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Self-assessment exam: Catalyst--January/February 2004.

The self-assessment exam is provided as a convenient method for CPAs to earn CPE credit by reading Catalyst: The Leading Edge of Ohio Business. The exam consists of 25 multiple-choice questions covering information included in articles and columns in this issue of Catalyst. Those who complete the exam and return the answer sheet to The Ohio Society for grading, and earn a grade of 75 percent or better, will receive two (2) hours of CPE credit, Permission to provide CPE credit has been granted by the Accountancy Board of Ohio.

The costs for the self-assessment exam are as follows:
 ONLINE PRINT

MEMBERS $25 $30
NON-MEMBERS $35 $40


The grading process is handled in a confidential manner. Respondents will be notified by e-mail of their exam results.

Print Instructions

1. Detach the exam insert from Catalyst and tear along the center perforation.

2. Take the exam as an open-book test, recording your answers on the answer sheet by filling in the appropriate circle (pen or pencil is fine).

3. Then, write your name, SSN and phone number on the lines directly below. Please print clearly.

4. Please include payment with the exam: $30 for members, $40 for non-members. Make checks payable to: The Ohio Society of CPAs.

5. Mail this page, along with your payment, in an envelope to:

The Ohio Society of CPAs

Catalyst Exam

P.O. Box 1810

Dublin, OH 43017-7810

Online Instructions

1. Go to www.ohioscpa.com. 2. Click on the "CPE" tab; then click on "CPE Options." 3. Click on the link for "Self-Study Options," and then "Self-Assessment Exams." This will provide links to all the active exams. 4. Complete the exam and click "Submit" when you are finished. 5. Print the confirmation for your records.

Name (last name first): --

Phone (daytime): --

SSN: --

E-mail: --

Self Assessment Exam Results

The Ohio Society sends test results via e-mail. Please provide a current e-mail address in the space provided. Respondents who passed with a grade of 75 percent or better qualify for two hours of CPE credit in specialized knowledge, as approved by the Accountancy Board of Ohio.

Reader Critique

Is the layout of Catalyst.

a. Very easy to navigate

b. Easy to navigate

c. Somewhat easy to navigate

d. Not easy to navigate

How useful is the information presented in Catalyst?

a. Very useful

b. Useful

c. Somewhat useful

d. Not useful

How pertinent to your professional responsibilities is the information presented in Catalyst?

a. Very pertinent

b. Pertinent

c. Somewhat pertinent

d. Not pertinent

How timely is the information presented in Catalyst?

a. Very timely

b. Timely

c. Somewhat timely

d. Net timely

How would you rate the depth of the articles?

a. Very in-depth

b. In-depth

c. Slightly in-depth

d. Not in-depth

How would you rate the length of the articles in Catalyst?

a. Too long

b. Too short

c. Just right

Which article or department column did you find most useful in this issue?

(Please circle all that apply.)

a. High-Tech Meets High-Standards: Sarbanes-Oxley and Technology

b. Understanding Nonattest Services Independence Rules Related to Information Systems

c. Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll

d. Workers' Compensation Offers Programs for Ohio's Small Business

e. May I See Your Driver's License? Guard Yourself Against Identity Theft

f. How Safe is a Broadband Internet Connection?

g. Technology Tools to Make Life Easier

If you found any article or department column not useful at all, please circle all that apply.

a. High-Tech Meets High-Standards: Sarbanes-Oxley and Technology

b. Understanding Nonettest Services Independence Rules Related to Information Systems

c. Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll

d. Workers' Compensation Offers Programs for Ohio's Small Business

e. May I See Your Driver's License? Guard Yourself Against Identity Theft

f. How Safe is a Broadband Internet Connection?

g. Technology Tools to Make Life Easier

What is your overall evaluation of this issue of Catalyst?

a. Excellent

b. Good

c. Fair

d. Poor

What particular issues would you like to see addressed in future editions of Catalyst?

What type of articles would you like to see in future editions of Catalyst?

What can Catalyst do to improve?

