Which of the following is an illustration of liability to clients under common law? ( )
A. Client sues auditor for not discovering a theft of assets by an employee.
Bank sues auditor for not discovering that borrower’s financial statements are misstated.
Combined group of stockholders sue auditor for not discovering materially misstated financial statements.
D. Federal government prosecutes auditor for knowingly issuing an incorrect audit report.
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Which of the following statements is not true? ( )
A one-paragraph report is generally used when the auditor is not independent.
B. A three-paragraph report ordinarily indicates there are no exceptions in the audit.
C. An unqualified opinion with modified wording has three paragraphs.
D. More than three paragraphs in the report indicate there must be some type of qualification in the audit report.
Of the four parts of the AICPA’s Code of Professional Conduct, which part is enforceable? ( )
A. Ethical Rulings.
B. Rules of Conduct.
C. Principles.
D. Interpretations.
An example of external documents is ( )
A. employees’ time reports.
B. bank statements.
C. purchase order for company purchases.
D. carbon copies of checks.
Sarbanes-Oxley requires auditors of public companies to maintain audit working papers for what period of time? ( )
A. Not less than 3 years.
B. Not less than 5 years.
C. Not less than 7 years.
D. None of the above.
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