Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and responsibilities of the Public Company Accounting Oversight Board.

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

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: Describe the audit documentation review process in a public accounting firm.

A:

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 is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

A:

Q: 67. Who has the primary responsibility in the Application of the General Accepted Accounting…

A: Solution Concept As per the relevant auditing standards , the primary responsibility of application…

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: What are the main issues to be addressed in a business code of ethics required by the Securities and…

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: What term is used to describe broadly to the manner in which an organization is governed or managed…

A: Corporate governance refers to the set of rules, procedures, systems, processes designed for the…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: What types of internal and external accounting reports will you use in the process of making…

A: Internal and External accounting reporting are the two types of reporting which includes the…

Q: Describe the agency problem in public companies

A: Definition:

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Identify each of the following as they pertain to the SEC.a. Blue sky laws.b. S–8 Statement.c.…

A: a:   Blue sky laws:   The sale of those securities needs to be registered which are issued by the…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

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

Q: Write a literature review on the impact of covid-19 on accounting professions.

A: The outbreak of COVID-19 has created a crisis in health, education, & Profession, and other…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: US generally accepted accounting principles are currently developed by which entity? C . Th e Public…

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal users: Internal users of the financial statement are the inside individuals or the members…

Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: Write down about the Accounting Principles Board in detail.

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: That companies must follow the laws and regulations including company law, tax law and environmental…

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: Describe the roles of the following organizations in establishing generally accepted…

A: a. The Financial Accounting standards Board (FASB) is the primary standard-setting body in the…

Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: Describe the internal role of accounting for organizations.

A: Accounting refers to the method of communicating financial information to users such as investors,…

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: Government entities are interested in financial statements to determine compliance of business…

A:

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…