Exam Questions for Catalyst--January/February 2004

(Please choose the best answer to each question)

Articles

Technology and SOX (Sarbanes-Oxley Act)

1. Section 404 of the Sarbanes Oxley Act requires firms to file an annual management report on the firm's internal controls. This report must:

a. Attest to the external auditor's responsibility for maintaining the firm's internal controls.

b. Identify the framework used to evaluate the firm's internal controls.

c. Not include an assessment of the effectiveness of the firm's internal reporting controls.

d. Not include a statement related to the external auditor's views of the manager's assessment of internal controls.

2. Mike Dickson, chair of the Ohio Society of CPAs' Executive Board, states that SOX will require the incurrence of technology costs especially for:

a. Process mapping.

b. Documenting firm reporting issues.

c. Identifying defalcations.

d. Expense tracking,

3. According to Timothy Bohannon, there are three areas where firms should strengthen their internal controls. These include:

a. Reducing senior managements influence over the selection of the external auditor.

b. Questioning whether and to what extent fraud exists within their organizations.

c. The creation of a code-of-conduct hotline.

d. All of the above.

4. According to Timothy Bohannon, the CCD (Chief Compliance Officer) should primarily be responsible for:

a. The company's financial reporting practices.

b. The selection process for the company's external auditor.

c. Overseeing the company's compliance with corporate governance processes, as well as specific legal requirements including securities law, corporate law, and now government law.

d. The selection process for the chief technology officer.

Understanding Nonattest Services independence Rules Related to Information Systems

5. Before performing nonattest services, what must the member document in writing?

a. His or her understanding with the client related to the objectives of the engagement.

b. A description of the services to be performed.

c. A statement that the client accepts its responsibilities for making all management decisions and performing all management functions related to the service offered.

d. All of the above.

6. Which of the following actions could impair independence when performing bookkeeping functions for an attest client?

a. Preparing a trial balance from information contained in the client's general ledger.

b. Changing account codes without client approval.

c. Recording transactions for which management has specified account classification.

d. Posting client-approved entries to the client's trial balance.

7. Which of these services are prohibited when providing information systems consulting?

a. Setting up the chart of accounts and financial statement formats.

b. Installing or integrating a client's financial information system (that was not designed by the member).

c. Operating a client's local area network (LAN).

d. Installing pre-packaged accounting software [if the member does not create or change the source code(s) of the underlying software].

Mostly Sunny Forecast: The Ohio Society's State of Ohio Business Poll

8. According to the results of the State of Ohio Business Poll, what percent of CPAs believe that Ohio's economy will be "brighter" in 200 4?

a. Less than 50 percent.

b. 64 percent.

c. 36 percent.

d. 65 percent.

9. According to poll results, what percent of CPAs described Ohio's overall business climate in positive terms?

a. 20 percent.

b. 1 percent.

c. 12 percent.

d. 45 percent.

10. According to poll results, what is the top concern of those CPAs who responded to the survey?

a. Inadequate funding for primary and secondary education.

b. Political leadership or lack thereof.

c. Health care costs.

d. The economy.

Workers' Compensation Offers Programs for Ohio's Small Businesses

11. What types of premium savings programs does the Bureau of Worker's Compensation offer to employers?

a. Drug-Free EZ.

b. Transitional WorkGrant$-EZ.

c. BWC labor-management partnership.

d. All of the above.

12. To be eligible for the Bureau of Worker's Compensation's (BWC's) Premium Discount Program, the employer must implement BWC's:

a. Labor-management partnership.

b. Back to work program.

c. Labor-grading policy.

d. 10-step business plan.

13. To be eligible to join a group-rating plan, an employer must:

a. Have been in business for at least 10 years.

b. Have at least 10 employees.

c. Have a safe work record.

d. Not be involved in certain types of work (such as construction).

May I See Your Driver's License?

14. According to the author, how many Americans were victims of identity theft during 2002?

a. 2.3 million.

b. 8.8 million.

c. 9.9 million.

d. More than 20 million.

