Connect Access Card for Principles of Auditing & Other Assurance Services
21st Edition
ISBN: 9781260299366
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 30AOQ
To determine
Identify the organization that can revoke the right of an individual to practice as a CPA.
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List four circumstances where a CPA licensee from another state would require approval from the California board of Accountancy before practicing public accounting in California. In cases where prior approval is not necessary, what are the requirements for the out of state licensee to practice public accounting. Express your opinions on these requirements.
Under what circumstances is a CPA required to notify a client that a CPA is licensed by the California Board of Accountancy? What are the permissible means of making this notification? Why do you think this is a requirement?
Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation impose these restrictions?
Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?
If…
Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct?
Select one:
A “covered member” owns an immaterial amount of stock in an audit client.
Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding.
Assisting a client in preparing a financial forecast.
Forming a professional corporation to practice as a CPA.
A Certified Management AccountantA. is licensed by a state to perform management accounting functions for business and not-for-profit organizations.B. has passed a standardized examination and has certain experience requirements.C. performs the same functions as a CPA but of the internal audit staff of a business.D. both a and b are correct.
Chapter 2 Solutions
Connect Access Card for Principles of Auditing & Other Assurance Services
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - Prob. 15RQCh. 2 - Prob. 16RQCh. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - Prob. 20RQCh. 2 - Prob. 21RQCh. 2 - Prob. 22RQCh. 2 - Prob. 23RQCh. 2 - Prob. 24RQCh. 2 - Prob. 25QRACh. 2 - Prob. 26QRACh. 2 - Jane Lee, a director of a nonpublic corporation...Ch. 2 - Prob. 28QRACh. 2 - Prob. 29QRACh. 2 - Prob. 30AOQCh. 2 - Prob. 30BOQCh. 2 - Prob. 30COQCh. 2 - Prob. 30DOQCh. 2 - Prob. 30EOQCh. 2 - Prob. 30FOQCh. 2 - Prob. 30GOQCh. 2 - Prob. 30HOQCh. 2 - Prob. 30IOQCh. 2 - Prob. 30JOQCh. 2 - Prob. 30KOQCh. 2 - Prob. 30LOQCh. 2 - Prob. 31OQCh. 2 - Prob. 32OQCh. 2 - Prob. 33OQCh. 2 - Prob. 34OQCh. 2 - Prob. 35OQCh. 2 - Joe Rezzo, a college student majoring in...Ch. 2 - Prob. 37PCh. 2 - Hide-It (HI), a family-owned business based in...Ch. 2 - Prob. 39RDC
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Similar questions
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forwardWhat type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesarrow_forwardOne of your friends remarks, I understand that before voting on an Update to Accounting Standards, the FASB allows written comments and oral presentations in which interested parties can lobby for a particular ruling. Do you think this is a good idea? Required: Prepare a written response that discusses the advantages and disadvantages of the FASBs allowing interested parties to provide input to its deliberative process.arrow_forward
- Who is responsible for assessing the accountant's competence? A The American Institute of Certified Public Accountants (AICPA)B Each state's accountancy board.C The accountantD The accountant's clientarrow_forwardWhich of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountantsarrow_forwardWhat are the prohibitions in the Code of Ethics for Professional Accountantsarrow_forward
- What is the impact of being registered with the Public Company Accounting Oversight Board?arrow_forwardWhat is the purpose of the Code of Professional Conduct for the accounting profession?arrow_forwardDirections: Please select the appropriate answer on the statement below;T - If the statement is trueF - When the statement is false or part of the statement is false A public accounting firm is believed to have fulfilled its responsibility to provide services in accordance with professional standards because it joins a professional society that encourages the implementation of a code of ethics.arrow_forward
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