Accounting firms may not audit the corporation for which they provide regular accounting services. True or False?
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Accounting firms may not audit the corporation for which they provide regular accounting services.
True or False?
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- What is the law that protects investors from fraudulent financial accounting activity? FASB SACS SOX CPASSome argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.What is the purpose of an audit in accounting? How does it differ from other forms of accounting services such as consulting or tax preparation?
- Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Instructions Comment on the appropriateness of this viewpoint.Would you considerinvesting in a privately held company whose financial records had not been reviewedby an external auditor? Why or why not?Why do you think the SEC requires companies to disclose fees paid to independent accountingfirms for audit and consulting services? What must be disclosed?
- (2) Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports used strictly by company management? If so, why?Which of the following is NOT among the conditions that give rise to a demand by external users for independent audits of financial statements? a. The users of the financial statement do not have a background knowledge about accounting and tax matters b. There is an issue of agency problem between the management and the stockholders of the company c. Reliance on unaudited financial information may have adverse economic consequences d. The users of financial statements cannot directly access the company’s books and recordsAccounting standards require that the statement of financial position be prepared on a classified basis. True False
- Fraudulent financial reporting is most likely to be committed by whom? Select one: a. company management b. outside members of the company's board of directors c. employees of the company d. the company's auditorsOne major difference between financial and management accounting is that A. financial accounting reports are prepared primarily for users external to the company. B. management accounting is not under the jurisdiction of the Securities and Exchange Commission. C. government regulations do not apply to management accounting. D. all of the above are true.What other restrictions and requirements apply to auditors whenproviding nonaudit services to public companies?