CPA Test Prep:
Regulation(3)
&&&& Adams is the executive partner of Adams & Co., CPAs. One of its smaller clients is a large nonprofit charitable
&&&& organization. The organization has asked Adams to be on its board of directors, which consists of a large number of the
&&&& community#s leaders. Membership on the board is honorary. Adams & Co. would be considered to be independent
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Copyright 2006& Publications, Inc.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Page 9
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Printed for mhm/ AHCU
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& CPA Test Prep:& Regulation
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& (1375 questions)
& A. Under no circumstances.
& B. As long as Adams# directorship was disclosed in the organization#s financial statements.
& C. As long as Adams was not directly in charge of the audit.
& D. As long as Adams does not perform or give advice on management functions of the organization.
&&&&& Answer (A) is incorrect because As long as the CPA#s position is purely honorary, the firm remains independent.
&&&&& Answer (B) is incorrect because Adams# directorship need not be disclosed in the organization#s financial statements.
&&&&& His/her name may be used on the letterhead of the organization if the position is identified as honorary.
&&&&& Answer (C) is incorrect because Adams may be directly in charge of the audit even though (s)he serves as an honorary
&&&&& director.
&&&&& Answer (D) is correct. The member will be independent as long as (1) the position is purely honorary, (2) it is
&&&&& identified as such in all letterheads and externally circulated materials in which (s)he is named as a director or trustee,
&&&&& and (3) (s)he does not vote or participate in management functions.
[22] 1.2.22 -- Source: CPA 1182 A-2
&&&& An audit independence issue might be raised by the auditor#s participation in consulting services engagements. Which of
&&&& the following statements is most consistent with the profession#s attitude toward this issue?
&&&&&&& A. Information obtained as a result of a consulting engagement is confidential to that engagement and should not
&&&&&&&&&&& influence performance of the attest function.
&&&&&&& B. The decision as to loss of independence must be made by the client based upon the facts of the particular case.
&&&&&&& C. The auditor should not make management decisions for an audit client.
&&&&&&& D. The auditor who is asked to review management decisions is also competent to make these decisions and can do
&&&&&&&&&&& so without loss of independence.
&&&&&&&&&&& Answer (A) is incorrect because The auditor should use all information available.
&&&&&&&&&&& Answer (B) is incorrect because The auditor, not the client, must determine whether (s)he has been put in a
&&&&&&&&&&& position in which independence might be questioned.
&&&&&&&&&&& Answer (C) is correct. A member must evaluate the effect on his/her independence of performing nonattest
&&&&&&&&&&& services. The member should take care not to& perform management functions or make management decisions for
&&&&&&&&&&& the attest client.!
&&&&&&&&&&& Answer (D) is incorrect because The auditor may review management decisions and make suggestions, but (s)he
&&&&&&&&&&& may not actually make those decisions without losing independence.
[23] 1.2.23 -- Source: CPA 1181 A-19
&&&& A CPA who performs primary actuarial services for a nonpublic client normally is precluded from expressing an opinion
&&&& on the financial statements of that client if the
&&&&&&& A. Fees for the actuarial services have not been paid.
&&&&&&& B. Actuarial services are a major determinant of the pension expense.
&&&&&&& C. CPA prepared an actuarial report using assumptions not approved by the client.
&&&&&&& D. Actuarial assumptions used are not in accordance with GAAS.
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Copyright 2006& Publications, Inc.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Page 10
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Printed for mhm/ AHCU
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& CPA Test Prep:& Regulation
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& (1375 questions)
&&&&& Answer (A) is incorrect because Unless the fees have been unpaid for over a year at the date of the current year#s report
&&&&& and thus might be deemed to be a loan to the client, the CPA may accept the audit engagement.
&&&&& Answer (B) is incorrect because Even if the results of the actuarial services are incorporated into the financial
&&&&& statements, the auditor#s independence is not impaired if those results are not material to the statements or the services
&&&&& do not involve significant subjectivity.
&&&&& Answer (C) is correct. A member must evaluate the effect on his/her independence of performing nonattest services.
