Which of the Following Bodies Oversees Audits and Auditors, and Sanctions

question 14

Multiple Choice

Which of the following bodies oversees audits and auditors, and sanctions firms and individuals for violations of laws and regulations?

• A) American Institute of Certified Public Accountants (AICPA).
• B) American Accounting Association (AAA).
• C) Public Company Accounting Oversight Board (PCAOB).
• D) Financial Accounting Standards Board (FASB).
• E) Accounting Principles Board (APB).

---

Definitions:

Income Statement

An income statement is a financial document that shows a company's revenues, expenses, and net income over a specific period.

Cash Surrender Value

The amount of money an insurance company will pay to a policyholder if their policy is voluntarily terminated before its maturity or an insured event occurs.

Insurance Expense

The cost incurred by an entity to obtain insurance coverage for various risks.

Premium

The amount by which the price of a bond or security exceeds its principal amount or face value.