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- Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.Which of the following statements is true? a. The IASB has the same number of members as the FASB. b. The IASB structure has both advisory and interpretation functions, but no trustees. c. The IASB has been in existence longer than the FASB. d. The IASB structure is quite similar to the FASB’s, except the IASB has a larger number of board members.30-Which of the following statements relating to internal and external auditors is correct? i) Internal auditors are required to be members of a professional body ii) Internal auditors’ scope of work should be determined by the management iii) External auditors are trusted by government agencies, investors, and public. iv) Internal auditors can never be independent of the company a. i and iii b. i and ii c. ii and iii d. iii and iv
- Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.A certification by a qualified institution pursuant to 29 CFR 2520.103-5(c) must Select one: a. state that the information is accurate. b. be signed by any senior manager c. state that the information is complete. d. state that the information is complete and accurate.6) In the e-government audit approach, the portal level; refers to directly measurable indicators of the portal or website level. Select one: a. False b. True
- s1: The component auditor is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and regulatory and legal requirements, and whether the auditor's report that is issued is appropriate in the circumstances. S2: The auditor's report on the group financial statements shall may refer to a component auditor. S3: A group have have one or more components. a. All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is trueAccording to Sarbanes-Oxley, the audit committee must pre-approve all audit and non-audit services. This can be done. Case-by-case basis: Yes; Through established policies: No; Delegating the responsibility: Yes Case-by-case basis: No; Through established policies: Yes; Delegating the responsibility: No Case-by-case basis: Yes; Through established policies: Yes; Delegating the responsibility: No Case-by-case basis: No; Through established policies: No; Delegating the responsibility: Yes1-According to audit committee best practice, they should not a) Review the internal control system b) Approve remuneration of the external auditor c) Nominates the executive board members d) Monitor the integrity of the company’s financial statement e) Set policies on internal control Only b) , d) and e) Only c) Both c) and e) Both a) and e)
- Identify each of the following as they pertain to the SEC. Choose the correct.a. Blue sky laws.b. S–8 Statement.c. Letter of comments.d. Public Company Accounting Oversight Board.e. Prospectus.Q1. A own > 50% voting rights of B, and has the right to appoint three out of four board members of B. Most decisions that significantly affect B’s returns require consensus from all board members. Does A have control over B (non-VIE) per IFRS vs. US GAAP? Q2. A own < 50% voting rights of B, but has the right to appoint four out of seven board members of B. One of these four board members rarely attends board meetings. Most decisions that significantly affect B’s returns require majority votes of board members. Does A have control over B (non-VIE) per IFRS vs. US GAAP? Q3: Do you favor effective control or legal control?B62. The following statements relate to the Board of Accountancy. Select the incorrect statement: A. The Board consists of a Chairman and six members.B. The chairman and members of the Board are appointed by the President of the Philippines upon recommendation of the Professional Regulation Commission.C. The Professional Regulation Commission may remove from the Board ofAccountancy, any member whose certificate to practice has been revoked or suspended.D. All sectors of accountancy practice shall as much as possible be equitably represented in the Board.