Minutes of meetings may appropriately include the recorder's opinions about ac-tions taken at the meeting
Indicate whether the statement is true or false
FALSE
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During a review of the financial statements of a nonpublic entity, the CPA finds that the financial statements contain a material departure from generally accepted accounting principles. If management refuses to correct the problem, the CPA should:
A. disclose the departure in a separate paragraph of the report. B. attach a footnote explaining the effects of the departure. C. issue a compilation report. D. issue an adverse opinion.
The use of prenumbered sales invoices is the primary control procedure to satisfy the objective of authorization
a. True b. False Indicate whether the statement is true or false
The extent to which a person feels enthusiastic, active, and alert is known as ______.
A. affective events theory B. negative state affect C. positive state affect D. a good mood
Answer the following statements true (T) or false (F)
1. Plausible deniability is based on the belief that additional commitment is needed for a course of action even if this is not the correct course of action. 2. In direct response to the corporate scandals of Enron and WorldCom, the U.S. Congress passed the Sarbanes-Oxley Act in 2002. 3. Corporate-level fraud refers to fraud which benefits the individual while occupational management fraud would focus on making materially misleading information pertaining to the financial status of the firm. 4. As an industry increases in concentration, the chance that collusion will take place in the industry also increases. 5. As the level of environmental dynamism increases, the potential for top level managers to commit fraud decreases.