ACCT 628 ACCT628 HOMEWORK 1 ANSWERS - UMUC
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UMUC ACCT 628 Homework 1 Answers
1. Select 3 websites that discuss auditing. Cite those sources in your answer to the homework question. Explain or summarize discuss the following. Your explanation or summarization must be in your own words and then cite your source. Do not use quotations.
a. Define auditing and explain why auditing is important to world business, the capital markets and economics.
b. Discuss the types of audits and explain the purpose for each type of audit.
2. Go to the AICPA website. Explain the Code of Conduct that members of the AICPA are expected to abide by. Discuss under what conditions the AICPA can sanction members for violating the Code and the sanction powers of the AICPA.
3. Go to the PCAOB website at http://www.pcaob.org. Explain what the PCAOB (Public Company Accounting Oversight Board) is. Discuss the PCAOB mission and the PCAOB standard setting process.
4. Go to the SEC website at http://www.sec.gov. Explain the SEC’s legal authority to set financial reporting standards for publicly traded companies. Explain the SEC’s mission and summarize the laws that govern the securities industry.
5. Go to a State Board of Accountancy – it could be the state where you live, work or other reason that you select the state. What are the requirements for becoming a CPA in that state? Which state are you discussing?
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