The CPA Profession, Top Questions and answers. 100% Accurate. VERIFIED.
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Course
CPA
Institution
CPA
The CPA Profession, Top Questions and answers. 100% Accurate. VERIFIED.
State the four major types of services CPAs perform, and explain each. - -1. Accounting and bookkeeping services, which are the major source of revenue for most large CPA firms.
2. Tax services, especially are more common...
The CPA Profession, Top Questions and
answers. 100% Accurate. VERIFIED.
State the four major types of services CPAs perform, and explain each. - ✔✔-1. Accounting and
bookkeeping services, which are the major source of revenue for most large CPA firms.
2. Tax services, especially are more common to many small firms than accounting and bookkeeping
service.
3. Management consulting services. Audit firms are not restricted from providing consulting to private
companies and public companies that are not audit clients.
What major characteristics of the organization and conduct of CPA firms permit them to fulfill their
social function competently and independently? - ✔✔-1. The need for independence from clients.
2. The importance of a structure to encourage competence, which permits auditors to conduct audits
and perform other services efficiently and effectively.
3. The increased litigation risk faced by auditors.
What is the role of the Public Company Accounting Oversight Board? - ✔✔-The PCAOB, appointed and
overseen by the SEC:
1. Provides oversight for auditors of public companies.
2. Establishes auditing and quality control standards for public company audits.
3. Performs inspections of the quality controls at audit firms performing audits.
4. Registers accounting firms to assess their compliance with the rules of the PCAOB's and the SEC's,
professional standards and quality control policies.
5. Requires annual inspections of audit firms that audit more than 100 issuers and inspections at least
once every three years.
Describe the role of the SEC in society and discuss its relationship with and influence on the practice of
auditing. - ✔✔-The SEC, an agency of the federal government, assists in providing investors with reliable
information upon which to make investment decision:
1. The Securities Act of 1933 requires most companies planning issue new securities to the public to
submit a registration statement to the SEC for approval.
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