The use of the Certified Public Accountant title is regulated bySelect onea. the Securities and Exchange CommissionD. the American Institute of Certiied Public Accountants through the licensing departments of the tax and auditing committeesc. the federal governmentd. state law through a licensing department or agency of each state

Corporate finance is referred as the decision of the firm to take capital investments and other…

The use of the Certified Public Accountant title is regulated by Select one a the Securities and Exchange Commission o the American Institute of Certified Public Accountants through the iicensing departments of the tax and auditing committees Oc the federal govemment O a state law through a licensing department or agency of each state

The use of the Certified Public Accountant title is regulated by Select one a the Securities and Exchange Commission o the American Institute of Certified Public Accountants through the iicensing departments of the tax and auditing committees Oc the federal govemment O a state law through a licensing department or agency of each state

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 14RQSC

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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)
The Certified Public Accountant (CPA) exam is a uniform exam that is administered by a national organization. Licenses, however, are issued by individual states. A. Explain why you think each state is responsible for issuing CPA licenses. B. Choose two to three states, and compare and contrast the requirements to become a CPA. Are they fairly consistent or drastically different from each other? A helpful resource is https://www.thiswaytocpa.com/. You may also find it helpful to search the board of accountancy for each state. C. Tax preparation is a large part of what many CPAs do. Students may be interested to know that a CPA (or any other licensing) is not required to prepare tax returns. Assume you know two friends who prepare tax returns for others, one is a CPA and one is not. Assume that both friends intend to move next year and will, therefore, prepare taxes in another state. Analyze this situation.
What type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universities
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Who is responsible for assessing the accountant's competence? A The American Institute of Certified Public Accountants (AICPA)B Each state's accountancy board.C The accountantD The accountant's client
A Certified Management AccountantA. is licensed by a state to perform management accounting functions for business and not-for-profit organizations.B. has passed a standardized examination and has certain experience requirements.C. performs the same functions as a CPA but of the internal audit staff of a business.D. both a and b are correct.
What type of organization primarily offers tax compliance, auditing, and consulting services?A. corporationsB. public accounting firmsC. governmental entitiesD. universities
The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True or False
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? 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)
Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
Companies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement? Financial reporting Government reporting Effective operations. Compliance