AUDITOR RESPONSES TO FRAUD RISKS INCLUDE WHICH OF THE FOLLOWING? (POINTS : 3) CHANGE THE OVERALL CONDUCT OF THE AUDIT TO RESPOND TO IDENTIFIED FRAUD RISKS.

AUDITOR RESPONSES TO FRAUD RISKS INCLUDE WHICH OF THE FOLLOWING? (POINTS : 3) CHANGE THE OVERALL CONDUCT OF THE AUDIT TO RESPOND TO IDENTIFIED FRAUD RISKS. DESIGN AND PERFORM AUDIT PROCEDURES TO ADDRESS IDENTIFIED RISKS. PERFORM PROCEDURES TO ADDRESS THE RISK OF MANAGEMENT OVERRIDE OF CONTROLS. ALL OF THE ABOVE.

(TCO 3) Prior to the passage of the Sarbanes-Oxley Act, which of the following was responsible for establishing auditing standards? (Points: 3)
Public Company Accounting Oversight Board

Securities and Exchange Commission

National Association of Accounting

Auditing Standards Board

Chapter 2

(TCO 1) Which one of the following is not one of the three general standards? (Points: 3)
Proper planning and supervision

Due professional care

Adequate training and proficiency

Independence of mental attitude

Chapter 2

(TCO 1) An independent auditor must have which of the following? (Points: 3)
A pre-existing and well-informed point of view with respect to the audit

Technical training that is adequate to meet the requirements of a professional

Experience in taxation that is sufficient to comply with generally accepted auditing standards

A background in many different disciplines

(TCO 1) Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n) _____ (Points: 3)
assurance service.

attestation service.

tax service.

accounting and bookkeeping service.

Chapter 1

(TCO 1) Which of the following statements is incorrect regarding the SEC’s partner rotation rules? (Points: 3)
The lead and concurring partners are subject to a 5-year time out period.

All audit partners must rotate off the audit engagement after 5 years.

Other audit partners are subject to a 2-year time out period.

Small firms may be exempted from the partner rotation requirement.

(TCO 3) Burrow & Co., CPAs, have provided annual audit and tax compliance services to Mare Corp. for several years. Mare has been unable to pay Burrow in full for services Burrow rendered 19 months ago. Burrow is ready to begin fieldwork for the current year’s audit. Under the ethical standards of the profession, which of the following arrangements will permit Burrow to begin the fieldwork on Mare’s audit? (Points: 3)
Mare engages another firm to perform the fieldwork, and Burrow is limited to reviewing the workpapers and issuing the audit report.

Mare sets up a 2-year payment plan with Burrow to settle the unpaid fee balance.

Mare gives Burrow an 18-month note payable for the full amount of the past due fees before Burrow begins the audit.

Mare commits to pay the past due fee in full before the audit report is issued.

Chapter 2

(TCO 3) Independence in auditing means (Points: 3)
remaining aloof from a client.

taking an unbaised and objective viewpoint.

not being financially dependent on a client.

Explanation & Answer

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