TRUE OR FALSE

1. Under the Sarbanes-Oxley Act of 2002, it is unlawful for a registered public accounting firm to concurrently provide audit services and tax services to a public company whose audit committee has approved such services.

2. Under the Sarbanes-Oxley Act of 2002, the lead partner and reviewing partner must rotate off the audit every 7 years.

3. Under the Sarbanes-Oxley Act of 2002, all registered public accounting firms must undergo an inspection by the PCAOB at least once every 3 years.

4. Under the Sarbanes-Oxley Act of 2002, all registered public accounting firms must retain audit work papers (i.e. not shred them) for at least 10 years.

5. Under the Sarbanes-Oxley Act of 2002, the CEO and CFO of each public company must certify that the financial statements present fairly, in all material respects, the operations and financial condition of the company. If the certification is knowingly and intentionally misleading, the executives could face personal liability.

6. An auditor will likely do more vouching than tracing in order to establish completeness.