A company acting ethically must adapt its external reports to any changes required O if they are considered pertinent to its business activities. O as it is appropriate for its business cycle. as stipulated by the CPA Canada handbook and GAAP. O instantly.
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- Why do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examWhat is a letter of comments?a. A letter the SEC sends to a company indicating needed changes or clarifications in a registration statement.b. A questionnaire supplied to the SEC by a company suggesting changes in Regulation S–X.c. A letter included in a Form 10–K to indicate the management’s assessment of the company’s financial position.d. A letter composed by a company asking for information or clarification prior to the filing of a registration statement.Expound this statement: The Board should adopt a Code of Business Conduct and Ethics, which would provide standards for professional and ethical behavior, as well as articulate acceptable and unacceptable conduct and practices in internal and external dealings. The Code should be properly disseminated to the Board, senior management and employees. It should also be disclosed and made available to the public through the company website.
- Companies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement? Financial reporting Government reporting Effective operations. ComplianceThe objective of IFRS 1 is to ensure that an entity's first IFRS financial statements contain high quality information to users. Explain how the standard achieves this objective. Do you think a reporting entity's financial statements could still be of "high quality" even if it does not comply with IFRS 1? Discuss your answer. THANKS.To ensure that decisions are made in a professional and ethical manner, CPA Canada requires that all its members adhere to: Multiple Choice GAAP IFRS CAS Code of Professional Conduct
- That companies must follow the laws and regulations including company law, tax law and environmental protection regulations requires what category of internal control objectives? Financial reporting Effective operations. Compliance Government reportingChoose the correct. What is a letter of comments?a. A letter the SEC sends to a company indicating needed changes or clarifications in a registration statement.b. A questionnaire supplied to the SEC by a company suggesting changes in Regulation S–X.c. A letter included in a Form 10–K to indicate the management’s assessment of the company’s financial position.d. A letter composed by a company asking for information or clarification prior to the filing of a registration statement.E10B. BUSINESS APPLICATION Match the items with the related statements that follow. 1. Safeguards the firm's assets and ensure the reliability of its accounting records. 2. Holds that the chief executive officer, the chief financial officer, and the audi- tors of a public company responsible for fully documenting and certifying the company's system of internal controls. 3. States that it is responsible for estab- lishing and maintaining adequate inter- nal control over financial reporting. a. Management's responsibility b. Section 404 of Sarbanes-Oxley Act c. Independent accountant's audit d. Internal control 4. Includes an examination of internal controls.
- Under AICPA rules, which of the following services would generally be permitted to be provided to an audit client provided the general requirements are met? Firm accepting responsibility for monitoring client's IT controls (e.g., through automated tool) Providing advice and recommendations related to the application of an accounting standard Staff augmentation services Leading or supervising the audit client's accounting standards implementation teamStatements on Accounting and Review Services are enforceable under the AICPA Code of Professional Conduct. True or False?RM1. State the procedures Majova and Partners should carry out to meet their responsibilities to the existing auditor of DataTech Ltd if they intend to make themselves available for the appointment. Your answer should be in terms of the Code of Professional Conduct