Question 2 In order to audit a public company more effectively, the PCAOB purposed the standard of: reviewing...

50.1K

Verified Solution

Question

Accounting

Question 2
In order to audit a public company more effectively, the PCAOBpurposed the standard of:
reviewing quarterly financial statements
auditing a company's financial reporting process
reviewing annual financial statements
avoiding rational technical demands
Question 3
The Sarbanes-Oxley Act of 2002 gave the PCAOB which of thefollowing significant powers?
conduct inspections of the auditing practices of theseregistered public accounting firms
investigate, discipline and impose sanctions on firms andassociated persons
register public accounting firms that prepare reports on thefinancial standards of public companies
all of these answers are correct
Quest
The PCAOB is an independent body overseen by the Securities andExchange Commission.
true
false
Question 5
What characteristic describes the general function of theindependent auditor?
confidence
objectivity
responsibility
loyalty
Question 6
The Sarbanes-Oxley Act of 2002 give the PCAOB significant powersto perform the following functions except:
investigate, discipline, and impose sanctions on firms andassociated persons
enforce compliance by these registered firms with professionalstandards and securities law
release crucial accounting information to the media
conduct inspections of the auditing practices of theseregistered public firms
Question 7
The financial reporting of a public company under federalsecurities law is a continuous disclosure process.
true
false
Question 8
The mission of the PCAOB is:
to establish or adopt auditing rules
conduct inspections of auditing practices
to restore the confidence of investors
to investigate, discipline, impose standards
Question 9
Although accounting records can never provide sufficientevidence, they nevertheless provide _______________ evidence.
financial
substantial
essential
fundamental
Question 10
What are the primary outputs of the process for developingauditing standards?
annual and quarterly financial statements
statement of cash flow
annual and quarterly goal reports
semi-annual and annual statements

Answer & Explanation Solved by verified expert

3.7 Ratings (614 Votes)

Question 2 auditing a companys financial reporting process Explanation The purpose of the PCAOB is to protect the interests of the investors and public It plays a independent role audit It was created by Surbanes Oxeley Act 3 all of the above is correct Explanation Conduct inspections of auditing practice of those registered with See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Question 2In order to audit a public company more effectively, the PCAOBpurposed the standard of:reviewing quarterly financial statementsauditing a company's financial reporting processreviewing annual financial statementsavoiding rational technical demandsQuestion 3The Sarbanes-Oxley Act of 2002 gave the PCAOB which of thefollowing significant powers?conduct inspections of the auditing practices of theseregistered public accounting firmsinvestigate, discipline and impose sanctions on firms andassociated personsregister public accounting firms that prepare reports on thefinancial standards of public companiesall of these answers are correctQuestThe PCAOB is an independent body overseen by the Securities andExchange Commission.truefalseQuestion 5What characteristic describes the general function of theindependent auditor?confidenceobjectivityresponsibilityloyaltyQuestion 6The Sarbanes-Oxley Act of 2002 give the PCAOB significant powersto perform the following functions except:investigate, discipline, and impose sanctions on firms andassociated personsenforce compliance by these registered firms with professionalstandards and securities lawrelease crucial accounting information to the mediaconduct inspections of the auditing practices of theseregistered public firmsQuestion 7The financial reporting of a public company under federalsecurities law is a continuous disclosure process.truefalseQuestion 8The mission of the PCAOB is:to establish or adopt auditing rulesconduct inspections of auditing practicesto restore the confidence of investorsto investigate, discipline, impose standardsQuestion 9Although accounting records can never provide sufficientevidence, they nevertheless provide _______________ evidence.financialsubstantialessentialfundamentalQuestion 10What are the primary outputs of the process for developingauditing standards?annual and quarterly financial statementsstatement of cash flowannual and quarterly goal reportssemi-annual and annual statements

		reviewing quarterly financial statements
		auditing a company's financial reporting process
		reviewing annual financial statements
		avoiding rational technical demands

		conduct inspections of the auditing practices of theseregistered public accounting firms
		investigate, discipline and impose sanctions on firms andassociated persons
		register public accounting firms that prepare reports on thefinancial standards of public companies
		all of these answers are correct

		investigate, discipline, and impose sanctions on firms andassociated persons
		enforce compliance by these registered firms with professionalstandards and securities law
		release crucial accounting information to the media
		conduct inspections of the auditing practices of theseregistered public firms

		to establish or adopt auditing rules
		conduct inspections of auditing practices
		to restore the confidence of investors
		to investigate, discipline, impose standards

		annual and quarterly financial statements
		statement of cash flow
		annual and quarterly goal reports
		semi-annual and annual statements