wisely. Do not devote disproportionate time to any one question or section. 4. GOOD LUCK! MULTIPLE CHOICE/TRUE-FALSE QUESTIONS For each question‚ please select the best answer. Clearly mark your selection (A‚ B‚ C‚ D or E‚ as applicable) on the accompanying Scantron form. If more than one letter (or no letter) is selected for a particular question‚ no credit will be given for that question. 1. Which of the following is not a Sarbanes-Oxley requirement for audit committees
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investment decisions with greater confidence. A broker is only authorized to buy and sell securities as instructed by their clients. More experienced investors prefer to use the services of the broker‚ while new investors can benefit from the experience and knowledge of the broker dealers. A function of the broker dealer is to provide personal service and quality advice to the clients. The broker dealer will need to clearly understand your financial needs and your investment objectives in order to provide
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Reviewing Key Concepts Chapter 7 1. What are resources? 1. Answer: A resource is anything a person can use to help Reach his or her goals. 2. What resources do you have that can help you choose a satisfying career? 2. Answer: Your resources include your personality‚ Self-concept‚ interests‚ attitude‚ aptitudes‚ abilities‚ and Values. Each of these can affect the career choice you make. 3. Name a career and five personality traits that would help a person succeed in it. 3. Answer: Wedding
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Chapter 10 AUDIT WORKING PAPERS Section 1000 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1013 Contents Purpose Importance of Working Papers Confidential Nature of Working Papers Purposes Served by Working Papers Planning and Preparing Working Papers Principles and Methods of Documentation Working Paper Format Specific Standards for Each Workpaper Review of Audit Workpapers Arranging and Filing Standardized Workpapers Retirement of Audit Workpapers Special Project Workpapers Backup
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1. If a CPA recklessly departs from the standards of due care when conducting an audit‚ she or he will be liable to unknown third parties based on a. strict liability c. negligence b. gross negligence d. breach of contract 2. Under the common law‚ which of the following statements most accurately reflects the liability of a CPA who fraudulently gives an opinion on an audit of a client’s financial statements? c. The CPA is liable only to third parties in privity of contract
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You Can’t be on Both Sides The movie 12 Years a Slave‚ is a film about Solomon Northup‚ a free black man‚ who is kidnapped and sold into slavery in the south. This video shows the struggle of to survive and maintain some of this dignity. In today’s world‚ many things can be considered hypocrite or double standard. You even can be doing a double standard thing‚ and don’t even know. A prominent example of this hypocrisy is the people who say that they are pro-animal rights and love animals‚ but they
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GENERAL POLICY & PROCEDURE Rev. No.: 3 Marine Operations Date: 14.12.11 OPCO ACCEPTANCE STANDARD FOR MARINE VESSELS Page No.: 2 REVISION RECORD Date REV. No. PAGES REVISION (Brief Description) 15.10.00 0 All New issue 31.12.04 1 All Revised issue 04.02.06 2 6 4.2 Added: FMEA 04.02.06 2 7 Added: IMCA 04.02.06 2 12 - 3rd paragraph completely deleted. - 4th paragraph removed “NOTE” 04.02.06 2 18 8
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of Internal Auditors (IIA)‚ "Internal auditing is an independent‚ objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic‚ disciplined approach to evaluate and improve the effectiveness of risk management‚ control‚ and governance processes. Internal Auditors’ roles include monitoring‚ assessing‚ and analyzing organizational risk and controls; and reviewing and confirming
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Evaluate the auditors’ current responsibility to detect corporate fraud. What factors should be of consideration when deciding on the appropriate level? Prepared for Professor Brenda Porter Course Co-ordinator‚ BEA 2004 Auditing Author Ho Jian Hong‚ Shawn BA (Hons) Accounting and Finance University of Exeter Tutor Dr Amama Shaukat Tutorial (Wednesday 11am) Date 1st May 2011 EXECUTIVE SUMMARY Corporate fraud is a problem within society that has been on an upward trend over
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Completing the Audit Concepts: Nature of a balance sheet approach to the audit & implications for auditing the income statement * Obtain sufficient‚ competent‚ evidential matter for all balance sheet accounts * Note that if all balances are fairly stated‚ and the balance sheet balances‚ then Retained Earnings must be correct * If Retained Earnings is correct‚ then the Income Statement’s net income cannot be materially in error * Therefore‚ less work is done auditing the income
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