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Author Question: Ann McMillan is a CPA with a public accounting firm. A client of Ann's has called to tell her that ... (Read 192 times)

ETearle

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on: Jun 24, 2018
Ann McMillan is a CPA with a public accounting firm. A client of Ann's has called to tell her that the SEC is investigating the company for possible misrepresentations in the company's financial reports. Ann is worried that she may have pushed the envelope in allowing some of the revenues of the client to be reported as they were. Ann shreds several sets of notes from her meetings with the client on revenue recognition. Ann:
 A) is probably guilty of obstruction of justice.
 B) has done nothing wrong because the notes are privileged communication the SEC is not entitled to have.
 C) has not committed obstruction of justice because the SEC has not contacted her.
 D) None of the above

Question 2

Under Sarbanes-Oxley, auditors must retain their work papers:
 A) for one year.
 B) for three years.
 C) for five years.
 D) until they no longer represent a client.


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ErinKing

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Reply #1 on: Jun 24, 2018
Answer to Question 1

A

Answer to Question 2

C


ETearle

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Reply #2 on: Jun 24, 2018
Thank you :)


ErinKing

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Reply #3 on: Jun 24, 2018
Happy to help you


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