What Are the Performance Standards Required for Interim Review Engagements

question 75

Multiple Choice

What are the performance standards required for interim review engagements on the quarterly financial information of public companies?

• A) Statements on Standards for Accounting and Review Services.
• B) Standards of the Public Company Accounting Oversight Board.
• C) Statements on Reviews for Public Registrants and Securities Acts.
• D) Standards set by the Public Oversight Board of the Enforcement Division of the SEC.

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Definitions:

State Statutes

Laws that are established and enforced by individual U.S. states, as opposed to federal laws.

Gambling Agreement

A contract or arrangement between parties to stake something of value, typically money, on the outcome of an event with an uncertain result, with the primary intent of winning additional money or material goods.

Exculpatory Clause

A clause in a contract that basically frees one party (usually the drafter of the agreement) from all liability arising out of performance of the contract; generally based on factors such as consumer ignorance or a great deal of unexplained fine print that serve to deprive the less powerful party of a meaningful choice.

Liability Release

a legal document where one party agrees not to hold another party liable for risk, damage, or loss.