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- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)Which of the following is not one of the five primary responsibilities of the Securities and Exchange Commission (the SEC)? A. inform and protect investors B. regulate securities law C. facilitate capital formation D. assure that dividends are paid by corporationsWhich of the following parties is responsible for the fairness of the representations made in financial statements? * O Audit committee. Client's management. AICPA. OIndependent auditor. TOSHIBA
- Who is responsible for the preparation and the fair presentation of an entity's financial statements in accordance with the PFRSS? * Any accountant Certified Public Accountant O Auditor O ManagementWhich of the following parties is responsible for the fairness of the representations made in financial statements? * O AICPA. Independent auditor. O Audit committee. O Client's management.Who are potentially the most effective instrument of good governance of a corporation? a. Government b. Board of director c. Creditors d. Auditors
- Who bears the responsibility of the preparation of company’s financial statements? A The external auditors B The Financial Accountants C The Board of Directors D The Financial ControllerWhat is the meaning of "significant influence"? OA. The power to govern the financial and operating policies of an entity. OB. The power to share in strategic decisions affecting an entity. OC. The power to sell the shares of an entity. OD. The power to participate in the financial and operating policy decisions of the investee.What is the role of an auditor in the implementation of corporate social responsibility in an organization?
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? Group of answer choices 1.IRS (Internal Revenue Service) 2.SEC (Securities and Exchange Commission) 3.FASB (Financial Accounting Standards Board) 4. FDIC (Federal Deposit Insurance Corporation)Governance issues include the following except; Select one: O a. Rights and treatment of shareholders b. Role of stockholders O c. Responsibilities of the board O d. Disclosure and transparencyWhat is involved in the legal requirements of financial governance? Select an answer: having a process in place for internal and external auditing of financial records collecting, managing, monitoring, and controlling financial information holding accountants legally responsible for the accuracy of financial reports