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(1) The AICPA’s Independence Rule, 1.200.XXX, applies to every kind of professional service that a member can perform.
(2) A member providing forensic accounting services to an attest client in litigation or a dispute with a third party is most clearly an example of:
(a) Familiarity Threat
(b) Advocacy threat
(c) Self-review threat
(d) None of the above.
(3) A member serving as an officer or a director of an attest client is most clearly an example of:
(a) Management participation threat
(b) Undue influence threat
(c) Triple threat
(d) None of the above.
(4) Every month, Pat (a CPA) meets with client for a 3 hour lunch and gives Client financial advice during these monthly lunch meetings. Pat binds the firm he works for to an audit of Client, without needing to confirm or seek the approval from anyone for the terms of the audit, despite not having any risks or benefits in ownership of the firm, at all. Pat is a:
(a) Partner Equivalent
(b) Covered member
(c) Both B and C
(d) None of the above
(5) An attest client expends 8 hours to find an audit team member’s lost cat, and gives the cat to the member during the audit, in exchange for zero value and out of the goodness of their heart. In order to accept the cat, the member must:
(a) demonstrate the cat is clearly not significant to the member.
(b) demonstrate the cat is clearly not material to the member.
(c) demonstrate adequate safeguards have been implemented to reduce the threat to an acceptable level.
(d) none of the above.
(6) Network Firms must remain independent from:
(a) each other
(b) attest clients
(c) both a and b
(d) Neither a nor b.
(7) For purposes of determining ‘affiliate status,’ direct ownership of 25% of an entity is:
(a) enough to create the presumption of significant influence.
(b) not enough to create the presumption of significant influence.
(c) irrelevant with regard to affiliate status
(d) an acceptable level.