the statements above indicate through the appropriate letter wether it relates t
ID: 2336058 • Letter: T
Question
the statements above indicate through the appropriate letter wether it relates to the PCAOB auditing
hpSOhewconnect mheducetion.com/tlondconnect.htmi Check my work mode : This shows what is correct or Incorrect for the work you have completed so far. It does not Indlicate completion Return to queation 4 ards Board, both the PCAOB and Auditing Standards Board, or nelther the PCAOB nor Auditing Standards Answer is complete but not entirely correct. Conducts inspections of firma that audit public enttias Audting Standards Board PCADB Audling Standards Bcard Both PCAOB snd Audiing Standards Board PCACB Auditing Standards Board Nather PCA0B nor Auding Standards Board ncemints may ba used in the audit of nonpublo entiies Pronouncements may be used in the audit of public enttes Was craated by the Sarbanes Oly Act of 2002 Involved with the cersfcation and loinsure of publie sccountants ssues Stanaments on Audiing Stsndards Conducts pcer raviews of firma that audt nonpubic entises. ctons indvidual audisors for viladions of generally aocepled auding staindards hucefa Standards Board Prey 4 of 4NetExplanation / Answer
1. Conducts inspections of firms that audit public entities.
___ 2. Pronouncements may be used in the audit of nonpublic entities.
___ 3. Pronouncements may be used in the audit of public entities.
___ 4. Was created by the Sarbanes Oxley Act of 2002.
___ 5. Involved with the certification and licensure of public accountants.
___ 6. Issues Statements on Auditing Standards.
___ 7. Conducts peer reviews of firms that audit nonpublic entities.
___ 8. Sanctions individual auditors for violations of generally accepted auditing standards.
Answers would be:
A. PCAOB
B. Auditing Standards Board
C. Both PCAOB and Auditing Standards Board
D. Neither PCAOB nor Auditing Standards Board
Answers:
1. A, PCAOB: Conducts inspections of firms that audit public entities.
2. B, Auditing Standards Board: Pronouncements may be used in the audit of nonpublic entities.
3. C, Both PCAOB and Auditing Standards Board: Pronouncements may be used in the audit of public entities.
4. A, PCAOB: Was created by the Sarbanes Oxley Act of 2002.
5. D, Neither PCAOB nor Auditing Standards Board: Involved with the certification and licensure of public accountants.
6. B, Auditing Standards Board: Issues Statements on Auditing Standards.
7. D, Neither PCAOB nor Auditing Standards Board: Conducts peer reviews of firms that audit nonpublic entities.
8. D, Neither PCAOB nor Auditing Standards Board: Sanctions individual auditors for violations of generally accepted auditing standards.
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