33. T/F. Like the private sector, the external audit report is add sector addresses the audit report to the shareholders.
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- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)“IFAC defines the public interest as the net benefits derived for, and procedural rigor employed on behalf of, all society in relation to any action, decision or policy.” “Publicly stating the commitment to serving the public interest over their own and/or their employer’s private interests should make auditors mindful of their role and responsibilities as guardians of the public trust in capital markets and the corporate system,” Van Mourik, C; Humphrey, C (2019) PIE, directors and statutory auditor public interest statements – a note for the Brydon Review as cited in Brydon, D (2019) Report of the Independent Review into the Quality and Effectiveness of Audit. Required Critically appraise the role of the IFAC 2019 Code of Ethics in promoting the consideration of the public interest in professional accountants in business and conclude whether, in your opinion, this discharges our duty to act in the public interest.How does the Sarbanes–Oxley Act contribute to accurate and quality financial reporting by public corporations? Why is the act considered an excellent example of public corporations meeting a key ethical standard?
- Who are potentially the most effective instrument of good governance of a corporation? a. Government b. Board of director c. Creditors d. AuditorsCan you think of any reasons why the SEC relies on private sector bodies to set accounting standards, ratherthan undertaking the task itself?1. Why is the practice of 21C public sector accountability considered to be more complex and robust than private sector accountability requirements?
- Who is responsible for establishing auditing standards foraudits of U.S. public companies? Who is responsible for establishing auditing standardsfor U.S. private companies? ExplainWhat type of organization primarily offers tax compliance, auditing, and consulting services?A. corporationsB. public accounting firmsC. governmental entitiesD. universitiesThat companies must follow the laws and regulations including company law, tax law and environmental protection regulations requires what category of internal control objectives? Financial reporting Effective operations. Compliance Government reporting
- The oversight of the company is ultimately responsibility of: a. Government b. Management c. Shareholders d. Board of DirectorWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? Group of answer choices 1.IRS (Internal Revenue Service) 2.SEC (Securities and Exchange Commission) 3.FASB (Financial Accounting Standards Board) 4. FDIC (Federal Deposit Insurance Corporation)37. The following are value the auditors provide EXCEPT Group of answer choices Internal auditors serve the public and common interests by making sure that owners receive the return on their investments that they are entitled to, and that the means of generating those profits are within the confines of the law. Internal auditors contribute to the principal-agent relationship by making sure that these duties are defined, that structures are set to ensure behaviors are aligned with these objectives and making recommendations to the board and senior management when there are discrepancies jeopardizing the success of these arrangements. None of the choices Internal Auditors can help management identify, plan for, and respond effectively to the primary and secondary stakeholders, the organization will encounter less pushback and it will likely be able to operate with fewer disruptions. Internal Auditors are change catalyst.