What Are Special Purpose Entities (SPEs)

question 46

Multiple Choice

What are special purpose entities (SPEs) ?

• A) Fictitious organizations formed to perpetrate a financial statement fraud
• B) Business interests formed solely to accomplish some specific task or tasks
• C) Bodies formed to establish audit reporting standards and rules
• D) Independent audit boards set up to ensure that financial statements are verified

---

Definitions:

Findings

Discoveries or outcomes that result from the process of research or investigation.

Technical Support Requirements

Specifications that detail the technical assistance and resources needed by users or customers for products or services.

RFP

Request for Proposal; a document that announces and provides details about a project, inviting suppliers to bid to complete it.

Latitude

The angular distance of a place north or south of the earth's equator, typically expressed in degrees and minutes.