Which of the Following Is Not True with Respect to the Responsibilities

question 11

Multiple Choice

Which of the following is not true with respect to the responsibilities for establishing generally accepted auditing standards?

• A)Auditing standards for both issuers and non-issuers must be formally approved by the Securities and Exchange Commission.
• B)Interpretive publications are issued by the AICPA to provide guidance on the application of generally accepted auditing standards in specific circumstances.
• C)The PCAOB is the body with formal authority for the creation of auditing standards for the audits of issuers.
• D)If specific guidance is not provided by PCAOB Auditing Standards, auditors may refer to Statements on Auditing Standards that have not been amended or superseded.

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Definitions:

Functional Area

Specific departments within a business, such as marketing, finance, or human resources, each focusing on particular aspects of the company’s operations.

Sustainable Fishing

Fishing practices that maintain fish populations at a healthy level without jeopardizing the ecosystem's conditions or the ability of future generations to meet their needs.

Green Market

A group of sustainability-oriented customers and the businesses that serve them.

Corporate Philanthropy

The act of organizations voluntarily donating some of their profits or resources to charitable causes.