For Which of the Following Professional Services Must CPAs Be

question 80

Multiple Choice

For which of the following professional services must CPAs be independent?

• A)Management advisory services
• B)Audits of financial statements
• C)Preparation of tax returns
• D)All three of the above

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Definitions:

PCAOB

Public Company Accounting Oversight Board, a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest.

Public Accounting Firms

Organizations licensed to provide accounting services to the public, including auditing, tax advice, and financial consulting.

Audit Report

A formal opinion or disclaimer, issued by an auditor as a result of an audit, regarding the financial statements of a company.

SEC

The Securities and Exchange Commission (SEC) is a U.S. federal agency responsible for regulating the securities industry and protecting investors.