Question 1

As in the case of the AICPA, the most severe sanction to be imposed by a state society is loss of membership in the society.

Accepted Answer

A) True 
 B)False

Question 2

In Interpretation 101?1, the term "A member or a member's firm" would include all of the following except:

Accepted Answer

A)  partners in other offices, not directly involved on the engagement. 
B)  all managerial personnel located in the office performing the engagement. 
C)  the nondependent spouse of the member. 
D)  the dependent son of the member. 
E)  clerical staff members working on the engagement. 
A)  partners in other offices, not directly involved on the engagement. 
B)  all managerial personnel located in the office performing the engagement. 
C)  the nondependent spouse of the member. 
D)  the dependent son of the member. 
E)  clerical staff members working on the engagement.

Question 3

Rule 101 makes independence a requirement for:

Accepted Answer

A)  all services provided by members. 
B)  audits, tax services, and management advisory services. 
C)  audits, reviews, and examinations of prospective statements. 
D)  audits, reviews, and accounting services. 
E)  audits, reviews, and consulting services. 
A)  all services provided by members. 
B)  audits, tax services, and management advisory services. 
C)  audits, reviews, and examinations of prospective statements. 
D)  audits, reviews, and accounting services. 
E)  audits, reviews, and consulting services.

Question 4

CPAs can be required to comply with, at most, a single code of ethics.

Accepted Answer

A) True 
 B)False

Question 5

Interpretation 505-3 requires all of the following except:

Accepted Answer

A)  enrollment in an SEC-approved practice monitoring program. 
B)  compliance with all aspects of applicable state laws or regulations. 
C)  membership in the SEC practice section if the attest work is for SEC clients. 
D)  compliance with the independence rules prescribed by Rule 101. 
E)  compliance with applicable standards promulgated by Council-designated bodies and all other applicable provisions of the Code. 
A)  enrollment in an SEC-approved practice monitoring program. 
B)  compliance with all aspects of applicable state laws or regulations. 
C)  membership in the SEC practice section if the attest work is for SEC clients. 
D)  compliance with the independence rules prescribed by Rule 101. 
E)  compliance with applicable standards promulgated by Council-designated bodies and all other applicable provisions of the Code.

Question 6

Which one of the following is not required by Rule 201?

Accepted Answer

A)  Obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to any professional services performed. 
B)  Exercise due professional care in the performance of professional services. 
C)  Do not disclose any confidential client information without the specific consent of the client. 
D)  Adequately plan and supervise the performance of professional services. 
E)  Undertake only those professional services that the member or the member's firm can reasonably expect to be completed with professional competence. 
A)  Obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to any professional services performed. 
B)  Exercise due professional care in the performance of professional services. 
C)  Do not disclose any confidential client information without the specific consent of the client. 
D)  Adequately plan and supervise the performance of professional services. 
E)  Undertake only those professional services that the member or the member's firm can reasonably expect to be completed with professional competence.

As in the case of the AICPA, the most severe sanction to be imposed by a state society is loss of membership in the society.

In Interpretation 101?1, the term "A member or a member's firm" would include all of the following except:

Rule 101 makes independence a requirement for:

CPAs can be required to comply with, at most, a single code of ethics.

Interpretation 505-3 requires all of the following except:

Which one of the following is not required by Rule 201?

Auditing and the Public Accounting

Financial Statement Audits and

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Attest and Assurance Services, and Related Reports

Internal, Operational, and

Filters

Exam 3: Professional Ethics

As in the case of the AICPA, the most severe sanction to be imposed by a state society is loss of membership in the society.

In Interpretation 101?1, the term "A member or a member's firm" would include all of the following except:

Rule 101 makes independence a requirement for:

CPAs can be required to comply with, at most, a single code of ethics.

Interpretation 505-3 requires all of the following except:

Which one of the following is not required by Rule 201?

Auditing and the Public Accounting

Financial Statement Audits and

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Attest and Assurance Services, and Related Reports

Internal, Operational, and

Filters