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:

Promissory Note

A written promise made by one person (the maker) to pay a fixed sum of money to another person (the payee or a subsequent holder) on demand or on a specified date.

Specific Payee

The designated individual or entity to whom a particular payment is directed or made.

Definite Time

A specific, clearly identified period or moment when something occurs or is scheduled to happen.

Drawer And Drawee

Terms in check transactions where the drawer is the party that writes the check, and the drawee is the bank that is requested to pay the amount.