1.Which of these parties involved in preparing and auditing financial statements
ID: 2330866 • Letter: 1
Question
1.Which of these parties involved in preparing and auditing financial statements provides oversight of the reporting process and other parties?
2.
Which of these is a safeguard to independence created by the audit firm as articulated in the AICPA's independence conceptual framework?
d. Mandatory partner rotation after five years of service.
3.
Which of these describes management's need for reliable financial statements?
a. Internal auditor. b. External auditor. c. Audit committee. d. Management.2.
Which of these is a safeguard to independence created by the audit firm as articulated in the AICPA's independence conceptual framework?
a. Disciplinary mechanisms to promote compliance with independence policies and procedures. b. Policies and procedures to ensure accurate financial reporting. c. Professional certifications.d. Mandatory partner rotation after five years of service.
3.
Which of these describes management's need for reliable financial statements?
a. Buy or sell stock or bonds. b. Review performance, make operational decisions, and report results to capital markets. c. Evaluate loan decisions, considering interest rates, terms, and risk. d. Assess the financial position of a company in litigationExplanation / Answer
Question (1)
Answer: Although, all the given parties are involved in preparing and auditing financial statements but the External Auditor is one who provides oversight of reporting process.
Thus, answer is option b.External auditor.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.