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The Public Company Accounting Oversight Board has all the following responsibilities except: a....

Question:

The Public Company Accounting Oversight Board has all the following responsibilities except:

a. establish auditing, quality control, ethic, and independence standards

b. regulate all accounting firms that audit public companies

c. protect investors by requiring full disclosure of financial information when offering securities to the public

d. perform inspections of the practices of registered firms

Public Company Accounting Oversight Board

Public Company Accounting Oversight Board was formed to keep a check on accounting and auditing firms. It is a non-profit organization formed with a view to protect investors. This board investigates and checks if the auditing firms are operating fairly.

Answer and Explanation: 1

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The correct answer is C.

Explanation- PCAOB aims at protecting investors by conducting regular audits on accounting firms but it does not require...

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Internal Auditing: Definition & Standards

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Chapter 6 / Lesson 1
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Internal auditing is the process of evaluation of a company's internal controls to ensure compliance with standards. Learn about the definition of internal auditing, and explore the internal audit standards and the Sarbanes-Oxley Act of 2002.


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