Operational audit. 10. Regarding audit standards issued by the ASB, which of the following words"... indicates a responsibility to comply unless the auditor decides that alternative actions are sufficient...". [See textbook, page 55]? a. Mandated. b. Must. c. May d. Should