1. Consider the following statements: I. The Audit Committee of a Public company's Board of Directors could include the Chief Financial Officer [CFO] of the company. il. Part of the procedure to locate actions by the Securities and Exchange Commission [SEC] involving accountants is to click on "Enforcement" on the SEC web site. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Consider the following statements: I. Financial statements are based on Generally Accepted Auditing Standards. II. Auditing standards issued by the PCAOB must be followed on all audits of all companies' financial statements in the United States of America. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 3. Who bears ultimate responsibility for the financial statements? a. Management of the organization, equally with the external auditor that audits the statements. b. Management of the organization and the American Institute of Certified Public Accountants (AICPA). c. Management of the organization. d. Management of the organization, and the Public Company Accounting Oversight Board (PCAOB).