&&&&& The member should take care not to& perform management functions or make management decisions for the attest
&&&&& client.! A nonattest service would impair independence if it involved the performance of an appraisal, valuation, or
&&&&& actuarial service using significant assumptions not determined or approved by the client.
&&&&& Answer (D) is incorrect because The assumptions should be in accordance with GAAP, not GAAS.
[24] 1.2.24 -- Source: CPA 0706 REG-5
&&&& Under the ethical standards of the profession, which of the following business relationships would generally not impair
&&&& an auditor#s independence?
&&&&&&& A. Promoter of a client#s securities.
&&&&&&& B. Member of a client#s board of directors.
&&&&&&& C. Client#s general counsel.
&&&&&&& D. Advisor to a client#s board of trustees.
&&&&&&&&&&& Answer (A) is incorrect because Acting as a promoter, underwriter, broker-dealer, or guarantor of client securities
&&&&&&&&&&& impairs independence.
&&&&&&&&&&& Answer (B) is incorrect because Independence is impaired if any partner or professional employee serves as a
&&&&&&&&&&& director.
&&&&&&&&&&& Answer (C) is incorrect because General activities that impair independence include serving as a client#s general
&&&&&&&&&&& counsel.
&&&&&&&&&&& Answer (D) is correct. Independence is not impaired if the auditor#s role is advisory.
[25] 1.2.25 -- Source: Publisher, adapted
&&&& Regarding employment or association with attest clients, the employment of a former partner by a client in a key position
&&&& most likely impairs firm independence if
&&&&&&& A. Team members have interactions with the former partner.
&&&&&&& B. The former partner cannot influence the accounting firm#s operations.
&&&&&&& C. Amounts are to be paid to the former partner based on a fixed formula.
&&&&&&& D. The former partner consults with the accounting firm.
&&&&&&&&&&& Answer (A) is incorrect because The former partner may have a key position with the client without impairing
&&&&&&&&&&& firm independence if certain conditions are met, for example, that the engagement is reviewed to determine
&&&&&&&&&&& whether team members maintained professional skepticism in dealings with the former partner.
&&&&&&&&&&& Answer (B) is incorrect because The former partner#s inability to influence the firm#s operations or financial
&&&&&&&&&&& policies is one of the conditions for not impairing the firm#s independence.
&&&&&&&&&&& Answer (C) is incorrect because One of the conditions for not impairing the firm#s independence is that amounts
&&&&&&&&&&& due to the former partner are not material to the firm, and the payment formula is fixed during the payout period.
&&&&&&&&&&& Answer (D) is correct. A former partner or professional employee (POPE) of the firm who is employed by or
&&&&&&&&&&& associated with an attest client in a key position impairs the firm#s independence unless, among other things, the
&&&&&&&&&&& former partner does not participate or appear to participate in, and is not associated with, the firm, regardless of
&&&&&&&&&&& compensation. For example, such activity may be by consulting, use of an office, or inclusion in membership lists.
[26] 1.2.26 -- Source: Publisher, adapted
&&&& When is the independence of the CPA auditor of a client company#s financial statements most likely to be impaired
&&&& because of involvement in litigation?
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Copyright 2006& Publications, Inc.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Page 11
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Printed for mhm/ AHCU
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& CPA Test Prep:& Regulation
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& (1375 questions)
& A. A creditor of the client sues the CPA alleging reliance on materially misstated financial statements.
& B. An underwriter of securities is a co-defendant with the client and the CPA. It files a cross-claim against the CPA, but
&&&&& the client does not.
& C. Shareholders of the client bring a class action against the client, its management, and the CPA. The CPA files a cross-
&&&&& claim against management alleging fraud.
& D. A director of another client is a co-defendant with the client and the CPA. This person files a cross-claim against the
&&&&& CPA.
&&&&& Answer (A) is incorrect because This litigation does not affect independence if the client is not the plaintiff or is a
&&&&& nominal plaintiff. However, independence may be impaired if the third party (e.g., an insurance company) is also a
&&&&& client of the member, and the risk of a material settlement is significant.
