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

Q: What is FASB Financial Accounting Standards Board?

A: It is an organization responsible for establishing and improving GAAP within the territory of the…

Q: What are some ways a board can train their employees to be effective in its financial decision…

A: It is important that employees view the goal of the company in the same way as the board would view…

Q: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: What is a certification authority, and what are the implications for the accounting profession?

A:

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: What is management’s responsibility for reporting on internal control over financial reporting?

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: or in the implementation of cor

A: Auditing plays a key role in Corporate Social Responsibility (CSR) and corporate governance.…

Q: roles of directors of the company and the role of auditors using the categories

A: Roles of Directors of the Company To choose the directors of the firm is vested in the hands of the…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

A:

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: 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: corporate gover

A: The link is given as,

Q: What is the cornerstone of accounting ethics?

A: Introduction: Accounting ethics is a subset of applied ethics that is linked to business ethics and…

Q: Why are stakeholders important in accounting ethics?

A: Stakeholders' refers to the person(s) or a group who has some interest in a company and can be…

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: What is the purpose of accounting in an organization?

A: Income Statement: The income statement helps an organisation understand the amounts of revenues…

Q: Describe the agency problem in public companies

A: Definition:

Q: purpose?

A: Answered:

Q: What distinguishes accounting and business administration from each other?

A: Despite the fact that business administration and accounting are closely related, they have distinct…

Q: What are the responsibilities of the Board of Directors for the financial statements? Or…

A: Financial statements are important because they provide vital information related to the financial…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: What is meant by "financial accounting" and "management accounting"? What is the difference between…

A: Financial Accounting:    It is collection of accounting data to create financial statements. It…

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of 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: Accountants role in the organization

A: An accountant can be anything from a simple bookkeeper to a strategic adviser, interpreting…

Q: What are the role of accountants in the organization?

A: Role of accountants in an organization: 1. Collecting and recording accurately all the financial…

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: 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: 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: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: Describe the internal role of accounting for organizations.

A: Accounting refers to the method of communicating financial information to users such as investors,…

Q: Who should set accounting standards? A government agency or private body such as the FASB?

A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…

Q: Explain the impact of accounting standards suchas GAAP and the Sarbanes-Oxley Act on…

A: After a prolonged period of corporate scandals (e.g., Enron and Worldcom) in the United States from…