What provisions of the AICPA Council Resolution on form of organization place control of accountingservices in the hands of CPAs?

Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: Which department is IN charge in overseeing the External Audit Activity?   Audit Committee Internal…

A:

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

A:

Q: Why is it important for the internal audit department to be functionally reporting to the audit…

A: Internal audit plays a vital role in companies, probably now more so than ever, with their diverse…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: Who develops and implement policy on the engagement of the external auditor to supply non-audit…

A: External auditor is the person outside the organization, who performs the audit services for the…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements include the Income Statement, Balance Sheet, Statement of Cash flows, and…

Q: Which section of the regulations require a CPA to comply with Generally Accepted Accounting…

A: The Code of Professional Conduct for Certified Public Accountants (CPAs) is a set of ethical…

Q: How do you think accounting standards should be set? Is that the approach currently taken by the…

A: Solution The most feasible way may be to be aware of both the politics of the environment and the…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: While listing the functional Committees of the Board and explaining their significance, explain the…

A:

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

Q: Why do we use the Accounting Standards Codification (ASC)? (RAB To summarize key pronouncements of…

A: The Accounting Standards Codification (ASC) is a comprehensive set of accounting standards that…

Q: Which of the following groups sets standards for audits of federal financial assistance recipients?…

A: As per GASB, the accounting for funds of a governmental unit is different from that of private…

Q: Who should set accounting standards? A government agency or private body such as the FASB?

A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…