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.

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description.…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: From the options enunciated here under identify the external user of financial information. a.…

A: Users of financial information are categorised into 2 types external and internal users…

Q: Three groups that participate in the process of establishing GAAP are users, preparers, and…

A: Definition:   Generally Accepted Accounting Principle (GAAP): Generally Accepted Accounting…

Q: What are the three major areas of accounting?

A: We can only answer first question as it is not specified which question is to be answered. Kindly…

Q: The Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: Which part of an annual report is audited by external auditors or independent auditors? Select one:…

A: The auditor is a personal who analyses the documents and inspect them for any error and provide any…

Q: Earnings per share must be reported on the face of every income statement that is   a. prepared…

A: GAAP is the generally accepted accounting policies. Financial statements should be prepared in…

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: is included in the 'Other Information' of the auditor's report as per ISA 700 (Revised). O a. Names…

A: SOLUTION- IN THE PAST , THE AUDITOR SIGNED ABOVE THE FIRMS NAME. NOW THE ENGAGEMENT PARTNER OR TEAM…

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: In relation to subsequent events, the 'authorisation date' for companies is the date: Select one: a.…

A: It is pertinent to note that subsequent events are those events that occur after the end of the…

Q: "To maintain public confidence and trust in the financial reporting of companies" is the purpose of…

A: Sarbanes- Oxley: The act came in to force from 2002 year. The act is for protecting investors from…

Q: Identify which of the following items are not included as part of general-purpose financial…

A: General purpose financial statements are prepared at the end of the year to analyse the financial…

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all…

A: Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the corporate scandals.…

Q: Q3. Summarize the role of the Securities and Exchange Commission in accounting and auditing.

A: The U.S. government has formed organisational structure named Securities and Exchange Commission.

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: Financial reporting includes general-purpose financial statements, information from SEC 10-K and…

A: Standard procedures for providing stakeholders with an accurate picture of a company's finances,…

Q: Explain each of the following items:a. Staff Accounting Bulletins.b. Wraparound filing.c.…

A: a. Staff Accounting Bulletins: Staff Accounting Bulletins are published by the staff of SEC. Its…

Q: Identify each of the following as they pertain to the SEC.a. Blue sky laws.b. S–8 Statement.c.…

A: a:   Blue sky laws:   The sale of those securities needs to be registered which are issued by the…

Q: Common Acronyms used in Accounting Below, you will see acronyms for several organizations that are…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

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: Write a literature review on the impact of covid-19 on accounting professions.

A: The outbreak of COVID-19 has created a crisis in health, education, & Profession, and other…

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 a letter of comments?a. A letter the SEC sends to a company indicating needed changes or…

A: Letter of comments: Letter of comments also called as Deficiency letter.

Q: Which of the following is included within the financial statements? A. Board of Directors' Report…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

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

Q: Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: 4. The auditors' report may be addressed to the company whose financial statements are being…

A: The auditing means to examine the financial statements of the business by the certified auditor.

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: State and explain the 3 main elements of regulatory framework in accounting standards

A: Accounting standards refers to the code of conduct or set of rules or authoritative standards set…

Q: Discuss the factors that accountants should consider when setting up company accounting policy…

A: Accounting Policy- Accounting policies are the specific principles, foundations, conventions, rules,…

Q: Choose the correct. What is a letter of comments?a. A letter the SEC sends to a company indicating…

A: Answer:   Option a.

Q: guidelines issued by Securities Commission

A: Definition: Financial Reporting: Financial reporting helps to keep a track and also analyze the…