The 2016 State of Compliance Study of PwC Indicates That

question 60

Multiple Choice

The 2016 State of Compliance Study of PwC indicates that:

• A) Compliance and ethics functions have become more visible with their Board of Directors and senior leaders
• B) A compliance officer works with the external auditors to ensure accurate and reliable financial reporting
• C) Compliance officers always are part of the internal audit group
• D) Compliance officers should never be part of the management team

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Definitions:

Accounting Equation

The fundamental equation that represents the relationship between assets, liabilities, and owner's equity (Assets = Liabilities + Owner's Equity).

Owner's Equity

The residual interest in the assets of a company after deducting its liabilities; also known as shareholders' equity.

Liabilities

Financial obligations owed by a business to others, such as loans, accounts payable, and mortgages.

Total Assets

The sum of all current and non-current assets owned by a company, reflecting its overall value.