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