Which of the Following Is True with Respect to PCAOB

question 71

Multiple Choice

Which of the following is true with respect to PCAOB inspections of accounting firms?

• A) All firms performing audits of public companies are required to have annual inspections conducted by the PCAOB.
• B) PCAOB inspections review a sample of audits conducted by firms as well as the firm's systems of quality control.
• C) All results of PCAOB inspections are made available to the public following the inspection.
• D) Firms performing audits of 100 or fewer public entities may elect to have a peer review conducted through the AICPA in lieu of a PCAOB inspection.

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Definitions:

Danish Krone

The official currency of Denmark, also used in Greenland and the Faroe Islands.

U.S. Dollar

The official currency of the United States, commonly used worldwide as a benchmark currency.

Danish Krone

The official currency of Denmark, abbreviated as DKK, used in both Denmark, Greenland, and the Faroe Islands.

Rail Ticket

A document or electronic card that permits the holder to travel on a train route, either between specified points or within a defined area.