If the corporate secretary is not present, and the corporation does not have an assistant secretary, who shall be responsible to take note of the minutes of the meeting?
Q: select a corporate scandal of your choice and accordiing to Professional Code of Conduct given by…
A: The answer is stated below:
Q: The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which ofthe…
A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…
Q: Internal auditors O a. are employees of the taxing authority who evaluate the internal controls of…
A: Internal Auditor : The Internal auditor is the employee of the company/entity, it means Internal…
Q: ow should the notice of resignation of the auditors to be sent?
A: by company to regulatory authority
Q: One reason that an cntity is allowed to change its accounting policy is when It is required by an…
A: Accounting Policies- Accounting principles are the ethics that are to be followed by an accountant…
Q: Analyse the potential conflict of interest in modern corporations due to agency conflicts and their…
A: Conflict between shareholder and managers are called the agency conflict. This conflict occur…
Q: The auditor's reason for resignation should be disclosed through:
A: While performing an audit of a public company, the auditors discovered material illegal acts and…
Q: When a CPA knows that a tax client has skimmed cash receipts and not reported the incomein the…
A: American Institute of Certified Public Accountants Rule of Conduct: American Institute of Certified…
Q: The Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to…
A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…
Q: What provisions of the AICPA Council Resolution on form of organization place control of…
A:
Q: What position is typically responsible for general financial accounting, managerial accounting, and…
A: General financial accounting means to do the regular accounting reporting, managerial accounting…
Q: What are the auditor’s responsibilities under the Corporations Act to report breaches of the Act?…
A: The Corporation’s Act 2001 is one of the attributes of the commonwealth of Australia. The act…
Q: What is the role of a presiding officer? Why there is a need to choose a presiding officer when a…
A: Shareholders:Shareholders are the owners of the business organization who have ownership in the…
Q: Which of the following statements is true? The CPA firm will lose its independence if: A. a staff…
A: Meaning of Independence Independence generally implies one’s ability to act with integrity and…
Q: Which of the following rules will apply regarding the convening of general meeting about…
A: No meeting is required for resignation of auditor of the company in the general meeting the auditor…
Q: Which of the following may not be the possible sources of obtaining information in respect of…
A: Preliminary engagement activities are those activities that are helpful in reducing the risk of…
Q: A Certified Management Accountant A. is licensed by a state to perform management accounting…
A: Accounting is a process/system of recording financial transactions in the books of business entity.…
Q: Jacob, a company secretary, wishes to take a holiday. Jacob realises he needs to leave someone in…
A: Delegation of authority by Director The director is to blame for exertion delegations at intervals…
Q: The Sarbanes–Oxley Act of 2002 generally prohibits public accounting firms froma. Acting in a…
A: The Sarbanes-Oxley Act of 2002 is a law the U.S. Congress gave July 30 of that year to help shield…
Q: Which of the following are rights of auditors? I. To access all accounting books and…
A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…
Q: What types of internal and external accounting reports will you use in the process of making…
A: Internal and External accounting reporting are the two types of reporting which includes the…
Q: Explain who is considered a “director” of a company and how a director may be resigned from his…
A: Directors are a group of people, collectively called board of directors, appointed by the company to…
Q: The Code of Conduct in use at a well-known national tax preparation firm says that if you are…
A: Ethics are related to the norms and principles followed by the company in dealing with customers and…
Q: Which of the following is true if an auditor performs nonaudit services for a governmententity?a.…
A:
Q: Is there a reason why the books and records must be kept at the principal office of the corporation?
