After a CPA Has Served as the Lead Partner on an Audit

question 1

Multiple Choice

After a CPA has served as the lead partner on an audit client for five years,that audit partner may:

• A) Resume providing audit services to that client after a gap in service of one year
• B) Resume providing audit services to that client after a gap in service of five years
• C) Become the concurring partner, and later return to become the lead audit partner after a gap in service as the lead audit partner of one year
• D) Become the concurring partner, but never again serve as the lead audit partner

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Definitions:

Refuse To Honor

The decision not to accept or recognize an agreement, request, or obligation, often due to perceived invalidity or impracticality.

Payee

A person to whom money is paid.

Electronic Funds Transfer System

A digital system that allows the transfer of money between accounts without the physical exchange of cash.

Debiting Accounts

The financial process of recording or entering an amount owed as a debt in an account, increasing the balance of that account.