Under aicpa rules, which statement best describes the period of the professional engagement as it applies ot a three-year engagement to audit a client's financial statements? a.) it begins each year when fieldwork commences and ceases when fieldwork ends. b.) it begins when the engagement letter is signed and ceases each year when the report is issued. c.) it begins when fieldwork commences and ceases when the report is issued, recommencing when fieldwork begins again for the next period. d.) it begins when the engagement letter is signed and continues until the report for the third year is issued unless the relationship is terminated sooner.

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.