Which statement is correct? a. The auditors should inform the audit committee if the CFO is...
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.
Homework Answers
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
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Which statement is correct? a. The auditors should inform the
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Which statement is correct? a. The SEC requires the CFO (executive management) to be a member...
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An audit committee of a publicly traded company should be composed of: a) members of the...
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**
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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...
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...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
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...
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.
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3) Role of internal audit function
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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...
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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...
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