Which of the Following Is the Responsibility of the Professional

question 46

Multiple Choice

Which of the following is the responsibility of the Professional Ethics Executive Committee?

• A)Enforce SEC ethical standards
• B)Act as an investigative body of the AICPA when ethical violations are suspected.
• C)Make and enforce all the rules of conduct for CPAs who are AICPA members.
• D)Establish minimal ethical standards for financial reporting.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally to prepare public company financial statements.

Financial Statements Objectives

The primary goal of financial statements is to provide information about the financial position, performance, and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.

Public Sector Accounting Board

A regulatory body responsible for setting accounting standards and guidelines for the public sector within a given jurisdiction.

Territorial Governments

Systems of government established in territories, which are regions that are not fully autonomous or sovereign.