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AICPA BEC (BEC) Practice Tests & Test Prep by Exam Edge - Exam Info



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AICPA Business Environment and Concepts - Additional Information

At ExamEdge.com, we focus on making our clients' career dreams come true by offering world-class practice tests designed to cover the same topics and content areas tested on the actual American Institute of Certified Public Accountants AICPA Business Environment and Concepts (BEC) Certification Exam. Our comprehensive AICPA Business Environment and Concepts practice tests are designed to mimic the actual exam. You will gain an understanding of the types of questions and information you will encounter when you take your American Institute of Certified Public Accountants AICPA Business Environment and Concepts Certification Exam. Our AICPA Business Environment and Concepts Practice Tests allow you to review your answers and identify areas of improvement so you will be fully prepared for the upcoming exam and walk out of the test feeling confident in your results.

Because our practice tests are web-based, there is no software to install and no need to wait for a shipment to arrive to start studying. Your AICPA Business Environment and Concepts practice tests are available to you anytime from anywhere on any device, allowing you to study when it works best for you. There are 5 practice tests available, each with 100 questions and detailed explanations to help you study. Every exam is designed to cover all of the aspects of the AICPA BEC exam, ensuring you have the knowledge you need to be successful!

AICPA Business Environment and Concepts - Additional Info Sample Questions

Under the Sarbanes-Oxley Act of 2002, which of the following services would an auditor be permitted to perform for its public client?

Correct Answer:
tax compliance services
under the sarbanes-oxley act of 2002, which of the following services would an auditor be permitted to perform for its public client?

the correct answer is: tax compliance services.

the sarbanes-oxley act of 2002, often abbreviated as sox, was enacted in response to a number of major corporate and accounting scandals, including those affecting enron, tyco international, and worldcom. these scandals shook investor confidence and drove the need for comprehensive regulations to prevent fraudulent accounting and financial practices.

section 201 of the sarbanes-oxley act specifically addresses the services outside the scope of practice of auditors. although the act restricts several non-audit services, it allows audit firms to engage in certain non-audit services, including tax compliance, that do not appear to conflict directly with the roles and responsibilities of an auditor. however, to maintain the independence of the external auditor, any non-audit services provided to an audit client must be pre-approved by the audit committee of the client.

tax compliance services involve preparation of original and amended tax returns, refund claims, and tax payment planning. providing these services does not generally involve audit judgment or decision-making, thus offering these services does not impair an auditor’s objectivity regarding the client's financial statements.

conversely, services such as bookkeeping, financial information systems design and implementation, appraisal or valuation services, and legal services are explicitly prohibited under sox if provided to an audit client. engaging in such services could lead to a conflict of interest, where the auditor might find themselves auditing their own work, thereby impairing their objectivity and independence.

therefore, among the options given – declaring dividends, performing bookkeeping services, providing legal services, and delivering tax compliance services – only tax compliance services are permitted under the sox guidelines, provided they are pre-approved by the audit committee. this approval process is crucial for maintaining the necessary boundary between auditing and non-audit services to ensure auditor independence and objectivity.