Which of the following is NOT an antitrust law? the FTC Act the Smoot-Hawley Act the Robinson-Patman Act the Sherman Act

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 threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: T F There is added protection for whistle-blowerswho report violations of the Sarbanes–Oxley Act.

A: People who report violation to Sarbanes Oxley Act are protected as per law under Section 806 of SOX

Q: Which is the primary source of SEC independence rules?

A: The primary source of SEC independence rules is Rule 2-01   Rule 3526 deals with the communication…

Q: What are International Ethical Standards?

A: Ethics:   In business, ethics refer to implementation of business policies and practices that an…

Q: The Sarbanes-Oxley Act requires the following?

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

Q: which is the primary source of SEC independence rules

A: The primary SEC sources that auditor independence for issuance are

Q: What penalties can be imposed by the AICPA and the state societies on CPAs in their “selfregulation”…

A: American Institute of Certified Public Accountants: American Institute of Certified Public…

Q: What are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

Q: Which of the following is a valid defense in a strict products liability case? Group of answer…

A: Strict liability is a theory which describes the consequence and legal responsibility of any damage…

Q: Are there any reasons to question the validity of the CAPM?Explain.

A: In any ‘well-diversified portfolios’ the relationship between the ‘risk’ and the ‘required rate of…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: How does the Sarbanes-Oxley Act relate to internal controls?

A: Sarbanes-Oxley act was formed in 2002. It was made to restrict the fraudulent financial reporting.…

Q: What are threats and safeguards to independence?

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

Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: Which organizations are normally exempted from the SEC’s registration requirements?

A: According to the Securities Act 1933, all securities which are issued by companies and their…

Q: What are the Safeguards to independence?

A:

Q: What is Overt Discrimination?

A: Overt discrimination is an explicit display of unequal treatment given to a certain individual or…

Q: Doctrine of Precedent?

A: Judicial precedent refers to the way in which the law is made and amended through the decisions of…

Q: Explain the problems associated with questionable executive compensation schemes.

A: Fraud: Fraud refers to a malicious act done by people to fulfill their own personal benefits. In…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: does it matter that groupon reported its weakness in internal controls as a disclosuer control under…

A: Section 302 of SOX mandates the management specifically the CEO and CFO to report the fairness of…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: What is the authoritative status of the Conceptual Framework? The Framework applies when FRSC…

A: The Conceptual Framework's main goals are to help users of financial reports comprehend the data in…

Q: In the Framework, it is possible that an entity may not disclose relevant information. Why?

A: The <IR> Framework is the International Integrated Reporting Framework, which presides over…

Q: How can patents, copyrights, and legal challenges be used to manage business risk?

A: A company can adopt a risk management strategy to mitigate business risk.

Q: Explain how the purposes and principles of internal controls are different between accounting…

A: GAAP-Generally Accepted Accounting Principles:   They are commonly known as GAAP. It is a…

Q: he communications between CPAs and their clients are privileged under federal law. True or False

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Why is EBITDA controversial?

A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess…

Q: What is a whistleblower?

A: A whistleblower anybody who has insider info of the criminal behavior taking place in an…

Q: What is monopoly?

A: In market, there are various types of market structures, monopoly is one of them.  Monopoly market…

Q: In your own words, why are internal controls important? Why do you think Congress has made it…

A: Internal control refers to various methods and procedures adopted for the control of production,…

Q: How does a class action change the stakes for the parties?

A: The class action is among the most impressive legitimate devices accessible in the U.S. It empowers…

Q: Why is sanctions compliance important?

A: Financial institutions are the institutions or organizations which act as the intermediaries of the…

Q: The communications between CPAs and their clientse are privileged underfederal law. True or False?

A: CPA and client communication is always very important as it contain very useful information…

Q: discuss in detail the possible remedies for unethical conduct that governments can implement to…

A: Introduction: Unethical behavior is described as behaviors that violate societal norms or are seen…

Q: Define Illegal acts.

A:

Q: The Administrative Procedure Act requires Federal Agencies to follow certain procedures to make…

A: The Administrative Procedure Act, which was passed in 1946, specifies how federal agencies may make…

Q: What is a restrictive endorsement? Explain with examples?

A: Restrictive endorsements:Restrictive endorsement restricts the use of a financial instrument. The…

Q: How does the lack of regulations or related laws affect compliance with the best ethical practices…

A: Compliance means adhering to the law, state laws, federal laws, international laws Ethics means…

Q: Explain when exculpatory agreements, agreements involving the commitment of a tort, and agreements…

A:

Q: Define the term illegal acts.

A: Confidential Client Information Rule: Confidential client information rule states that the member of…