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ACC 544: Final Exam Review � Key Concepts in Auditing and Ethical Standards

This final exam review focuses on auditing principles, ethical standards, and key concepts in the accounting field.

Audrey Parker
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ACC 544: Final Exam Review–Key Concepts in Auditing and Ethical StandardsACC 544 Final Exam1) Which is NOT one of the AICPA’s Code of Professional Conduct principles?A. The public interestB. IntegrityC. Quality controlD. Scope and nature ofservices2) The ethical philosophy that considers the consequences of similar persons acting undersimilar circumstances is calledA. utilitarian principle.B. imperative principle.C. categorical imperative.D. generalization argument.3) The fundamental issues in independence require that the auditor avoidA. financial connections with the client and financial connections with the client’s competitors.B. acting as management and representing the shareholder’s interests.C. responsibility for the client’s internal control and subordinating judgment concerning auditissues.D. financial connections with the firm and acting as management.4) Auditors have greater liability under the Securities Act of 1933. Which is the reason thatthis greater liability exists?A. The auditor is liable for treble damages under the Securities Act of 1933.B. The plaintiff does not have to prove that the financial statements were misstated.C. The plaintiff does not have to prove that they relied on the financial statements.D.The plaintiff does not have to prove that there were damages.5) The legal doctrine that states that a successful plaintiff may recover the full amount ofdamages from any defendant that has the ability to pay is called

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Document Details

University
St. Clair College
Course
ACC 544
Subject
Accounting

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