Under PCAOB Internal Control Reporting Standards,what Are the Auditor's Communication

question 14

Multiple Choice

Under PCAOB internal control reporting standards,what are the auditor's communication requirements to the audit committee with respect to material weaknesses?

• A)All must be communicated in written form.
• B)All must be communicated in written form or orally.
• C)Only those that violate the Foreign Corrupt Practices Act need to be communicated,but in written form.
• D)Only those that violate the Foreign Corrupt Practices Act need to be communicated,in written form or orally.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, which can vary depending on the type of loan, the duration, and the risk involved.

Credit Availability

Credit availability denotes the ease with which individuals or businesses can obtain loans or credit from financial institutions.

FDIC

Federal Deposit Insurance Corporation, a U.S. government agency that insures deposits at commercial banks and savings institutions, providing depositor protection against bank failures.

Too-Big-To-Fail

A concept suggesting that certain corporations or institutions are so large and interconnected that their failure would be disastrous to the broader economy, often leading to government intervention.