Question $1(1$ point$)$ Which organization's Rules of Practice gives it the power of suspension if a CPA is found guilty of lack of integrity in practice? Question $1$ options: Financial Accounting Standards Board International Accounting Standards Board Public Company Accounting Oversight Board Securities and Exchange Commission Question $2(1$ point$)$ Under the Securities Act of $1934,$ which of the following intents as proof against an auditor is incorrect? Question $2$ options: Intent to devalue Intent to defraud Intent to deceive Intent to manipulate Question $3(1$ point$)$ How many board members serve on the PCAOB? Question $3$ options: $2345$ Question $4(1$ point$)$ Issuing Statements on Auditing Standards falls under which responsibility of the AICPA? Question $4$ options: Carrying on a program of research and publication Contributing to the profession's self$-$regulation Establishing standards and rules to guide CPAs Promoting continuing professional education Question $5(1$ point$)$ Which of the following is an example of statutory law liability? Question $5$ options: Blue sky law violation Breach of contract Negligence Tort Question $6(1$ point$)$ Regarding noncompliance, which laws have a direct effect on the financial statements? Question $6$ options: Antitrust laws Corporate business laws Environmental laws Pension laws Question $7(1$ point$)$ In an accounting firm, who is responsible for ensuring an audit is performed according to professional standards? Question $7$ options: Managers Partners Senior auditors Staff assistants Question $8(1$ point$)$ Which body has authority over the PCAOB? Question $8$ options: American Institute of CPAs Federal Accounting Standards Advisory Board International Federation of Accountants Securities and Exchange Commission Question $9(1$ point$)$ Which ethical characteristic explains why passing the CPA exam is necessary in the accounting profession? Question $9$ options: Complex body of knowledge Need for public confidence Responsibility to serve the public Standards of admission to the profession Question $10(1$ point$)$ Which GAAS principle concerns the auditors obtaining reasonable assurance? Question $10$ options: Auditor actions in performing the audit Personal responsibilities of the auditor Premise of an audit Reporting results of an audit Question $11(1$ point$)$ According to Rule $202$ of the AICPA Code of Professional Conduct, which of the following is inapplicable to compliance with standards? Question $11$ options: Client communication Client interest Client responsibilities Client understanding Question $12(1$ point$)$ In which situation is an auditor unauthorized to release client confidential information, according to Rule $301$ of the AICPA Code of Professional Conduct? Question $12$ options: When the auditor has been subpoenaed to disclose information about the illegal act. When the client has not taken appropriate action to report the illegal act. When the client takes appropriate action to report the illegal act. When the illegal act has caused the auditor to lose faith in the client$$s integrity. Question $13(1$ point$)$ Which of the following is the auditor's responsibility for detecting fraud and errors? Question $13$ options: Finding all fraud and errors in balance sheet accounts Finding all fraud and errors in income statement accounts Finding all fraud and errors, regardless of materiality Finding all material fraud and errors Question $14(1$ point$)$ According to Rule $102$ of the AICPA Code of Professional Conduct, which of the following falls outside the realm of integrity and objectivity? Question $14$ options: Failing to correct materially false financial statements Maintaining client confidentiality of records Making materially incorrect entries in a client's records Signing a document containing misleading information Question $15(1$ point$)$ Under common law liability, what does a client have to prove if he$/$she believes the auditors' negligent performance caused the client damage? Question $15$ options: Breach of duty Causation Duty Losses Question $16(1$ point$)$ In an accounting firm, who is responsible for determining the audit procedures necessary in each audit? Question $16$ options: Managers Partners Senior auditors Staff assistants Question $17(1$ point$)$ Publishing the Tax Advisor falls under which responsibility of the AICPA? Question $17$ options: Pursuing program of research and publication Contributing to the profession's self$-$regulation Establishing standards and rules to guide CPAs Promoting continuing professional education Question $18(1$ point$)$ Which PCAOB Auditing Standard category requires a statement on whether or not financial statements are presented in accordance with GAAP? Question $18$ options: General Standards Standards of Fieldwork Standards of Internal Control Standards of Reporting Question $19(1$ point$)$ Which PCAOB Auditing Standard category requires proper planning for each audit engagement? Question $19$ options: General Standards Standards of Fieldwork Standards of Internal Control Standards of Reporting Question $20(1$ point$)$ According to Rule $203$ of the AICPA Code of Professional Conduct, which of the following organizations is unauthorized by the AICPA to issue generally accepted accounting principles? Question $20$ options: Financial Accounting Standards Board Governmental Accounting Standards Board International Accounting Standards Board Public Company Accounting Oversight Board Question $21(1$ point$)$ Which of the following is a characteristic of non$-$assurance services? Question $21$ options: Accountant independence from clients Assistance with decision making Consulting on technology issues Increased reliability of information Question $22(1$ point$)$ Which PCAOB Auditing Standard category requires the auditor to exercise due professional care? Question $22$ options: General Standards Standards of Fieldwork Standards of Internal Control Standards of Reporting Question $23(1$ point$)$ Which of the following standards is inapplicable to Rule $201$ of the AICPA Code of Professional Conduct? Question $23$ options: Due professional care Planning and supervision Reporting illegal acts Sufficient relevant data Question $24(1$ point$)$ In an accounting firm, who is responsible for training staff on each audit engagement? Question $24$ options: Managers Partners Senior auditors Staff assistants Question $25(1$ point$)$ Under statutory law liability, which of the following is an incorrect approach for a third party to recover losses from auditor negligence? Question $25$ options: Restatement approach Rosenblum approach Ultramares approach Understatement approach