This is a very good resource for CPA exam facts! At http://www.examfacts.com they have an
excellent study guide filled with basic exam facts for the CPA exam. The book is also available at Amazon.com
Example
Questions from the Exam Fact CPA Book:
Define what engagements do auditors not have to be independent
for?
Compilations
Taxes
Consultations
Independence should be maintained in what?
both fact and appearance.
No direct financial interest, no MATERIAL indirect financial
interest
Define Examples of when auditors are not independent
- more than 1 year of audit fees outstanding
- Material loan/lease unless from client in lending business and
fully secured
- Material litigation involving credibility of accountant or
management
- Accepts more than just a token gift
- spouse/sibling employed as client's internal auditor
- Final responsibility for journal entries (don't take role of
management)
Define Professional care standard
GENERAL STANDARD 3
critical review of judgment at every level
skill and care of a prudent CPA
complete work papers
due diligence
professional skepticism
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