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31) A basic objective of a CPA firm is to provide professional services that conform to professional, legal, and regulatory requirements. Reasonable assurance of achieving this basic objective is provided through: A) compliance with generally accepted reporting standards. B) a system of quality control. C) a system of peer review. D) continuing professional education. 32).

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  • 31) A basic objective of a CPA firm is to provide professional services
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11) Given one or more hypothetical assumptions, a responsible party may prepare, to the best of his knowledge and belief, an entity's expected financial position, results of operations, and changes in cash flows. Such prospective financial statements are known as: A) pro forma financial statements. B) financial projections. C) partial presentations. D) financial forecasts. 12).

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  • 11) Given one or more hypothetical assumptions, a responsible party
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61) Jones Retailing, a nonpublic entity, has asked Winters, CPA, to compile financial statements that omit substantially all disclosures required by generally accepted accounting principles. Winters may compile such financial statements, provided the: A) reason for omitting the disclosures is explained in the engagement letter and acknowledged in the management representation.

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  • 61) Jones Retailing, a nonpublic entity, has asked Winters
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41) Before performing a compilation of the financial statements of a nonpublic entity, an accountant should: A) perform a thorough study and evaluation of the internal control system. B) complete a series of inquiries concerning the entity's procedures for recording, classifying, and summarizing transactions. C) design working papers intended to provide sufficient competent.

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  • 41) Before performing a compilation of the financial statements
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36) An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that: A) distribution of the report is restricted to the specified users involved. B) the prospective financial statements also are examined. C) responsibility for the adequacy of the procedures performed is taken by the accountant. D) negative assurance.

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  • 36) An accountant may accept an engagement to apply agreed-upon procedures
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31) The Sarbanes-Oxley Act enhances prosecutorial tools available in major fraud cases by: A) expanding laws against fraud and obstruction of justice. B) increasing criminal penalties for fraud and its cover-up. C) strengthening sentencing guidelines applicable to large-scale frauds. D) All of these are true. 32) A CPA who fraudulently performs an audit of a.

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  • 31) The Sarbanes-Oxley Act enhances prosecutorial tools
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16) Absolute assurance is provided in: A) an audit engagement. B) a compilation engagement. C) a review engagement. D) none of the items listed. 17) Reasonable assurance is provided in: A) an audit engagement. B) a compilation engagement. C) a review engagement. D) none of the items listed. 18) Which of the following should not be included in an accountant's.

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  • 16) Absolute assurance is provided
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46) In regards to the Foreign Corrupt Practices Act (FCPA), external auditors: A) are responsible for ensuring that sufficient internal controls are maintained. B) should immediately report any discovered violation of the FCPA to the client's management. C) should verify compliance with corporate codes of conduct. D) are not subject to any penalties. 47) This.

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  • 46) In regards to the Foreign Corrupt Practices
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36) A CPA's failure to file a tax return is: A) considered acceptable by the AICPA Code of Professional Conduct. B) ill-advised because it would impair the CPA's independence with respect to attest clients. C) considered discreditable to the profession. D) a violation of generally accepted auditing standards. 37) Which of the following is allowable.

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