Which of the following is an illustration of liability under the federal securities acts? ( )
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. None of the above.
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Not included as a “direct financial interest” of the CPA would be financial interests of a( )
A. spouse.
B. dependent child.
CPA in a Mutual Fund which had an ownership interest in client company.
D. relative supported by the CPA.
Laws that have been developed through court decisions rather than by passage through legislative bodies are ( )
A. statutory law.
B. judicial law.
C. common law.
D. federal law.
The members of a client’s “audit committee” should be( )
A. members of management.
B. non-directors and non-managers.
C. directors who are not a part of company management.
D. directors and managers.
Which of the following is most likely to be a direct-effect illegal act? ( )
A. Violation of federal employment laws.
B. Violation of federal environmental regulations.
C. Violation of federal income tax laws.
D. Violation of civil rights laws.
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