What are the responsibilities of the PCAOB?

Q: Why is the concept of independence such an internal part of AICPA Code?

A: AICPA is American Institute of Certified Public Accountants, which is the leading organisation and…

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Describe the purpose of the AICPA. What is the AICPA’s primary function?

A: The American Institute of CPA (AICPA) is a non-profit organization of Certified Public Accountants…

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: What does the disclosure principle require?

A:

Q: What are the major differences between the IFRS conceptual framework and the FASB conceptual…

A: ANSWER     The components of the conceptual framework for ­financial reporting include recognition…

Q: What exactly are Institutional Review Boards (IRBs)?

A: This question explains about Institutional Review Boards (IRBs):

Q: Why should regulatory regimes be ‘proportionate’ and ‘real-time’? What are the fundamental building…

A:

Q: If you were given complete authority in the matter, how would you propose that GAAP should be…

A: Generally Accepted Accounting Principles (GAAP):  A set of accounting principles, practices and…

Q: The document which sets out basic rules for how a compay is to run?

A: Every company operating as a limited liabilities corporation, partnership firm, or public company…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: What are the goals of the SEC?

A: Securities and Exchange Commission (SEC): SEC is a governmental agency that has the legal power, for…

Q: Describe the mission of the FASB.

A: Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting…

Q: What are the powers of the BIR Commissioner?

A: Powers of BIR commissioner are as follows,  1. He can require additional procedures and documents.…

Q: What is discretionary reporting?

A:

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: a.What is the IPSASB and reason(s) it was established?  b.What are the objectives of the IPSASB?

A: Accounting standard refers to the common set of rules, regulations, principles, and procedures that…

Q: Where is the IASB located?

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: What is ALCO and what important duties do they perform?

A: A resource with economic value that a person, company, or country owns or controls with the…

Q: What is full form of PBGC? Describe about it.

A: PBGC means Pension Benefit Guarantee Corporation. This corporation is a federal agency created by…

Q: IPSASB

A: What is IPSAB REASON IT WAS ESTABLISHED WHAT OBJECTIVE OF THE IPSASB WHY THE IPSASB DEVELOPED THE…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What are the key points of the ‘‘Issuer and Management Disclosure’’ of the Sarbanes-Oxley Act?

A:

Q: Describe the primary roles of the PCAOB.

A: PCAOB indicates to a non-profit organization stated in US and set up by Sarbanes-Oxley Act in…

Q: What is the primary difference between commissions and referrals?

A: Referral fee refers to referring a service or recommending a service of CPA to other person or…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

Q: What is the purpose of the IPSASB and what are the reasons for its establishment?

A: This question tells about the purpose of the IPSASB and what are the reasons for its establishment .

Q: The NEC is published by whom?

A: The question is based on the concept of accounting theory.

Q: What are the overall IFRS and IAS standards' aims and scope?

A: This question tells about the overall IFRS and IAS standards' aims and scope:

Q: . What is the economic and political environment in which standard setting occurs?

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

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…