Can you think of any reasons why the SEC relies on private sector bodies to set accounting standards, ratherthan undertaking the task itself?

Q: How have provisions of the Sarbanes–Oxley Act limited a public company’s choice of auditors?

A: SOX is the act passed by the government to address the corporate scandals. This act regulates and…

Q: How does the SEC generate revenues?

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Q: What is the role of the Public Company Accounting Oversight Board?

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Q: What do the ASX Corporate Governance Principles say about having an internal audit function?

A: Internal audit is the auditing process of the internal processes of a company such as accounting,…

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

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Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: The official SSARS are applicable to engagements involvinga. Audited financial statements of public…

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Q: What additional constraints and obligations do auditors face when doing nonaudit services for public…

A: Audit: The auditing process is the examination of financial statements for conformity.

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: How does the Sarbanes–Oxley Act contribute to accurate and quality financial reporting by public…

A: Sarbanes Oxley Act:   Sarbanes Oxley Act is a federal law established auditing and financial…

Q: What are the main issues to be addressed in a business code of ethics required by the Securities and…

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: The agency of the federal government that, among other responsibilities, prescribes the methodology…

A: Introduction: Securities exchange commission: Regulators of the securities , protection to the…

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: “IFAC defines the public interest as the net benefits derived for, and procedural rigor employed on…

A: Introduction: International Federation  of Accountant (IFAC): It is an international association for…

Q: Why impose regulations that require publicly traded firms to publish their financial statements?

A: Financial statements are the documents that need to maintain by the company in order to check the…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: How should an accounting professional go about determining whether a proposed action is in the…

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Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

Q: Why is it important for U.S. accountants to be familiar with IFRS?

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Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: Explain the relationship between the SEC and the various private sector standard-setting bodies that…

A: SEC has the power to prescribe the accounting practices and principles to be employed by the…

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: How does the SEC affect the development of generally accepted accounting principles in the United…

A: SEC affects development of generally accepted accounting principles in the United States by…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: How did the Sarbanes–Oxley Act impact corporations’ financial reports?

A: The sarbanes Oxley act had a significant impact on the corporate governance of the us corporations,…

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: Choose the correct. Which of the following best describes the extent to which the SEC requires or…

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Q: Setting accounting standards by the private sector is Select one: a. Independent discipline approach…

A: Accounting standards refer to the rules, policies, and practices used or followed to record…

Q: 1. Why must the auditor for a publicly traded company be independent from the company it audits? I

A: An  AUDITOR is considered to be independent when he is physically and mentally not under the…

Q: Which of the following best describes the extent to which the SEC requires or permits the use of…

A: Option d. The statement U.S. public companies are neither required nor allowed to use IFRS best…

Q: ir financial statement presentations

A: Earlier, financial reports were made physically, but with automation, the time has changed. Now…

Q: What should you tell your friend about the presence of accounting standards in theUnited States? Who…

A: Worldwide monetary scene huge change. These advancements have been inferable, to some degree, to…