Acct 4311 Essay

2654 Words11 Pages
Chapter 01 The Role of the Public Accountant in the American Economy Multiple Choice Questions 1. A summary of findings rather than assurance is most likely to be included in a(n): A. Agreed-upon procedures report. B. Compilation report. C. Examination report. D. Review report. 2. The organization charged with protecting investors and the public by requiring full disclosure of financial information by companies offering securities to the public is the: A. Auditing Standards Board. B. Financial Accounting Standards Board. C. Government Accounting Standards Boards. D. Securities and Exchange Commission. 3. The Government Accountability Office (GAO): A. Is primarily concerned with rapid processing of all accounts payable incurred by the federal government. B. Conducts operational audits and reports the results to Congress. C. Is a multinational organization of professional accountants. D. Is primarily concerned with budgets and forecasts approved by the SEC. 4. The risk that information is misstated is referred to as: A. Information risk. B. Inherent risk. C. Relative risk. D. Business risk. 5. Which of the following attributes most clearly differentiates a CPA who audits management's financial statements as contrasted to management? A. Integrity. B. Competence. C. Independence. D. Keeping informed on current professional developments. . 6. Passage of the Sarbanes-Oxley Act led to the establishment of the: A. Auditing Standards Board. B. Accounting Enforcement Releases Board. C. Public Company Accounting Oversight Board. D. Securities and Exchange Commission. 7. Which of the following professionals has primary responsibility for the performance of an audit? A. The managing partner of the firm. B. The senior assigned to the engagement. C. The manager assigned to the engagement. D. The partner in charge of the
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