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In connection with the element of professional development, a CPA firm's system of quality control should ordinarily provide that all personnel A. Have the knowledge required to enable them to fulfill responsibilities assigned B. Possess judgement, motivation and adequate experience C. Seek assistance from persons having appropriate levels of knowledge, judgement, and authority D. Demonstrate compliance with peer review directives D Quality control for a CPA firm, as referred to in auditing standards, applies to A. Auditing services only B. Auditing and management advisory services C. Auditing and tax services D. Auditing and accounting and review services D The least important element in the evaluation of a CPA firm's system of quality controls would concern its policies and procedures with respect to A. Employment hiring B. Confidentiality of audit engagement C. Assigning personnel to audit engagements D. Determination of audit fees B A basic objective of a CPA firm is to provide professional services that conform with professional standards. Reasonable assurance of achieving this basic objective is provided through A. Compliance with GAAP B. A system of quality control C. A system of peer review D. Continuing professional education C The primary purpose of establishing quality control policies and procedures for deciding whether to accept a new client is to A. Enable the CPA firm to attest to the reliability of the client B. Satisfy the CPA firm's duty to the public concerning the acceptance of new clients C. Minimize the likelihood of association with clients whose management lacks integrity D. Anticipate before performing any field work whether an unqualified opinion can be expressed B Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? I.
Advancement A. I and II B. All three C. II and III D. I and III A The nature and extent of a CPA firm's quality control policies and procedures depend on I. CPA firm's size A. All three B. I and II C. I and III D. II and III D The primary reason why a CPA firm establishes quality control polices and procedures for human resources is to A. Comply with the continuing education requirements imposed for all staff accountants in CPA firms B. Establish in fact as well as in appearance that staff accountants are increasing their knowledge of accounting and auditing matters C. Provide a forum for staff accountants to exchange their experiences and views concerning firm policies and procedures D. Provide reasonable assurance that staff personnel will have the capability, competence and commitment to ethical principles required to enable them to fulfill their responsibilities in accordance with professional standards and regulatory and legal requirements B In pursuing its quality control objectives with respect to assigning personnel to engagements, a CPA firm may use policies and procedures such as: A. Rotating employees from assignment to assignment on a random basis to aid in the staff training effort B. Requiring timely identification of the staff requirements of specific engagements so that enough qualified personnel can be made available C. Allowing staff to select the assignments of their choice to promote better client relationships D. Assigning a number of employees to each engagements in excess of the number required so as not to overburden the staff and interfere with the quality of the audit work performance C The accounting firm should establish policies and procedures assigned to promote an internal culture based on the recognition that quality is essential in performing engagements. This may be communicated through the following means except A. Training seminars B. Formal and informal dialogue C. Publication in PICPA newsletter D. Mission statements D In pursuing its quality control objectives with respect to acceptance of a client, a CPA firm is not likely to A. Make inquiries of the proposed client's legal counsel B. Review financial statements of the proposed client C. Make inquiries of previous auditor D. Review the personnel practices of the proposed client B In pursuing its quality control objectives with respect to independence, a CPA firm may use polices and procedures such as the ff except: A. Emphasizing independence in mental attitude in firm training programs and in supervision and review of work B. Prohibiting employees from owning shares of the stock of publicly traded companies C. Suggesting that employees conduct their banking transactions with banks that do not maintain accounts with client firms D. Assigning employees who may lack independence to research positions that do not require participation in field audit work C Which of the following is not an element of quality control that should be considered by a firm of independent auditors? A. Assigning personnel to engagements B. Consultation with appropriate persons C. Keeping records of quality control policies and procedures D. Supervision C A firm of CPAs may use policies and procedures such as notifying professional personnel as to the names of audit clients having publicly held securities and confirming periodically with such personnel that prohibited relations do not exist. This is done to achieve effective quality control in which of the following areas? A. Acceptance and continuance of clients B. Human resources C. Ethical requirements D. Leadership responsibilities for quality within the firm D A CPA establishes quality control policies and procedures for deciding whether to accept a new client or to continue to perform services for a current client. The primary purpose for establishing such policies and procedures is to A. Comply with financial reporting standards B. Comply with the quality control standards established by the regulatory bodies C. Comply with standards of auditing D. Minimize the likelihood of association with clients whose management lacks integrity C In pursuing its quality control objectives, a CPA firm may maintain records indicating which of it parties or employees were previously employed by its clients. Which quality control element would this be most likely to satisfy? A. Leadership responsibilities for quality within the firm B. Human resources C. Ethical requirements D. Engagement performance B A process comprising an ongoing consideration and evaluation of the firm's system of quality control including a periodic inspection of a selection of completed engagements designed to provide the firm with reasonable assurance that its system of quality control is operating effectively A. Quality assurance review B. Monitoring C. Documenting D. Auditing C Which of the following does a firm need not establish and maintain a system of quality control for? A. Leadership responsibilities for quality within the firm B. Relevant ethical requirements C. Maximizing revenue D. Engagement performance D This refers to an approximation of the amount of an item in the absence of a precise means of measurement A. Projection B. Forecast C. Probable amount D. Accounting estimate Which of the following is an element of a CPA firm's quality control system that should be considered in establishing its quality control policies and procedures quizlet?Which of the following is an element of a CPA firm's quality control system that should be considered in establishing its quality control policies and procedures? Managing human resources.
Which of the following are elements of a firm's quality control that should be considered in establishing?The quality control policies and procedures applicable to a firm's accounting and auditing practice should encompass the following elements:. Independence, Integrity, and Objectivity.. Personnel Management.. Acceptance and Continuance of Clients and Engagements.. Engagement Performance.. Monitoring.. Which section of the aicpa professional standards defines the elements of a system of quality control?AU-C section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, for example, addresses quality control procedures for engagements conducted in accordance with generally accepted auditing standards.
What is meant by the term quality control as it relates to a CPA firm?What is meant by the term quality control as it relates to a CPA firm? Quality controls are the procedures used by a CPA firm that help it meet its professional responsibilities to clients. Quality controls are therefore established for the entire CPA firm as opposed to individual engagements.
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Which of the following is an element of a CPA firms quality control system that should be considered in establishing its quality control policies and procedures quizlet?
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