Who should set accounting standards? A government agency or private body such as the FASB?

A.66. What is due process in the context of standard-setting at the IASB? A. IASB operates in full view of the public.B. Interested parties can make their views known.C. Public hearings are held on proposed accounting standards.D. All of these.

" Accounting is shaped by , reflects , and reinforces particular characteristics unique to its national environment ” . Explain how the environmental factors affect the national development of accounting system .

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

Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?

Which of the following parties is responsible for the fairness of the representations made in financial statements? * O AICPA. Independent auditor. O Audit committee. O Client's management.

Explain the relationship between the SEC and the various private sector standard-setting bodies that have,over time, been relied upon to set accounting standards

What is an Audit Committee? How do they Operate and interact with the Auditors?

What are the two primary organizations in the U.S. that are responsible for setting standards relatedto the preparation of accounting information?

To whom do internal auditors report and why?