Chapter 02 Professional Standards Answer Key True / False Questions 1. Auditors may be independent in fact but not independent in appearance. TRUE Reference: Question also found in study guide. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-02 Describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors. Topic: Fundamental Principle: Responsibilities 2. Auditing Standards issued by the PCAOB are the sole source of guidance for audits of public entities. FALSE Reference: Question also found in study guide.
Chapter 02 Professional Standards Answer Key True / False Questions 1. Auditors may be independent in fact but not independent in appearance. TRUE Reference: Question also found in study guide. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-02 Describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors. Topic: Fundamental Principle: Responsibilities 2. Auditing Standards issued by the PCAOB are the sole source of guidance for audits of public entities. FALSE Reference: Question also found in study guide.