John is a CPA in charge of auditing his client, McMillen & Co John's duty of care to McMillen will most likely be breached if John
A) gives his client an oral report instead of a written report.
B) gives his client incorrect advice based on an honest error in judgment.
C) fails to give tax advice that would save his client money.
D) fails to follow generally accepted auditing standards (GAAS).
Question 2
Larry is a certified public accountant in a firm which audits public companies. Larry is accused of unethical conduct. Is Larry required to abide by the ethical standards of the Public Company Accounting Oversight Board?
A) Yes.
B) He can be held liable only if he had actual knowledge of the particular guideline he is accused of violating.
C) No, the PCAOB establishes audit rules, not ethical guidelines.
D) No, the PCAOB has no authority over Larry.
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