Which statement is correct? a. The auditors should inform the audit committee if the CFO is not cooperating with the auditors. b. The auditors should inform the CEO if the CFO is not cooperating with the auditors. c. The auditors should inform the SEC if the CFO is not cooperating with the auditors d. The auditors should inform the PCAOB if the CFO is not cooperating with the auditors.
The answer is option A
a. The auditors should inform the audit committee if the CFO is not cooperating with the auditors.
Other statement were incorrect. The audited comittee will be have overseeing the financial reporting process
Which statement is correct? a. The auditors should inform the audit committee if the CFO is...
The Form 10-K is an annual filing that is due On December 31st 4 days after the close of the year-end 40 days after the year-end 60 days after the year-end Which of the following represents a “triggering event” that necessitates the filing of a Form 8-K? The replacement of the entity’s certifying external auditor The replacement of the entity’s internal auditor A change in the entity’s accounting principle All of the above An external auditor’s involvement with a Form...
Which statement is correct? a. The SEC requires the CFO (executive management) to be a member of the audit committee. b. The shareholders are granted the right to directly vote on the members of the audit committee. c. Both a and b are correct d. Neither a nor b is correct
An audit committee of a publicly traded company should be composed of: a) members of the board of directors who are independent directors. b) the CFO and two other board members who are also shareholders. c) the audit partner, the CFO, and a shareholder. d) executive and non-executive members of the board of directors. **Choose the correct answer**
Who should play the biggest role in cybersecurity: Management, Audit Committee, Internal Audit or External Auditors? Defend your answer.
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act of 2002? a. The audit committee is responsible for hiring, paying, and overseeing the work of the company's external auditors. b. The audit committee is responsible for establishing procedures for receiving and dealing with complaints and anonymous employee tips regarding fraud. c. At least one member of the audit committee is a financial expert. d. The audit committee reports to the external auditórs any...
18) Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing 18) many consulting services to their publicly traded audit clients. Which of the following is true for auditors of publicly traded companies? I. They are restricted from providing consulting services to privately held companies. Il. There is no restriction on providing consulting services to non-audit clients A) I only B) Il only C) I and II D) Neither I nor 19) Which of the following is an accurate...
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Which statement is false regarding the Public Company Accounting Oversight Board (PCAOB)? - regulates audit standards and independent audit firms. - is under the oversight and enforcement of the SEC. - is funded by fees levied on all publicly traded companies. - has five members appointed by the SEC. - allows all members to be accountants, past or present.
3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External auditor i Internal audit To whom should the Director of Internal Audits report. Explain your answer. Comment on the audit committee member's per- spective as to the committee's current composition. 3. Role of Internal Audit Function Nano Circuits Inc. is a publicly traded company that pro- duces electronic control circuits, which are used in many products. In an effort to comply with SOx, Nano...
1. When researching the requirements to become a CPA, one should first look at a) AICPA rules and regulations on professional careers b) GAAP rules c) PCBOA laws d) State laws 2. When a new auditing standard is proposed it is: a) immediately adopted b) reviewed by the Committee on Audit Standards of the AICPA for adoption c) sent to members for review and input d) sent to the IRS for review and adoption by the Auditing Oversight Board 3....