What is the SEC and what role does it play?

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: Who should sit on the systems steering committee? What are their typical responsibilities?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: Which is the primary source of SEC independence rules?

A: The primary source of SEC independence rules is Rule 2-01   Rule 3526 deals with the communication…

Q: What is Glass-Steagall Act?

A: Glass-Steagall Act splits up the investment and commercial banking segments of an investment bank.

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: What does the disclosure principle require?

A:

Q: What does PFMA stand for?

A: Solution- PFMS [Public Financial Management System] PFMS stands for Public financial Management…

Q: Why should regulatory regimes be ‘proportionate’ and ‘real-time’? What are the fundamental building…

A:

Q: what is the Social-ethic audit?

A: The social work ethics audit is a method for social workers to evaluate ethical questions in a…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: What are the goals of the SEC?

A: Securities and Exchange Commission (SEC): SEC is a governmental agency that has the legal power, for…

Q: What is Eurobond?

A: Eurobond It is a debt instrument that is designated in money other than the nation's home cash or…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: What are the Safeguards to independence?

A:

Q: When is independence required?

A:

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What is discretionary reporting?

A:

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: What is EPS and how is it calculated?

A: EPS is referred to as earning per share and is defined as portion of company's profit allocated to…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What are the key points of the ‘‘Issuer and Management Disclosure’’ of the Sarbanes-Oxley Act?

A:

Q: How is the term "confidentiality" different from "privacy"? Explain.

A: Answer: The terms Confidentiality and Privacy are different terms. Privacy is all about person and…

Q: What is pooling of interests and when can it be used?

A: Pooling of interest is an accounting method by which the consolidated entry of assets and…

Q: What is an LBO?

A: Leveraged buyout (LBO): It is another firm's takeover, employing a huge sum of borrowed capital to…

Q: What is accountability

A: The transactions that are happened in the company will be analyzed, and recorded in the first book…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: What does the statement mean?

A: A financial system is a collection of entities that allow money to be exchanged, such as banks,…

Q: What is the internal control principle?

A: Internal control means to control and check everything related to management. It ensures that the…

Q: What is the purpose of the IPSASB and what are the reasons for its establishment?

A: This question tells about the purpose of the IPSASB and what are the reasons for its establishment .

Q: . What is the economic and political environment in which standard setting occurs?

A: Definition: Accounting is primarily concerned with identifying, recording, measuring, summarizing…

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: Is there are any relation between the CFPS, EPS, and DPS?

A: The financial statements of a firm is used and analysed by determining various types of financial…

Q: What are the responsibilities of the PCAOB?

A: Introduction : The public company accounting oversight board is known as PCAOB. To monitor the…

Q: What is the full disclosure principle?

A: Principles are followed by the business for preparing financial reports.

Q: What is COSO? What is the PCAOB?  Why are they important?

A: Committee of Sponsoring Organizations of the Tread way Commission (COSO) is an organization formed…