8/31/22, 1:47 PM PRACTICE QUIZ _ Independence and Professional Ethics

PRACTICE QUIZ _ Independence and

Professional Ethics
Total points 7/10

The respondent's email (aaditya.manoj@commerce.christuniversity.in) was recorded on

submission of this form.

The threat that a member will promote an attest client’s interests or *1/1
position to the point that his or her independence is compromised

Advocacy

Adverse Interest

Familiarity

Self-Interest

The threat that a member could benefit, financially or otherwise, from an *1/1
interest in, or relationship with, an attest client or persons associated with
the attest client.

Advocacy

Adverse Interest

Familiarity

Self-Interest

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8/31/22, 1:47 PM PRACTICE QUIZ _ Independence and Professional Ethics

The threat that a member will subordinate his or her judgment to that of *1/1
an individual associated with an attest client or any relevant third party
due to that individual’s reputation or expertise, aggressive or dominant
personality, or attempts to coerce or exercise excessive influence over
the member

Advocacy

Self-Interest

Familiarity

Undue Influence

Family relationships with attest clients is a threat of

* 1/1

Integrity

Independence

Familiarity

Objectivity

Consequence of violating the Code of Conduct by AICPA could be

* 0/1

Penalty

Removal as member

Removal of Certificate of Practice and not membership

All the three

Correct answer

Removal as member

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8/31/22, 1:47 PM PRACTICE QUIZ _ Independence and Professional Ethics

Quality Control is essential to ensure quality of 

* 0/1

Audit Execution

Audit Planning

Audit Materiality

Audit Reporting

Correct answer

Audit Execution

PCAOB can review the audit and attest functions and report on 
* 0/1

Deficiencies in the client's controls

Deficiencies in the audit process

Issues in the financial statements

Issues in the audit report

Correct answer

Deficiencies in the audit process

Can the CPA enter into a Network arrangement?

* 1/1

Yes, if AICPA permits

No

To have a separate legal entity

None.

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8/31/22, 1:47 PM PRACTICE QUIZ _ Independence and Professional Ethics

Actual or Threatened litigation would lead to

* 1/1

Affects Objectivity

Integrity loss

No Transparency

Impairment of Independence

Effects of Impairment of Independence

* 1/1

Withdraw from the Engagement

Complain to PCAOB

Complain to AICPA

Increase in the fees

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