&&&&& Answer (B) is incorrect because Cross-claims against the member by an underwriter do not impair independence if no
&&&&& similar claims are made by the client.
&&&&& Answer (C) is correct. Independence is not necessarily impaired when the CPA is a co-defendant with the client.
&&&&& However, cross-claims filed by the co-defendants against each other may impair independence. For example, the client
&&&&& may allege that the CPA was negligent, or the CPA may allege that the client#s management committed fraud. In these
&&&&& circumstances, the interests of the client and the CPA are opposed, and independence may be impaired.
&&&&& Answer (D) is incorrect because Cross-claims filed against the member by persons who are also officers or directors of
&&&&& other clients do not usually impair independence with respect to the other clients.
[27] 1.2.27 -- Source: Publisher, adapted
&&&& Which auditor must be independent with respect to a given entity included in a government#s basic financial statements
&&&& (BFS)?
&&&&&&& A. The auditor of the basic financial statements with respect to the primary government.
&&&&&&& B. The primary auditor with respect to any fund for which (s)he explicitly relies on another auditor#s report.
&&&&&&& C. The auditor of a component unit with respect to the primary government.
&&&&&&& D. The auditor of an entity disclosed in the notes with respect to the primary government.
&&&&&&&&&&&&& Answer (A) is correct. An auditor of the BFS of the entity must be independent of it. Nevertheless, a primary
&&&&&&&&&&&&& auditor need not be independent with respect to any fund, component unit, or disclosed entity if (s)he explicitly
&&&&&&&&&&&&& relies on reports by other auditors on such fund, etc. Moreover, (s)he need not be independent of a disclosed
&&&&&&&&&&&&& entity if the reporting entity is not financially accountable for it and the required disclosure does not include
&&&&&&&&&&&&& financial information. However, neither the covered member nor a member of his/her immediate family should
&&&&&&&&&&&&& occupy a key position with a fund, component unit, or disclosed entity.
&&&&&&&&&&&&& Answer (B) is incorrect because Explicit reliance on another auditor#s report on a fund eliminates the need to be
&&&&&&&&&&&&& independent of the fund.
&&&&&&&&&&&&& Answer (C) is incorrect because An auditor of the statements of a fund, component unit, or disclosed entity who is
&&&&&&&&&&&&& not auditing the primary government must be independent only of the statements reported on.
&&&&&&&&&&&&& Answer (D) is incorrect because An auditor of the statements of a fund, component unit, or disclosed entity who is
&&&&&&&&&&&&& not auditing the primary government must be independent only of the statements reported on.
[28] 1.2.28 -- Source: Publisher, adapted
&&&& A firm performed an attest engagement to apply agreed-upon procedures to help KIG Co. determine whether it should
&&&& acquire FTBL Co. FTBL is responsible for the information to which procedures were applied. Who most likely is not
&&&& required to be independent of the responsible party?
&&&&&&& A. The firm, if it designed the responsible party#s information system.
&&&&&&& B. Anyone on the engagement team.
&&&&&&& C. The supervisor of an engagement partner.
&&&&&&& D. Anyone who consulted with the engagement team about technical matters specific to the engagement.
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Copyright 2006 Publications, Inc.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Page 12
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& Printed for mhm/ AHCU
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& CPA Test Prep:& Regulation
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& (1375 questions)
&&&&&& Answer (A) is correct. The following covered members and their immediate families must be independent in relation to
&&&&&& the responsible party:& (1) an individual on the at (2) an individual who directly supervises or
&&&&&& manages the attes and (3) individuals who consult with the attest engagement team about technical
&&&&&& or industry-related matters specific to the engagement. Independence also is impaired if the firm had a material
&&&&&& relationship with the responsible party prohibited under Rule 101. Moreover, a firm may provide nonattest services to
&&&&&& the responsible party that normally are prohibited under Rule 101, e.g., designing the financial information system.
&&&&&& However, if they do not relate directly to the subject matter of the attest engagement, independence is not impaired.
