Which of the following statements are correct regarding Sarbanes- Oxley (SOX) and Dodd-Frank (DF)?

Q: Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation…

A: CPA stands for Certified Public Accountant. A CPA is a licensed accounting professional who has met…

Q: Describe any debates to overturn the ACA

A: The Affordable Care Act (ACA), also known as Obamacare, has been a subject of debate and attempts to…

Q: which is the primary source of SEC independence rules

A: The primary SEC sources that auditor independence for issuance are

Q: What is controlling financial interest? How did the FASB define this in FIN 46(R)

A: Controlling financial interest is nothing but to exercise control over another financial entity by…

Q: Which of the following is prohibited by the AICPA Code of Professional Conduct?

A: T o help  respond effectively to new ethical challenges they face in serving…

Q: B58. The IASB declared that the merits of proposed standards are assessed A. from a position of…

A: SOLUTION- NEUTRALITY MEANS THAT FINANCIAL STATEMENTS MUST BE FREE FROM ERRORS OR FROM OTHER…

Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: A covered member or covered person does not include which of the following

A: A covered member or covered person  generally refers to an individual who is protected under a…

Q: Which of the following statements is true when assessing whether potential voting rights contribute…

A: 1) When assessing whether or not possible voting rights assist control? All facts and situations…

Q: what are some fundamental challenges in accounting and reporting for a noncontrolling interest?

A: In deliberations prior to issuance of SFAS 160 "Non controlling interest in consolidated financial…

Q: Which common law approach leads to increased CPA liability to "foreseeable" third parties for…

A: CPA is liable to conduct the professional accounting work. He would be responsible for any…

Q: Which organizations are normally exempted from the SEC’s registration requirements?

A: According to the Securities Act 1933, all securities which are issued by companies and their…

Q: In which of the following instances does Entity A have control over Entity B?

A: An entity controls the other entity when it has an existing right that gives a current ability to…

Q: The Civil Rights Act of 1964 is an example of substantive law. True False

A: The body of laws known as substantive law creates and specifies people's rights and duties as well…

Q: Define what a "Beneficial Owner" is in terms of SEC Rule 13d-3 and 16a-1.

A: Beneficial owners are defined by the U.S. Securities and Exchange Commission (SEC) Rule 13d-3 and…

Q: Give

A: In general, remedies may be legal or equitable. In legal remedies, the non-breaching party can…

Q: Which private sector that is not under any direct governement control can the SEC accept or reject…

A: Since its inception in 1973, the Financial Accounting Standards Board (FASB) has served as an…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: Which of the following is generally true about the differences between U.S. GAAP and IFRS? a. More…

A: US GAAP and IFRS are the two different financial reporting standards which have different standards…

Q: he communications between CPAs and their clients are privileged under federal law. True or False

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: When making an objection, the following procedure should be followed: The Income Tax Act's Sections…