Which of the following best describes the relationship between business objectives, strategies, processes, controls and transactions?

a$.$ To achieve its objectives, a business formulates strategies and implements processes, which are carried out through business transactions.

b$.$ To achieve its strategies, a business formulates objectives and implements processes, which are carried out through the entity's information and internal control systems.

c$.$ To achieve its objectives, a business formulates strategies to implement its transactions, which are carried out through business processes.

d$.$ To achieve its business processes, a business formulates objectives, which are carried out through th entity's strategies.

About audits of US companies, what are the types of audits over which the Auditing Standards Boarc has standard$-$setting authority? What are the types of audits over which the PCAOB has standard$-$settir authority?

ASB

a$.$ Private company audits

b$.$ Public company audits

c$.$ Private company audits

d$.$ Public company audits

PCAOB

Private company audits

Public company audits

Public company audits

Private company audits

The Auditing Standards Board $($ASB$),$ which is a committee of the AICPA, is an important setter of standards for audits of US for$-$profit entities. The PCAOB also is an important setter of standards for audits of US for$-$profit entities. Name an important setter of standards for audits of for$-$profit companies outside the United States. You may write the full name, or the abbreviation.

With regard to the ASB and IAASB, what are the four Principles Underlying an Audit $($name at least $3$ o the $4$ to get full credit$)?$