These 30 questions are from auditing and assurance services: an applied approach 1st ed

\fQuestion 1. 1. The Securities Exchange Commission (SEC) has oversight authority over the PCAOB. Which of the following is not within the SEC's oversight authority? The SEC approves the PCAOB's rules The members of the PCAOB are appointed by the SEC The SEC approves the PCAOB's budget The SEC determines which audit firms will be inspected by the PCAOB Question 2. 2. Before the creation of the PCAOB, the auditing standards of the Auditing Standards Board were used to audit all companies. Which statement best describes the PCAOB and auditing standards? In 2003, the PCAOB adopted certain auditing standards of the ASB as interim standards In 2003, the PCAOB developed over 100 new auditing standards In 2003, the PCAOB developed audit standards to audit all companies, private and public In 2003, the PCAOB adopted all the standards of the AICPA to save time in the development of new standards Question 3. 3. Corresponds to CLO 1(c) Which of the following is correct about the PCAOB? The PCAOB receives its authority from the SEC Auditing standards issued by the PCAOB must be approved by the SEC Anyone who wants to purchase stock on a U.S. stock exchange must follow the rules of the SEC