AUDITING & ASSURANCE SERVICES CONNECT AC
AUDITING & ASSURANCE SERVICES CONNECT AC
10th Edition
ISBN: 9781259292057
Author: MESSIER
Publisher: MCG
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Chapter 2, Problem 2.21MCQ
To determine

Concept Introduction:

In order to protect the investor’s interest, government has established several bodies and boards which have their separate responsibilities. These boards are PCAOB, SEC, etc. Public Company Accounting Oversight Board (PCAOB) is a nonprofit organization. It was created in the provision of Sarbanes and Oxley Act, 2002. PCAOB was formed to monitor the public company’s activities in order to protect the interest of shareholders. PCAOB regulates the financial reporting of the public companies and it is responsible for issuing the auditing standards and guidelines for audit of public companies.

To choose: The statement that best describes the unqualified audit opinion.

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4. On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for $105,000. On August 30, Mr. and Mrs. Cleaver obtained a loan commitment from OKAY National Bank for an $84,000 conventional loan at 5 percent for 30 years. The lender informs Mr. and Mrs. Cleaver that a $2,100 loan origination fee will be required to obtain the loan. The loan closing is to take place September 22. In addition, escrow accounts will be required for all prorated property taxes and hazard insurance; however, no mortgage insurance is necessary. The buyer will also pay a full year's premium for hazard insurance to Rock of Gibraltar Insurance Company. A breakdown of expected settlement costs, provided by OKAY National Bank when Mr. and Mrs. Cleaver inspect the uniform settlement statement as required under RESPA on September 21, is as follows: I. Transactions between buyer-borrower and third parties: a. Recording fees--mortgage b. Real estate transfer tax c. Recording fees/document…
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