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ACCT 410 OQ -1 Verified Answers (2025)!

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ACCT 410 Study Material – Ace Your Accounting Course! Struggling with ACCT 410? Get the ultimate study guide to help you master the concepts and boost your grades! This comprehensive and well-organized material includes: Detailed Notes – Easy-to-understand explanations of key accountin...

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  • March 7, 2025
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  • 2024/2025
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Q&As
2025




ACCT 410 OQ #1 Verified Answers
(2025)!!




Which of best describes the relationship between assurance
services and attest services? - Answer Both attest and
assurance services require independence.



Who has primary responsibility for the fairness of the
representations made in financial statements? - Answer
Clients management



The most important benefit of having an annual audit by a public
accounting firm is to - Answer Provide assurance to investors
and other outsiders that the financial statements are reliable.



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, Q&As
2025
The Sarbanes-Oxley Act created the PCAOB. Which of the
following is not one of the responsibilities of that board? -
Answer Review financial reports filed with the SEC.



Which organization has the responsibility to perform inspections
of auditors of public companies? - Answer PCAOB



Governmental auditing, in addition to including audits of F.S.,
often includes audits of efficiency, effectiveness, and: - Answer
Compliance



In general, internal auditors' independence will be greatest when
they report directly to the: - Answer Audit committee of the
board of directors



Which of the following did not precipitate the passage of the
Sarbanes-Oxley Act of 2002 to regulate public accounting firms? -
Answer Ethical scandals at the AICPA



Which of the following organizations establishes accounting
standards for U.S. government agencies? - Answer The
Federal Accounting Standards Advisory Board



What are forensic audits? - Answer Forensic audits are
usually performed in situations in which fraud has been found or
suspected.



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