10 Questions
An accountant's independence will not be impaired by an accountant providing ______ accounts or testimony.
factual
The PCAOB proposed standard on auditor independence also prohibits registered auditors from performing certain ______ services to their audit clients.
tax
Authoritative guidelines focus on two concepts of auditor independence: independence in ______ and independence in appearance.
fact
Independence in fact states that external auditors should be ______, impartial, objective, and unbiased, and have an objective state of mind.
intellectually honest
Section 206 prohibits auditors from performing an audit for a company whose ______ was employed by the accounting firm during the one-year period preceding the audit.
CEO, CFO, Controller, CAO, or equivalent
Section 203 requires the lead audit or coordinating partner and reviewing partner to ______ off the audit every five years.
rotate
Several regulators and professional organizations have issued authoritative ______ to assist in preserving auditor independence.
guidelines
Auditor independence rules are addressed in several provisions of ______.
SOX
External auditors should be perceived as being independent in the ______ mind.
public
The PCAOB proposed standard on auditor independence also prohibits registered auditors from performing certain aggressive ______ shelters to their audit clients.
tax
Test your knowledge of the Public Company Accounting Oversight Board (PCAOB), its functions, and responsibilities. Learn about its role under the SEC oversight and its duties in registering public accounting firms that audit public companies.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
