According to the Acts Discreditable Rule for accountants in public practice, which of thefollowing is not a “discreditable act”?a. Withholding a client’s sales records.b. Failing to file or remit tax payments.c. Failing to follow requirements of the PCAOB during the audit of an SEC client.d. Advertising that indicated the firm can reduce IRS penalties.

Q: Management of COV Limited has decided not to disclose auditor remuneration for tax services provided…

A: Audit shall express an opinion in audit report on the basis of auditing and after obtaining…

Q: For each of the following management scenarios, (1) indicate whether you believe the scenario…

A: Scenario 1: In the given scenario, plenty of cross-organizational transactions are done for the…

Q: The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which ofthe…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: Which of the following best describes the effect of a contingent fee arrangement on the auditor's…

A: The contingent fees rule has been defined in Section 1.510 of the AICPA’s revised Code of…

Q: Internal auditors O a. are employees of the taxing authority who evaluate the internal controls of…

A: Internal Auditor : The Internal auditor is the employee of the company/entity, it means Internal…

Q: Allen and Willett Chartered Accountants audited the financial statements included in the annual…

A: Australian Consumer Law The purpose of implementing the Australian consumer law which protects the…

Q: If the auditors encounter a significant scope limitation in evaluating a public company’s internal…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Assume that a corporate officer or other executive asks you, as the accountant for the company, to…

A: As per the Securities and Exchange Act of 1934 directives, the professional accountants and auditors…

Q: If the auditor is auditing a public company in the United States and must report on internal…

A: Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

Q: What are the auditor’s responsibilities under the Corporations Act to report breaches of the Act?…

A: The Corporation’s Act 2001 is one of the attributes of the commonwealth of Australia. The act…

Q: Audit independence in fact is most clearly lost whena. A public accounting firm audits competitor…

A: Audit independence means while doing audit of various firms, auditor should be independent.

Q: J, B & J, Certified Public Accountants, has audited the Highcredit Corporation for the past five…

A: An accountant/ auditor becomes the owner that he creates during the accounting and auditing of the…

Q: Which of the following statements is true? The CPA firm will lose its independence if: A. a staff…

A: Meaning of Independence Independence generally implies one’s ability to act with integrity and…

Q: vestigations into the corporate scandals of the recent past revealed that the accountant did not…

A: Accountants and auditors are put in place so that they can give assurance that the company is…

Q: KPMG is the auditor for a company under IESBA rules and cannot assume a management responsibility…

A: Auditing refers to an independent examination of financial records with a view to provide an opinion…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: For each separate case, state whether the action or situation shows a violation of the AICPACode of…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: The Sarbanes–Oxley Act of 2002 generally prohibits public accounting firms froma. Acting in a…

A: The Sarbanes-Oxley Act of 2002 is a law the U.S. Congress gave July 30 of that year to help shield…

Q: Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may…

A: Non-audit services provided by the auditor to an audit customer, including its affiliates, are…

Q: Rationalization for fraud can fall under two categories: “no harm” and “no responsibility.” Assume…

A: Rationalization: Rationalization emphasizes on the justification provided by an employee and finds…

Q: Which of the following is an example of a self-interest threat to the fundamental principles? The…

A: Self interest threat is the threat of auditor that holds a direct or indirect financial interest in…

Q: When employees have a conflict of interest between their personal compensation and provision of…

A: Management and owners of a company are different. Management is compensated in order to run the…

Q: A misstatement in the financial statements can be considered material if knowledge of…

A: We have the following question: A misstatement in the financial statements can be considered…

Q: The general management of the client have a history of corporate tax avoidance and violating listing…

A: In case of fraud there are two type that include the miss appropriation of assets and  fraud…

Q: When investors sue auditors for damages under section 11 of the Securities Act of 1933,they must…

A: The Securities Exchange Act 1934:   "The Securities Exchange Act 1934 controls everyday trading of…

Q: Which of the following would probably not be considered an “act discreditable to the profession”?a.…

A:

Q: Both Siemens and their accountant KPMG and Walmart and their accountant EY failed to resolve the…

A: Solution- An external audit is an examination that is conducted by an independent accountant. This…

Q: Under common law, which of the following statements most accurately reflects the liability of a CPA…

A: The liability of a CPA who fraudulently gives an opinion on an audit of a client's financial…

Q: The following relates to the Menendez–Halliburton situation described in the text.(a) How would you…

A: (a)

Q: A legal wrangle developed between the Australian Taxation office and Hampton Ltd (HL) concerning the…

A: General purpose financial statements are those financial statements which are released to abroad…

Q: Which of the following statements is/are correct? O a. The ban on simultaneously offering consulting…

A: Auditing- Auditing the words seems like it is a principle-oriented subject but is one of the…

Q: Which of the following services is not an example of a nonassurance service? OA The auditor examines…

A: Non-assurance services :            The accounting professionals are allowed to perform both types…

Q: Which of the following is not part of Sarbanes–Oxley?a. An increased duty on the part of auditors to…

A: Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the corporate scandals.…

Q: Tax accountants are expected to Group of answer choices refuse to go along with clients who claim…

A: Tax accountants are entrusted with the task of assisting the business entities with regards to…

Q: In an attestation engagement, a CPA practitioner is engaged toa. Compile a company’s financial…

A: An attestation engagement is a course of action with a customer where an independent outsider or…

Q: Discuss how each of the following could affect independence of mind and independence in appearance,…

A:

Q: he concept of materiality is less important for public accountants in determining:

A: Materiality: Materiality is used to indicate the impact of information on the financial statement.…

Q: Which of the following statements is true of the Sarbanes−Oxley ​Act? A. All private…

A: Option A:  Sarbans Oxley act applies on all public companies and not on private companies. Therefore…

Q: The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting…

A: Sarbanes Oxley Act (SOX): SOX act is passed by the government to address the corporate scandals.…

Q: A retired sole practitioner is most likely to violate the AICPA Code of Professional Conduct by…

A: CPA is certified public accountant which is responsible for the auditing and verifying the books of…

Q: Give the Circular 230 position concerning each of the following situations sometimes encountered in…

A: Hello, I am only answering first three subparts of the question as per the policy and if you want…

Q: Which of the following is NOT among the conditions that give rise to a demand by external users for…

A: The conditions that give rise to a demand by external users for independent audits of financial…

Q: Under which of the following circumstances would a disclaimer of opinion not beappropriate?(1) The…

A: From the various given statements we have to find out the circumstances where a disclaimer of…