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A set of practice questions and answers related to auditing and the responsibilities of the public company accounting oversight board (pcaob) under the sarbanes-oxley act of 2002. The questions cover topics such as the pcaob's responsibilities, audit partner rotation requirements, attestation engagements, and the pcaob's inspection frequency for registered public accounting firms. Likely intended to help students or professionals prepare for the cpa exam or enhance their understanding of auditing regulations and standards.
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Under the Sarbanes Oxley Act of 2002, which of the following is not a stated responsibility of the Public Company Accounting Oversight Board (PCAOB)? - ANS-✔✔Issuing accounting standards that must be followed by issuers in financial reporting.
The Public Company Accounting Oversight Board (PCAOB) is charged with all of the following responsibilities EXCEPT - ANS-✔✔Establishing accounting standards for public companies.
The Sarbanes Oxley Act of 2002 imposes a mandatory rotation applicable to both the audit engagement partner and the quality (also called review) partner. How long in total is the partner allowed to serve as the engagement parter or review partner before someone else must serve in that capacity? - ANS-✔✔ 5 years
An entity engaged a CPA to determine whether the clients web sites meet defined criteria for standard business practices and controls over transaction integrity and information protection. in performing this engagement, the CPA should comply with the provisions of - ANS-✔✔Statements on Standards for Attestation Engagements
At least how often should the PCAOB inspect a registered public accounting firm that regularly issues audit reports to 50 issuers? - ANS-✔✔Every 3 years
An attestation engagement is one in which a CPA is engaged to - ANS-✔✔Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party.