Which Regulatory Body Sets Auditing Standards and Oversees the Audits

question 79

Multiple Choice

Which regulatory body sets auditing standards and oversees the audits of public companies in the United States?

• A) Public Company Accounting Oversight Board (PCAOB)
• B) Financial Accounting Standards Board (FASB)
• C) American Institute of Certified Public Accountants (AICPA)
• D) Securities and Exchange Commission (SEC)

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Definitions:

Breakthrough

Refers to a significant and sudden advance or discovery that opens up new possibilities in a field of study, technology, or industry.

Continuous

An ongoing, uninterrupted process, action, or flow that does not have a clear beginning or end.

Product

Any item or service that is created through a process and is offered to the market to satisfy a need or want.

Feasibility Determination

The process of assessing the practicality and viability of a proposed project or system.