SU 1: Engagement Responsibilities 13. Which of the following services may a CPA perform in carrying out a consulting service for a client? 1. Analysis of the client's accounting system Il Review of the client's prepared business plan III. Preparation of information for obtaining financing 16. Which of the following is an element of a CPA firm's quality control system that should be considered in establishing its quality control policies and procedures? A Complying with laws and regulations B. Using statistical sampling techniques C. Managing human resources D. Considering audit risk and materiality A and Il only B. I and Ill only C. Il and Ill only D. I, II and III. 1.5 Quality Control 14. The nature and extent of a CPA firm's quality control policies and procedures depend on 17. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? The Nature The CPA of the CPA Cost-Benefit Firm's Size Firm's Practice Considerations Human Resources Engagement Monitoring Performance Yes No Yes Yes Yes Yes Yes Yes Yes No Yes No Yes Yes Yes Yes No Yes Yes Yes Yes Yes 15. The purpose of establishing quality control policies and procedures for deciding whether to accept or continue a client relationship is to 18. A CPA firm should establish procedures for conducting and supervising work at all organizational levels to provide reasonable assurance that the work performed meets the firm's standards of quality. To achieve this goal, the firm most likely would establish procedures A Monitor the risk factors concerning misstatements arising from the misappropriation of assets. B. Provide reasonable assurance that personnel are adequately trained to fulfill their responsibilities C. Minimize the likelihood of associating with clients whose management lacks integrity. D. Document objective criteria for the CPA firm's responses to peer review comments. A Evaluating prospective and continuing client relationships. B. Reviewing documentation of the work performed and reports issued. C. Requiring personnel to adhere to the applicable independence rules. D. Maintaining personnel files containing documentation related to the evaluation of personnel