Who makes recommendations in relation to appointment, reappointment and removal of external auditor? Management Shareholders Audit Committee Board of Directors

Q: According to the changes in financial reporting, which of the following are publicly traded…

A: Correct answer is  Audit committe of board of directors

Q: Discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure…

A: While conducting duties by the director of the company when signing off on company reports must…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: what does the success of the board of directors in fulfilling its oversight responsibilities depend…

A: Answer: The board of directors of any company are formed so that to check the operations of the…

Q: Set policies on internal control Both c) and e)

A: Answer - Set policies on internal control Both c) and e)

Q: Which of the following is NOT a dimension of corporate governance:     Select one: a. Suppliers…

A: Corporate Governance Corporate governance is a structure or a system of organization's rules,…

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: What provisions of the AICPA Council Resolution on form of organization place control of…

A:

Q: Rules recently established by the Securities and Exchange Commission include a "say on pay rule that…

A: Shareholders are considered owners of the shares of the company. They do not participate in the…

Q: Who is responsible for the Governance function? a. Board of Directors b. Internal Auditors c. None…

A: Governance is the process of reviewing processes and operations in the organisation, so that all…

Q: What position is typically responsible for general financial accounting, managerial accounting, and…

A: General financial accounting means to do the regular accounting reporting, managerial accounting…

Q: A Certified Management Accountant A. is licensed by a state to perform management accounting…

A: Accounting is a process/system of recording financial transactions in the books of business entity.…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: Pre-engagement activities of an audit include: Client acceptance or continuance procedures…

Q: The authority to appoint first independent auditor is vested to __________ a. The shareholders b.…

A: The first auditor of a company shall be appointed by board of directors with 30 days from the date…

Q: briefly describe the responsibilities of the Board of Director

A: Governance committee is for looking governance in company. Board of directors who guide and govern…

Q: Which of the following are rights of auditors?      I.        To access all accounting books and…

A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…

Q: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are…

A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified…

Q: The final stage in the client acceptance and continuance decision process involves: a. the auditor…

A: Auditor is the person who is responsible for checking and verifying books of account of the business…

Q: “IFAC defines the public interest as the net benefits derived for, and procedural rigor employed on…

A: Introduction: International Federation  of Accountant (IFAC): It is an international association for…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Management is primarily responsible for the preparation and presentation of financial statements.…

Q: Who has power to decide the external auditor's remuneration?Single choice. Shareholders can…

A: External auditor is entrusted with the task of conducting a detailed examination of financial…

Q: Governance issues include the following except; Select one: a. Disclosure and transparency b. Role…

A: The term Governance refers to process which is designed to ensure the following quality in the…

Q: how we share our findings and concerns with the board of directors in internal control system?

A: Management is in-charge of the establishment and maintenance of the internal audit function. An…

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: Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…

A: Audit committee is responsible for reviewing and monitoring responsiveness to the Internal Audit…

Q: Which of the below statements regarding the right of the auditor to attend for the shareholder…

A: The incorrect option is c. Internal Auditor doesn’t have the right to attend the shareholders…

Q: What are some specific transactions that an auditor would expect to be approved by the board of…

A:

Q: 12.Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…

A: Ans. The companies which are required to constitute an audit committee has many responsibilities…

Q: An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c.…

A: An audit committee also refers as review council and it is one of the major working panels of an…

Q: Detail the roles of non executive director , chief finance officer (CFO), Audit Committee and…

A: Roles of Non-executive director: The non-executive director is responsible for reviewing and…

Q: For each requirement, state how it is intended to help to address the risk of fraud in publicly…

A: Answer: The risk of fraud is high in those companies which are not proactive on the part of…

Q: One of the duties of an audit committee is to provide financial information at first to the board of…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: The committee of the board of directors who is in charge of monitoring circumstances that might…

A: In an organisation, various type of committees are being made and every committe has its purposes,…

Q: Discuss how each of the following could affect independence of mind and independence in appearance,…

A:

Q: Choose from the following the primary responsibility of an internal auditor is to _________ a. The…

A: The Internal Auditor are different than the External Auditor in terms of Scope of Work and the…

Q: 30 While addressing the auditor’s report by an auditor whom does it is addressed to depending upon…

A: The primary purpose of an independent (external) audit is to have the financial reports examined…

Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act? What…

A: Following are the responsibility of Management describe in section 404 of the Sarbanes-Oxley Act:…

Q: Who among the following should ensure that all directors are properly briefed on issues arising at…

A: The answer are as follows

Q: The fair presentation of financial statements in conformity with applicable financial reporting…

A: The financial statements of the business includes balance sheet and income statement.

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: to appointment, reappointment and removal of external auditor? Shareholders Management Audit…

A: The primary purpose of a company's audit committee is to provide information on the financial…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…

A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…