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CPA Test Prep: Regulation(2)

  CPA Test Prep: Regulation(2)

  [10] 1.2.10 -- Source: CPA 0407 REG-18

  According to the ethical standards of the profession, a CPA#s independence would most likely be impaired if the CPA

  A. Accepted any gift from a client.

  B. Became a member of a trade association that is a client.

  C. Contracted with a client to supervise the client#s office personnel.

  D. Served, with a client bank, as a cofiduciary of an estate or trust.

  Answer (A) is incorrect because Gifts with clearly insignificant value from a client are not considered to impair

  independence.

  Answer (B) is incorrect because Membership in a client trade association will not impair independence provided

  the member is not an officer or a director, or in a position equivalent to management.

  Answer (C) is correct. Supervising client employees in normal circumstances impairs independence. Supervising

  client personnel is a type of management function. Performing management functions or making management

  decisions impairs independence, but providing advice, research, and recommendations does not.

  Answer (D) is incorrect because Mere designation as a trustee or executor does not impair independence in the

  foregoing circumstance but that actual service does.

  Copyright 2006 Gleim Publications, Inc. Page 4

  Printed for mhm/ AHCU

  Gleim CPA Test Prep: Regulation

  (1375 questions)

  [11] 1.2.11 -- Source: CPA LAW R02-2

  On June 1, Year 1, a CPA obtained a $100,000 personal loan from a financial institution client for whom the CPA

  provided compilation services. The loan was fully secured and considered material to the CPA#s net worth. The CPA

  paid the loan in full on December 31, Year 1. On April 3, Year 2, the client asked the CPA to audit the client#s financial

  statements for the year ended December 31, Year 2. Is the CPA considered independent with respect to the audit of the

  client#s December 31, Year 2, financial statements?

  A. Yes, because the loan was fully secured.

  B. Yes, because the CPA was not required to be independent at the time the loan was granted.

  C. No, because the CPA had a loan with the client during the period of a professional engagement.

  D. No, because the CPA had a loan with the client during the period covered by the financial statements.

  Answer (A) is incorrect because That the loan was fully secured is irrelevant.

  Answer (B) is correct. CPAs in public practice must be independent when providing attestation services.

  Attestation services provide assurance about assertions and include audits, reviews, and applying and reporting on

  agreed-upon procedures. A compilation is not an attestation service. Thus, the CPA was not required to be, and

  was not, independent during Year 1. Because the loan was paid in full during Year 1, the CPA is considered

  independent with respect to the audit of the client#s Year 2 financial statements. The CPA had no loan from the

  client during the engagement.

  Answer (C) is incorrect because The CPA had no loan from the client during the engagement.

  Answer (D) is incorrect because The loan-related impairments to independence are irrelevant. The period of

  engagement is relevant.

  [12] 1.2.12 -- Source: CPA 0605 REG-37

  Under the ethical standards of the profession, which of the following positions would be considered a position of

  significant influence in an audit client?

  A. A marketing position related to the client#s primary products.

  B. A policy-making position in the client#s finance division.

  C. A staff position in the client#s research and development division.

  D. A senior position in the client#s human resources division.

  Answer (A) is incorrect because A marketing position does not have authority over financial, operating, or

  accounting policies.

  Answer (B) is correct. Significant influence means the ability to exercise significant influence over the

  financial, operating, or accounting policies of the entity, for example, by (1) being connected with the entity as a

  promoter, underwriter, voting trustee, general partner or director or (2) being in a policy-making position such as

  chief executive officer, chief operating officer, chief financial officer, or chief accounting officer. Thus, a policy-

  maker in the finance division has significant influence.

  Answer (C) is incorrect because A staff member in R&D does not have authority over financial, operating, or

  accounting policies.

  Answer (D) is incorrect because A senior human resources manager does not have authority over financial,

  operating, or accounting policies.

  [13] 1.2.13 -- Source: Publisher, adapted

  Which activity performed as nonattest services for a nonpublic attest client impairs a CPA#s independence?

  A. Analyzing fluctuations in account balances if the extent of testing exceeds that required by GAAS.

  B. Confirming accounts receivable if the extent of testing exceeds that required by GAAS.

  C. Determining which recommendations for improving internal control should be implemented.

  D. Assisting in the performance of the client#s internal auditing activities.

  Copyright 2006 Gleim Publications, Inc. Page 5

  Printed for mhm/ AHCU

  Gleim CPA Test Prep: Regulation

  (1375 questions)

  Answer (A) is incorrect because Procedures of the type performed in a financial statement audit do not impair

  independence even if their extent exceeds that required by GAAS.

  Answer (B) is incorrect because Procedures of the type performed in a financial statement audit do not impair

  independence even if their extent exceeds that required by GAAS.

  Answer (C) is correct. Performing nonattest services for a nonpublic attest client generally does not impair

  independence if the AICPA member does not perform management functions or make management decisions. However,

  the client must agree to make all such decisions and perform all such functions. Moreover, the client must agree to (1)

  designate an individual with suitable skill, knowledge, or experience to oversee the services; (2) evaluate their adequacy

  and results; (3) accept responsibility for the results; and (4) establish and maintain internal control. Also, the member

  should have a documented agreement with the client about the objectives and limitations of the engagement, the

  services to be performed, and mutual responsibilities. Accordingly, determining which, if any, recommendations for

  improving internal control should be implemented impairs independence because it is a management decision.

  Answer (D) is incorrect because Assisting in the performance of the client#s financial and operational internal audit

  activities does not impair independence if the CPA ensures that the client understands that it is responsible for

  establishing and maintaining internal control and directing the internal audit function.

  [14] 1.2.14 -- Source: CPA 1189 A-57

  If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct

  financial interest, the accountant is

  A. Independent because the financial interest is immaterial and therefore may issue a review report.

  B. Not independent and therefore may not be associated with the financial statements.

  C. Not independent and therefore may not issue a review report.

  D. Not independent and therefore may issue a review report, but may not express an auditor#s opinion.

  Answer (A) is incorrect because Materiality is irrelevant when the interest is direct. Thus, a review report must

  not be issued.

  Answer (B) is incorrect because The accountant may be associated with the financial statements, but (s)he must

  not issue a review report or express an audit opinion.

  Answer (C) is correct. Independence is impaired if, during the period of the professional engagement, a covered

  member has any direct or any material indirect financial interest in the client. Materiality is therefore irrelevant

  when the interest is direct. Hence, the accountant is not independent, and a review report may not be issued.

  Answer (D) is incorrect because The accountant must not issue a review report.

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