Which One of the Following Is Not True Regarding the American

question 101

Multiple Choice

Which one of the following is not true regarding the American Institute of Certified Public Accountants peer review requirement?

• A) A CPA firm must develop and adhere to quality control standards.
• B) Peer reviews are mandatory.
• C) A CPA firm will lose AICPA eligibility if a peer review is not performed.
• D) Firms required to be registered with and inspected by the PCAOB are exempt.

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Definitions:

Poorhouses

Institutional facilities established in the 19th and early 20th centuries to house and support the indigent and poor.

Asylums for the Insane

Historic institutions intended for the treatment and care of individuals with mental illnesses, now more commonly referred to as psychiatric hospitals.

American Tract Society

A publishing organization founded in 1825 for the purpose of distributing Protestant religious literature in the United States.

Modern Life

The lifestyle and characteristics of society in the contemporary period, influenced significantly by technology, urbanization, and social change.