question archive 1) Which of the following is not a principle of the AICPA Code of the professional conduct? a
1) Which of the following is not a principle of the AICPA Code of the professional conduct? a
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1) Which of the following is not a principle of the AICPA Code of the professional conduct?
a. Due Care
b. Objectivity and Independence
c. Integrity
d. Internal Controls
2. Which of the following is not one of the common elements that are typically present when fraud occurs?
a. The capacity to rationalize
b. The existence of pressure leading to an incentive
c. The assistance of others
d. The presence of an opportunity
3. What is the term used to describe the policies and procedures that are designed to reduce the opportunities for fraud?
a. Internal controls
b. Asset source transactions
c. Accounting standards
d. Financial systems
4. What action did the U.S. Congress take because of the audit failures at Enron. WorldCom and other companies?
a. Required publicly-traped companies to be audited by a government agency
b. Passed the Sarbanes-Oxley Act
c. Required companies to begin preparingan additional financial statement
d. Passed an amendment to the Securities and Exchange Act
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Answer:
- d. Internal Controls
- c. The assistance of others
- a. Internal controls
- b. Passed the Sarbanes-Oxley Act
Step-by-step explanation
- PRINCIPLES OF PROFESSIONAL CONDUCT are Responsibilities, The Public Interest, Integrity, Objectivity and Independence, Due Care and Scope and Nature of Services.
- Three elements typically present when fraud occurs 1. The availability of an opportunity 2. The existence of some form of pressure leading to an incentive 3. The capacity to rationalize
- Internal controls are processes and procedures implemented to ensure the integrity of accounting and financial information.
- The Sarbanes-Oxley Act of 2002 was passed by Congress in response to widespread corporate fraud and failures.