&&&&&& Answer (B) is incorrect because Anyone on the engagement team must be independent.
&&&&&& Answer (C) is incorrect because The supervisor of an engagement partner must be independent.
&&&&&& Answer (D) is incorrect because Anyone who consulted with the engagement team about technical matters specific to
&&&&&& the engagement must be independent.
[29] 1.2.29 -- Source: Publisher, adapted
&&&&& An accounting firm#s independence is most likely to be impaired when
&&&&&&&& A. In an agreed-upon procedures engagement, the firm is independent of the responsible party but not the party that
&&&&&&&&&&&&& engaged the firm.
&&&&&&&& B. The firm and the client have a material cooperative arrangement.
&&&&&&&& C. The firm has a material financial interest in a nonclient but does not know of the client#s material financial
&&&&&&&&&&&&& interest in the investee.
&&&&&&&& D. An immediate family member is employed by the client in other than a key position.
&&&&&&&&&&&&& Answer (A) is incorrect because When the party that engages the firm is not the responsible party or an associate,
&&&&&&&&&&&&& individuals on the attest engagement need not be independent of the party that engaged the firm. However, they
&&&&&&&&&&&&& should consider their responsibilities regarding conflicts of interest.
&&&&&&&&&&&&& Answer (B) is correct. Independence is impaired if, during the engagement or at the time of expressing an
&&&&&&&&&&&&& opinion, a member#s firm had any material cooperative arrangement with the client. A cooperative arrangement
&&&&&&&&&&&&& involves joint participation in a business activity. However, joint participation in a business activity is not a
&&&&&&&&&&&&& cooperative arrangement when the participants (1) do not have a common understanding, arrangement, or
&&&&&&&&&&&&& (2) are not responsible for the other#s a and (3) are not agents for each other.
&&&&&&&&&&&&& Answer (C) is incorrect because Independence is not impaired if the firm did not know about the client#s
&&&&&&&&&&&&& investment.
&&&&&&&&&&&&& Answer (D) is incorrect because An immediate family member#s (e.g., a spouse#s) employment by the client
&&&&&&&&&&&&& impairs independence if it is in a key position.
[Fact Pattern #1]
A CPA firm was purchased by a public company. The acquirer performs other professional services and has banking, insurance,
and brokerage subsidiaries. The owners and employees became employees of a subsidiary. Also, the previous owners formed a
new CPA firm that provides attest services. It leases employees, offices, and equipment from the parent, which also provides
advertising, billing, and collection services.
[30] 1.2.30 -- Source: Publisher, adapted
&&&&& (Refers to Fact Pattern #1)
&&&&& In the alternative practice structure (APS) of which the new firm is a part, covered members are closely aligned with
&&&&& other persons and entities. Who is subject to the same independence rules as covered members?
&&&&&&&& A. An indirect superior to whom a direct superior reports.
&&&&&&&& B. Any indirect superior.
&&&&&&&& C. The spouse of an indirect superior.
&&&&&&&& D. An employee leased by the firm from the parent.
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
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　　不少USCPA考生都认为，USCPA的四门科目中都有知识点相互渗透，因此建议考生们四门科目同时复习，学习的好的考生更是可以一次性报四门。高顿小编认为，有能力的话也未尝不可。来听听下面这位考生的备考经验谈。
　　我从2010年6月开始参加USCPA培训，到2011年3月获知四科成绩全部通过，中间用了接近一年的时间，简单回顾这一年的学习历程，总体来说还是非常辛苦的，但是收获了USCPA，我也深感所有的付出是值得的。今天很高兴有机会分享一下我的USCPA学习考试经历，我也非常推荐大家在这条道路上继续奋进并最终完成我们已经制定好的目标。
　　先说一下签证的事情，事实上签证过程是非常轻松愉快的，但是作为第一次参加USCPA考试，特别是对于首次出国的考生来说可能会有这样那样的担忧，我建议大家放下包袱，把所有的精力都放在学习方面来，签证的准备工作按照网校给我们的指导按部就班去完成即可。
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