What Is the Difference on Contingent Fees Under the PCAOB

question 34

Multiple Choice

What is the difference on contingent fees under the PCAOB rules versus the AICPA rules?

• A)Both rules allow contingent fees for an audit client if the contingency is based upon findings of government agencies.
• B)The AICPA prohibits contingent fees to an audit client.
• C)The PCAOB allows contingent fees for non public companies engagements.
• D)The PCAOB prohibits contingent fees in tax engagements performed for an audit client.

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Definitions:

Waiting Period

A designated period of time one must wait before a certain action can be taken or a particular benefit becomes effective.

Red-Herring Prospectus

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