Choose the correct. Which of the following is not correct with regard to the Public Company Accounting Oversight Board?a. The board can expel a registered auditing firm without SEC approval.b. All registered auditing firms must be inspected at least every three years.c. The board members must be appointed by Congress.d. The board has the authority to set auditing standards rather than utilize the work of the Auditing Standards Board.

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

A: Answer: With the increase of fraud cases and scams in public companies, different acts were…

Q: Select the necessary words from the list of possibilities to complete the following statements:…

A: Answer - 1. If the auditors have examined the prior year's financial statements presented for…

Q: Auditors are required to communicate numerous issues to those charged with governance of the firm…

A: Auditor is appointed in the company to give an opinion on the financial statements. To form an…

Q: The Sarbanes–Oxley Act of 2002 prohibits public accounting firms from providing which ofthe…

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

Q: Which of the following is not true about the major differences in the scope of audit…

A: In the given choices for the major differences in the scope of audit responsibilities for CPAS, GAO…

Q: Mirrabella Pty Ltd has completed the preparation of its financial statements for 2020/2021, but it…

A: The income statement is one of three financial statements that stock investors rely on besides the…

Q: Under the Private Securities Litigation Reform Act (the Act), independent auditors are required to…

A: Private Securities Litigation Reform Act: Private Securities Litigation Reform Act is passed by US…

Q: A suggested format for the written representation has been sent by the auditors to the directors of…

A: ISA 580 deals with "The responsibility of an auditor to obtain written representations from the…

Q: Which part of an annual report is audited by external auditors or independent auditors? Select one:…

A: The auditor is a personal who analyses the documents and inspect them for any error and provide any…

Q: The audit partner has just advised you that he has been approached to accept the appointment of…

A: Ethical requirements are the principles that are followed to promote traits like fairness,…

Q: The Sarbanes-Oxley Act a. created the Private Company Accounting Board. b. allows accountants to…

A: Sarbanes – Oxley act: The Sarbanes-Oxley act is enacted to keep an oversight on the public companies…

Q: If the auditor is auditing a public company in the United States and must report on internal…

A: Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

Q: The main purpose of the auditor's consideration of internal control for a non-SEC client is to A.…

A: Audit of internal control is conducted by auditors to assess its efficiency and effectiveness and…

Q: Which of the following statements is true? The CPA firm will lose its independence if: A. a staff…

A: Meaning of Independence Independence generally implies one’s ability to act with integrity and…

Q: KPMG is the auditor for a company under IESBA rules and cannot assume a management responsibility…

A: Auditing refers to an independent examination of financial records with a view to provide an opinion…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Micro Systems, a developer of database software packages, is a publicly held company and listed with…

A: Different parties have different roles in the establishment, maintenance, and evaluation of the M’s…

Q: Which of the following statements is true of auditing?

A: Auditing is basically defined as the examination of the financial activities taken place and to…

Q: Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all…

A: Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the corporate scandals.…

Q: Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may…

A: Non-audit services provided by the auditor to an audit customer, including its affiliates, are…

Q: A suggested format for the written representation has been sent by the auditors to the directors of…

A: As per ISA 580 “Management Representations”, obtaining written representations from the management…

Q: North, CPA, is planning an independent audit of the financial statements of General Company. In…

A: (a) Whether the auditor’s work is relevant to Company N depends upon the role and objectives of an…

Q: SEC Independence and Nonaudit Services. Is independence impaired on these SEC filing audits…

A: Securities and Exchange Commission (SEC):   It is a government body established to safeguard the…

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: An auditor reads management's commentary included in a county's comprehensive annual financial…

A: Ans. In the above case mentioned, the auditor determines that the financial statements do not…

Q: Which of the following statements is/are correct? O a. The ban on simultaneously offering consulting…

A: Auditing- Auditing the words seems like it is a principle-oriented subject but is one of the…

Q: After the audit report release date, auditors determine that an important auditing procedure was…

A: After the audit report release date, auditors determine that an important auditing procedure was…

Q: The Sarbanes-Oxley Act Created the Private Company Accounting Board. Allows accountants to audit…

A: Sarbanes Oxley Act:In order to protect the rights of an investor from fraudulent practices done by…

Q: When accountants agree to perform a compilation or review of unaudited financial statements, the…

A: When accountants agree to perform a compilation or review of unaudited financial statements, the…

Q: As an audit manager at Gung & Ho, CPAs, you have been scheduled to serve as the discussion leader…

A: the following table outline the similarities and differences in how each of the following items is…

Q: Most auditors believe that financial statements are "presented fairly" when the statements are in…

A: Auditing evidence is the data gathered for survey of an organization's monetary transactions, inside…

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: Consider the following statements: I. For an audit of a non-public company a issue involving…

A: The audit is an independent examination of the financial statement of the company by the auditor to…

Q: As of the end of the fiscal period under audit, the auditor will request a special kind of…

A: The audit indicates the unbiased examination of financial statements and relevant accounts prepared…

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

A:

Q: not true about Internal Audit

A: Option b is wrong because the statement is true. The internal auditor is appointed by the…

Q: Discuss and accounting firms responsibilities when it is retained to issue such a report.

A: When an accounting firm is engaged to provide an objective report on proper accounting treatment in…

Q: Choose the correct.Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a.…

A: Sarbanes-Oxley Act: The Sarbanes-Oxley Act of 2002 is a law that set the new or expanded…

Q: Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following…

A: The Sarbanes Oxley Act 2002 was passed by Congress to stop the fraudulence in the financial…

Q: Which of the following statements is true of the Sarbanes−Oxley ​Act? A. All private…

A: Option A:  Sarbans Oxley act applies on all public companies and not on private companies. Therefore…

Q: Which of the following must be done If a resolution has been passed to remove the auditor ? i.…

A: the role of an auditor is to review the annual or the current financial statements of the company…

Q: Crowe Mak Ghazail LLC are the auditors for Oman Chromite SAOG and were re-appointed at the annual…

A: Audit is the verification and examination of books of account and financial information in order to…

Q: General and Technical Rule Cases. Read the following cases. For each, state whether the action or…

A: Case a.  CPA Jerry Cheese became the new auditor for Python Insurance Company. Cheese knew a great…

Q: Each of the following statements is a communication from management. Indicate whether the inclusion…

A: For given cases, we have to indicate whether the written representations is appropriate or not.

Q: The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting…

A: As a part of the accounting reforms, PCAOB has been formed by the low of administration…

Q: Which of the following is not correct with regard to the Public Company Accounting Oversight…

A: All public accounting companies should register under the public company accounting oversight board.…