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Auditing & Assurance 101 Practice Test: Auditing & Ethics
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Ethical auditing is a process that assesses how well an organization or company conforms to the ethical standards of its industry or society. It helps to detect any impropriety and demonstrates responsibility as both an employer and a business. Ethical auditing also measures the cultures and behaviors of an organization and determines the extent to which its values are embedded.  Ethical auditing frameworks are protocols that define what is to be audited, by whom, and according to which standards. Ethical auditing tools are conceptual models or software products that help measure, evaluate,... Show more
Auditing & Assurance 101 Practice Test: Auditing & Ethics
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25 Questions

1. Under Rule 101, Independence, independence is considered to be impaired if fees remain unpaid for professional services provided more than six months before the date of the current year's report.
2. There are a number of offenses that may expel a CPA from membership in the AICPA. Which of the following is not one of these offenses?
3. Julie and Lisa are sisters. Julie is a CPA auditing the company where Lisa works. Julie's independence is impaired if:
4. An auditor's independence is considered impaired if the auditor has:
5. An example of an 'indirect ownership interest in a client' would be ownership of a client's stock by a member's:
6. Rule 301 of the AICPA's Code of Professional Conduct requires CPAs to maintain the confidentiality of client information. This rule would be violated if a CPA disclosed information without a client's consent as a result of a:
7. Which of the following is least likely to impair a CPA firm's independence with respect to an audit client in the Oklahoma City office of a national CPA firm?
8. For which of the following professional services must CPAs be independent?
9. Which of the following is not one of the four parts of the AICPA's Code of Professional Conduct?
10. Interpretations to the Rules of Conduct permit a CPA firm to do both bookkeeping and auditing for the same client if three criteria are met. Which of the following is not one of those criteria?
11. The Sarbanes-Oxley Act requires a cooling off period of ________ before a member of an audit team can work for a client in a key management position?
12. Oehlers, CPA, is a staff auditor participating in the engagement of Capital Trust, Inc. Which of the following circumstances impairs Oehlers independence?
13. Rule 505 of the AICPA's Code of Professional Conduct permits CPA firms to organize as:
14. Which of the following is not defined as an act discreditable in either the Rules or the Interpretations of the AICPA's Code of Professional Conduct?
15. A CPA firm should decline an offer to perform consulting services engagement if:
16. The Code of Professional Conduct is established by the membership of the AICPA, and the Interpretations of the Rules of Conduct are prepared by the:
17. A CPA sole practitioner purchased stock in a client corporation and placed it in a trust as an educational fund for the CPA's minor child. The trust securities were not material to the CPA but were material to the child's personal net worth. Would the independence of the CPA be considered to be impaired with respect to the client?
18. In the AICPA Code of Professional Conduct, ethical rulings are less specific than rules of conduct.
19. The members of a client's 'audit committee' should be:
20. In determining independence with respect to any audit engagement, the ultimate decision as to whether or not the auditor is independent must be made by the:
21. Which of the following activities is allowed for a CPA firm's attestation clients?
22. Which of the following services is not prohibited by the SEC whenever a CPA also audits the company?
23. Financial interests family members of a CPA can affect the CPA's independence. Which of the following parties would not be included as a 'direct financial interest' of the CPA?
24. Several months after an unqualified audit report was issued, the auditor discovers the financial statements were materially misstated. The client's CEO agrees that there are misstatements, but refuses to correct them. She claims that 'confidentiality' prevents the CPA from informing anyone.
25. Which of the following statements is true? The CPA firm will lose its independence if:

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