2. Consider the following statements: I. Financial statements are based on Generally Accepted Auditing Standards. II. Auditing standards issued by the PCAOB must be followed on all audits of all companies' financial statements in the United States of America. a. lis true; Il is true b. I is true; Il is false c. lis false; Il is true d. Iis false; Il is false
2. Consider the following statements: I. Financial statements are based on Generally Accepted Auditing Standards. II. Auditing standards issued by the PCAOB must be followed on all audits of all companies' financial statements in the United States of America. a. lis true; Il is true b. I is true; Il is false c. lis false; Il is true d. Iis false; Il is false
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![2. Consider the following statements:
1. Financial statements are based on Generally Accepted Auditing Standards.
II. Auditing standards issued by the PCAOB must be followed on all audits of all companies' financial
statements in the United States of America.
a. Iis true; l is true
b. Tis true; Il is false
c. I is false; Il i true
d. Iis false; Il is false](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81c925ff-79e3-44f5-90f0-ebf40181873d%2F595e8ec1-187f-4756-9fb1-219851286a7d%2F8rx87sp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Consider the following statements:
1. Financial statements are based on Generally Accepted Auditing Standards.
II. Auditing standards issued by the PCAOB must be followed on all audits of all companies' financial
statements in the United States of America.
a. Iis true; l is true
b. Tis true; Il is false
c. I is false; Il i true
d. Iis false; Il is false
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