A: Maintainance of records of the corporation provides detailed information about the corporation’s…
Q: The Sarbanes-Oxley Act A. requires the firm's CFO to personally vouch for the firm's accounting…
A: Sarbanes Oxley Act is made for the protection of the investors. It required CFO and CEO of the…
Q: If there is sudden vacancy of directors in the commercial company and to maintain the minimum…
A: Company means the form of business where management is separately from owner and have perpetual…
Q: The following situations involve the provision of nonauditservices. Indicate whether providing the…
A: As per the Sarbanes-Oxley Act rules, auditors are prohibited some non-audit services to its clients.…
Q: Which of the below statements regarding the right of the auditor to attend for the shareholder…
A: The incorrect option is c. Internal Auditor doesn’t have the right to attend the shareholders…
Q: What is the auditor's role in reporting violations of the Corporations Act under the Corporations…
A: Act on Corporations: One of the characteristics of Australia's commonwealth is the Corporations Act…
Q: What are some specific transactions that an auditor would expect to be approved by the board of…
A:
Q: which of the following does the audit committee have unconditional authority to do? Audit the…
A: The audit is the process of examining and checking the accounting books so as to know whether the…
Q: Which of the following rules regarding convening of general meeting for resignation of auditor will…
A: The auditor may resign from the post without holding any general meeting but in the next general…
Q: Which of the following services is not an example of a nonassurance service? OA The auditor examines…
A: Non-assurance services : The accounting professionals are allowed to perform both types…
Q: Before a person may be appointed as a director, they must? O a Consent but the consent need only be…
A: Condition For Appointment of Directors:— 1]. Every Directors shall be appointed in the General…
Q: Question 1 According to the Committee of Sponsoring Organizations (COSO), the proper segregation of…
A: Combining the task of payment preparation and circulation to the employees means that all parts of…
Q: On resignation of the Auditor , the statement of circumstances should be sent by i) Company to…
A: Auditor is the designated professional who is responsible for verifying and examining the accuracy…
Q: The duty to retain discretion means that: Select one: a. The director should remain independent,…
A: The company will consists of the owners, and management. The owners are the persons who take care of…
Q: Only the directors have the power to call a general meeting ...True or false
A: Annual General Meeting (AGM) is a yearly meeting of stockholders or shareholders, members of…
Q: What consulting or nonaudit services are prohibited for auditors of public companies? What other…
A: Some non audit services are prohibited for the auditors of public companies. These consulting or non…
Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act? What…
A: Following are the responsibility of Management describe in section 404 of the Sarbanes-Oxley Act:…
Q: The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting…
A: Sarbanes Oxley Act (SOX): SOX act is passed by the government to address the corporate scandals.…
Q: The following are examples of related party transactions except * a. Extending credit to officers…
A: Related party transaction (RPT): It implies to the transactions or events that takes place between…
Q: Evaluate the following statement: “The corporate charter and the bylaws of a company are legal…
A: The corporate charter of a company and the bylaws of a company are the legal documents. But, these…
Q: Which of the following is NOT an auditor's responsibility? Obligation to report any breach of the…
A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…
Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…
A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…
If the corporate secretary is not present, and the corporation does not have an assistant secretary, who shall be responsible to take note of the minutes of the meeting?
Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.
Step by step
Solved in 2 steps
- Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct? Select one: A “covered member” owns an immaterial amount of stock in an audit client. Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding. Assisting a client in preparing a financial forecast. Forming a professional corporation to practice as a CPA.Is there a reason why the books and records must be kept at the principal office of the corporation?According to the AICPA Code of Professional Conduct, which of the following actions will impair independence? A. Preparing client financial statements based on information in a trial balance. B. Processing payroll for a client's signature based on client record keeping. C. Participating in the hiring or termination of a client's employees. D. Assisting a client in drafting a stock-offering document or memorandom.
- Which of the below statements regarding the right of the auditor to attend for the shareholder meetings is not correct. a. Internal Auditor have the right to attend the shareholders meeting. b. External Auditor has a legal right to attend shareholders meeting and answer any queries made by the shareholders. c. Internal Auditor doesn’t have the right to attend the shareholders meeting. d. External Auditor has a legal right to attend shareholders meetingWhat is the auditor's role in reporting violations of the Corporations Act under the Corporations Act? Who does the auditor have to answer to?Which of the following rules regarding convening of general meeting for resignation of auditor will apply? Auditors may call an extraordinary general meeting No meeting is needed. Auditors may require Management to call an extraordinary general meeting Auditors may require Directors to call an extraordinary general meeting
- Which of the following rules will apply regarding the convening of general meeting about resignation of auditor ? No meeting is needed. Auditors may call an extraordinary general meeting Auditors may require Management to call an extraordinary general meeting Auditors may require Directors to call an extraordinary general meeting25. Which of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures a. Only d) , e) and f) b. All a) , b) , c) , d) and e) c. Only e) and f) d. None of the options givenWhich of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only d) , e) and f) All a) , b) , c) , d) and e) Only e) and f) None of the options given
- The following situations involve the provision of nonauditservices. Indicate whether providing the service is a violation of AICPA rules or SECrules including Sarbanes–Oxley requirements on independence. Explain your answer asnecessary.a. Providing bookkeeping services to a public company. The services were preapprovedby the audit committee of the company.b. Providing advice to a private company client on accounting for a merger withanother private company.c. Providing internal audit services to a public company that is not an audit client.d. Implementing a financial information system designed by management for a privatecompany.e. Recommending a tax shelter to a client that is publicly held. The services were preapproved by the audit committee.f. Providing internal audit services to a public company audit client with the preapprovalof the audit committee.What provisions of the AICPA Council Resolution on form of organization place control of accountingservices in the hands of CPAs?Which of the following is true if an auditor performs nonaudit services for a governmententity?a. The scope of the audit must be reduced so that the auditor does not audit the area forwhich the nonaudit work was performed.b. The auditor is prohibited from providing nonaudit work in areas directly related to theproduction of accounting information.c. The senior members of the government entity must document their review of the nonaudit service and indicate why it is appropriate for the auditors to perform this service.d. The scope of the audit cannot be reduced because the nonaudit work was performed bythe public accounting firm.
