Substantial equivalency refers toa. An auditor’s tendency not to believe management’s assertions without sufficientcorroboration.b. Providing consulting work for another firm’s audit client in exchange for the other firm’sproviding consulting services to one of your clients.c. The waiving of certification exam parts for an individual holding an equivalent certification from another professional organization.d. Permitting a CPA to practice in another state without having to obtain a license in thatstate.
Substantial equivalency refers toa. An auditor’s tendency not to believe management’s assertions without sufficientcorroboration.b. Providing consulting work for another firm’s audit client in exchange for the other firm’sproviding consulting services to one of your clients.c. The waiving of certification exam parts for an individual holding an equivalent certification from another professional organization.d. Permitting a CPA to practice in another state without having to obtain a license in thatstate.
Chapter7: Professional Issues
Section7.5: Fred Stern & Company, Inc. Stern & Company, Inc.(ultramares Corporation V. Touche Et Al.)
Problem 5Q
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Substantial equivalency refers to
a. An auditor’s tendency not to believe management’s assertions without sufficient
corroboration.
b. Providing consulting work for another firm’s audit client in exchange for the other firm’s
providing consulting services to one of your clients.
c. The waiving of certification exam parts for an individual holding an equivalent certification from another professional organization.
d. Permitting a CPA to practice in another state without having to obtain a license in that
state.
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