AC 410 Unit 1 Homework Assignment
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homework-assignment
1–20
Public accounting firms are sometimes grouped into categories of local
firms, regional firms, national firms, and international firms. Explain
briefly the characteristics of each. Include in your answer the types of
services stressed in each group.
1–26
The Sarbanes-Oxley Act of 2002 created the Public Company
Accounting Oversight Board. Explain the major responsibilities of this
board.
2–7
Evaluate the following quotation: “If a CPA firm completes a nonpublic
company audit of Adam Company’s financial statements following
AICPA generally accepted auditing standards and is satisfied with the
results of the audit, an unmodified audit report may be issued. On the
other hand, if no audit is performed of the current year’s financial
statements, but the CPA firm has performed satisfactory audits in prior