15. According to the author, what is the best strategy in the battle against identity theft?

a. Staying abreast of your credit situation.

b. Avoiding the use of credit cards.

c. Not allowing anyone to see your driver's license.

d. Staying current on all of the latest methods used in identity theft.

16. The author provides several tips to follow that will help individuals avoid identity theft. These include:

a. Letting mail sit in your mailbox.

b. Watching billing cycles and following-up if you do not receive bills when expected.

c. Putting your social security number on all of your checks.

d. Tossing financial solicitations without first shredding them.

How Safe Is a Broadband Connection?

17. According to the author, there are three security issues you should be concerned with when using a broadband connection. These include:

a. The cost of broadband vs. dial-up services.

b. The extent to which you are protected from viruses.

c. The extent to which you are able to maintain your privacy when accessing the internet.

d. Both b and c.

18. According to the author, the single most important thing you can do to protect your computer from intruders is to:

a. Alter your password on a regular basis.

b. Limit your computer usage to early mornings or late evenings.

c. Have access to or install a firewall.

d. Lock the computer up after usage.

Technology Tools to Make Life Easier

19. Which of the following can be done with a PDA (personal digital assistant)?

a. You can store large amounts of information on a PDA and retrieve this information when it is needed.

b. You can configure the PDA so that you can view PowerPoint presentations.

c. You can transmit information via e-mail using the PDA.

d. All of the above.

Tools for Strategic Planning

20. Strategic planning focuses on managing the firm's interactions with environmental forces. Some of these environmental forces include:

a. Competitors.

b. Suppliers.

c. Government agencies.

d. All of the above.

21. Which of the following software packages are designed primarily for use in preparing a formal business plan?

a. BuzPlan Builder 8 or Business Plan Pro.

b. ACCPAC CFO.

c. Peachtree Basic.

d. IBT Business.

Members Only

22. Which of the following is NOT a difference in the new computerized CPA exam?

a. A new section specifically focusing on ethics.

b. Greater flexibility for exam candidates in terms of testing dates and locations.

c. Revised content that places greater emphasis on information technology and general business knowledge.

d. Increase testing of skills in areas such as research and analysis.

23. What is the new ethics requirement?

a. Every other year.

b. Three hours of CPE in ethics every other year.

c. Three hours of CPE in ethics every reporting cycle.

d. None of the above.

24. When does the ethics requirement take effect?

a. For CPAs reporting in 2005 and thereafter.

b. For CPAs reporting in 2004 and thereafter.

c. For CPAs reporting in 2003 and thereafter.

d. Immediately.

25. How many students participated in Accounting for Kids Day 2003?

a. 1,000

b. 500

c. 5,000

d. 3,000
Answer Sheet

1. (a) (b) (c) (d)
2. (a) (b) (c) (d)
3. (a) (b) (c) (d)
4. (a) (b) (c) (d)
5. (a) (b) (c) (d)
6. (a) (b) (c) (d)
7. (a) (b) (c) (d)
8. (a) (b) (c) (d)
9. (a) (b) (c) (d)
10. (a) (b) (c) (d)
11. (a) (b) (c) (d)
12. (a) (b) (c) (d)
13. (a) (b) (c) (d)
14. (a) (b) (c) (d)
15. (a) (b) (c) (d)
16. (a) (b) (c) (d)
17. (a) (b) (c) (d)
18. (a) (b) (c) (d)
19. (a) (b) (c) (d)
20. (a) (b) (c) (d)
21. (a) (b) (c) (d)
22. (a) (b) (c) (d)
23. (a) (b) (c) (d)
24. (a) (b) (c) (d)
25. (a) (b) (c) (d)

* This exam must be received by
The Ohio Society by January 1, 2005.
Exams postmarked after January 1,
2005 will be returned.
COPYRIGHT 2004 Ohio Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

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Publication:Catalyst (Dublin, Ohio)
Date:Jan 1, 2004
Words:2095
Previous Article:How safe is a broadband Internet connection?
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