Welcome to American International Chartered Accountants

American International Chartered Accountants prides itself on offering a supportive learning environment and teaching quality.

Our Featured Courses

Our Featured Courses are selected through a rigorous process and uniquely created for each semester.

FOREIGN LANGUAGE SKILLS
August 12, 2015

FOREIGN LANGUAGE SKILLS

Students sharpen their reading comprehension skills and analyze important themes in classic and modern

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POETRY COURSE
August 06, 2015

POETRY COURSE

Management degrees give students a broad foundation in topics relating to business, finance, economics.

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EMPLOYEE LEARNING WORLDWIDE

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Contact Info

Our support Hotline is available 24 Hours a day: (313) 882-0641

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Sunday: Closed
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Quick Contact

What does a CPA need to consider before accepting engagement services of restaurateur who is dipping?

Please describe:

An audit risk

Control risk versus controlled activities

Detection risk versus inherent risk

Fraudulent financial reporting

Fraud risk factor

Why do companies send approved sale orders during a revenue cycle to billing and shipping departments?

Explain the purpose of FOB and how it is used by companies.

Explain the most effective process of gathering evidence from client inventory in a public warehouse.

Define a sampling risk and why a CPA uses it.

Explain estimating and why an auditor sets a limit in an account balance.

Why does an independent make an evaluation of internal audit staff as a procedure in the assessment of a control risk?

Why is an independent auditor is not required to perform the work of a substantive procedure to verify the work of a specialist’s assumptions and findings?

Comment on situations on when a CPA is not allowed to have contingent fee upon results of engagements.

Under what circumstances is a contingent fee permissible?

Sarbanes-Oxley rules require lead partners and concurrent partners a five year “time-out” period before returning to an engagement. Why would other audit partners get subjected to two year time-out?

Under what circumstances is a CPA required to be independent?

Why would a CPA arrange with a Collection Agency to collect fees owed by client not discreditable to the profession?

. Provide commentary on whether it is wrong or right for a CPA to return a client record to the client due to the client’s refusal to pay the CPA’s bill.

What is the primary purpose of quality controlled standard?

Explain why integrated test facility control involves dummy transactions being run simultaneously with live transaction in client computer system.

Why would an auditor use generalized audit software to access client data files and to construct parallel simulations?

Explain why US GAAS CEO and CFO needs officers are required to sign the management rep letter.

How does an auditor determine the amount of depreciation to verify depreciation computations and provide evidence with respect to completing to valuation?

Which of the following is correct with respect to the rights of stockholders in a corporation?a. Stockholders have no right to manage their corporation unless they are also directors or officers.b. Stockholders have a right to receive dividends.c. Stockholders have no right to inspect the books and records of their corporation.d. Stockholders have a right to get a list of their corporation's customers to use for a business

The articles of incorporation and bylaws of a corporation serve as a basis for the governance structure of a corporation.
Which of the following items are normally included in the bylaws of the corporation as opposed to the articles of incorporation?
a. Purpose of the corporation.b. Number of authorized shares of stock.c. Procedure for electing directors.d. Powers of the corporation.

Which of the following is not a requirement of the New York Stock Exchange regarding corporate governance of companies listed on the exchange?
a. Have a majority of independent directors of the corporate board.b. Adopt and make publicly available a code of conduct.c. Prohibit the chief financial officer from serving on the board of directors.d. Have an independent audit committee.

Which of the following is not a statutory requirement regarding the committees of the board of directors of publicly held corporations registered with the SEC?
a. All members of the compensation committee must be independent.b. At least one member of the compensation committee must be a "compensation expert."c. All members of the audit committee must be independent.d. At least one member of the audit committee must be a "financial expert."

An important corporate governance mechanism is the internal audit function. For good corporate governance, the chief internal audit executive should have direct communication to the audit committee and report to
a. The chief financial officer.b. The chief executive officer.c. The controller.d. The external auditors.

The Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing cover what two major types of internal auditing services?
a. Assurance and consulting.b. Financial and operational.c. Compliance and taxation.d. Audit and review.

Which of the following divisions of the SEC reviews corporate filings?
a. The Office of the Chief Accountant.b. The Division of Enforcement.c. The Division of Corporate Disclosure.d. The Division of Corporate Finance.

Which of the following is not true regarding the information and communication component of internal control?
a. The information system captures both internal and external sources of data.b. The information and communication component involves developing channels for communication from external stakeholders.c. A whistle-blower hotline is an important aspect of the information and communication component.d. An important aspect of the information and communication component is assessment of information about fraud.

According to COSO, the use of ongoing and separate evaluations to establish a new baseline after changes have been made can best be accomplished in which of the following stages of the monitoring-for-change continuum?
a. Control baseline.b. Change identification.c. Change management.d. Control revalidation/update.

Which of the following is not a type of control under the control activity component of the COSO framework for internal control?
a. Supervisory controls.b. Physical controls.c. Monitoring controls.d. Verifi cations.

Which of the following would generally be entitled to a reward for whistle-blowing under the Dodd-Frank Act?
a. An external auditor who discovers a violation while performing an audit of a company's financial statement and internal control under SEC requirements.b. A customer of a company who discovers a violation in the course of doing business with the company.c. A director of a company who discovers a violation while performing her duties as a director.d. An internal auditor of a company who discovers a violation while performing an audit of compliance.

XYZ Corporation is considering establishing an enterprise risk management system. Which of the following is not a benefit of enterprise risk management?
a. Helps the organization seize opportunities.b. Enhances risk response decisions.c. Improves the deployment of capital.d. Insures that the organization shares all major risks.

In the COSO enterprise risk management framework, the term risk tolerance refers to
a. The level of risk an organization is willing to accept.b. The acceptable variation with respect to a particular objective.c. The risk of an event after considering management's response.d. Events that require no risk response.

Management of XYZ Company has decided to respond to a particular risk by hedging the risk with futures contracts. This is an example of risk
a. Avoidance.b. Acceptance.c. Reduction.d. Sharing.

Which of the following is not a technique for identifying events in an enterprise risk management program?
a. Process fl ow analysis.b. Facilitated workshops.c. Probabilistic models.d. Loss event data methodologies.

ABC Company is using an enterprise risk management system. Management of the company has set the company's objectives, identified events, and assessed risks. What is the next step in the enterprise risk management process?
a. Establish control activities to manage the risks.b. Monitor the risks.c. Determine responses to the risks.d. Identify opportunities.

Which of the following standards-setting bodies has authority to issue auditing standards forfinancial statement audits of non issuers?
I. Auditing Standards Board
II. Public Company Accounting Oversight Board
A. I onlyB. II onlyC. Both I and IID. Neither I nor II

Whenever an independent expert is brought in to examine financial statements with hopes of adding credit edibility, that engagement and reporting process is known as an(idea)
. audit
II. attestation
A. I onlyB. II onlyC. Both I and IID. Neither I nor II

A CPA performed the following engagements in February of Year 3. Which is considered anattestation engagement?
I. Audit of Year 2 financial statements
II. Examination of Year 4’s proposed financial information
A. I onlyB. II onlyC. Both I and IID. Neither I nor Il

Joe is a covered member in an audit engagement. Which of the following cannot work in any capacity for a company being audited by Joe?
I. Joe’s spouse
II. Joe’s dependent daughter
A. I onlyB. II onlyC. Both I and IID. Neither I nor Il