Established by the Sarbanes-Oxley Act of 2002, It Is the Responsibility

question 48

Multiple Choice

Established by the Sarbanes-Oxley Act of 2002, it is the responsibility of the _____ to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.

• A)Private Company Accounting Oversight Board
• B)Public Company Accounting Oversight Board
• C)Public Enterprise Accounting Regulation Agency​
• D)Private Enterprise Accounting Regulation Agency

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Definitions:

Future Amount

The value of a current asset or amount of money at a specified date in the future, based on expected growth or interest rates.

Accrued Liability

Expenses that have been incurred but not yet paid for, recognized in the financial statements under the accrual basis of accounting.

Contingent Liability

A potential obligation that may arise from a past event, the outcome of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events.