According to PCAOB AS 2201, _______

question 57

Multiple Choice

According to PCAOB AS 2201, _______.

• A)publicly traded companies are required to have an audit of the effectiveness of internal control over financial reporting (ICFR)
• B)privately traded companies are required to have an audit of the effectiveness of internal control over financial reporting (ICFR)
• C)companies should provide clear note disclosures for any change in inventory method
• D)companies should clearly disclose which financial investments are being accounted for at fair value

---

Definitions:

Largest Banks

The most significant and largest banking institutions based on total assets, market capitalization, and influence in the global financial system.

M1

M1 is a category of the money supply that includes all physical currency and coin, demand deposits, traveler's checks, and other checkable deposits.

M2

An indicator of the total money available within an economy that encompasses physical currency, funds in checking accounts, and assets closely resembling cash, like savings accounts and investments in money markets.

Demand Deposits

Bank accounts that allow the holder to withdraw funds without advance notice, often used for day-to-day expenses.