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Message
BEC CPA Question
Posted on 8/9/11 at 12:04 am
Posted on 8/9/11 at 12:04 am
The SOX Act of 2002 requires that the members of the audit committee be independent with regard to the issuer. Within the meaning of the law, which of the following corporate officers would be considered independent?
Board Member Independent Auditor
A. Yes Yes
B. Yes No
C. No Yes
D. No No
Answer will be provided in a bit, I posted this because I think the answer is wrong, but I may be the fool.
Board Member Independent Auditor
A. Yes Yes
B. Yes No
C. No Yes
D. No No
Answer will be provided in a bit, I posted this because I think the answer is wrong, but I may be the fool.
4
Posted on 8/9/11 at 6:33 am to felixthefixer
A
Posted on 8/9/11 at 8:37 am to foshizzle
quote:
Answer will be provided in a bit,
quote:
A
Already provided
Posted on 8/9/11 at 8:46 am to felixthefixer
quote:
Within the meaning of the law, which of the following corporate officers would be considered independent?
board members and independent auditors are not corporate officers. if that is truly how the question was worded, the answer would be D.Posted on 8/9/11 at 9:09 am to Pearneax
quote:
board members and independent auditors are not corporate officers. if that is truly how the question was worded, the answer would be D.
Right. I read right through that. Silly CPA test.
Posted on 8/9/11 at 2:18 pm to LSUAfro
I failed BEC twice. that joker gave me trouble cause of shite like this.
Posted on 8/9/11 at 4:17 pm to Pearneax
quote:
board members and independent auditors are not corporate officers. if that is truly how the question was worded, the answer would be D.
Ah shite, that's right.
Reminds me of a question on the CGFM exam - for an agency fund, calculate the depreciation adjustment for a building purchased at x with a useful life of etc.
The trick is that for agency funds don't use accrual accounting, so the answer is zero.
Posted on 8/9/11 at 4:21 pm to foshizzle
Actually, its called modified accrual accounting, fwiw.
Posted on 8/9/11 at 5:30 pm to kfizzle85
Maybe it wasn't agency fund, but some other fund type. I don't know, I don't do local/state work so learned it for the test and promptly forgot about it. It was one of the fund types that doesn't report depreciation though.
Posted on 8/9/11 at 5:45 pm to foshizzle
I don't remember much govt acct either. I've definitely forgotten the vast majority of it, but I appreciate that I can re-learn it rather quickly if I needed to, for whatever reason. I don't think agency funds typically have depreciation in them, but its because of the make-up of the assets, as they are essentially just holding companies and I don't think they even have income statements, not because of the basis of accounting.
Posted on 8/9/11 at 5:53 pm to LSUAfro
The answer is B. I don't think it's right, but wat the frick do i know. I used Becker book for AUD and Wiley cd, and I had the exact same question with two different answers. Saw this the day before the test, and just thought what a great time to start questioning my study materials' validity.
Posted on 8/9/11 at 7:19 pm to felixthefixer
I found a ton of questions like this on all 4 parts of the exam - the type of questions that, in a classroom setting, you would flag down your professor to politely ask "wtf are you asking here?". Of course that process requires several hundred dollars and probably hours/days of your time to do with the AICPA.
Posted on 8/9/11 at 7:40 pm to felixthefixer
It's B. (at least according to Becker)
Posted on 8/9/11 at 8:53 pm to pnut53088
(no message)
This post was edited on 8/9/11 at 8:54 pm
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