Which of the Following Provisions of the Sarbanes-Oxley Act Already

question 63

Multiple Choice

Which of the following provisions of the Sarbanes-Oxley Act already existed in governmental auditing standards?

• A) Auditors are required to report deficiencies in the design or operation of internal controls.
• B) Not-for-profit organizations are required to establish audit committees composed of non-management board members.
• C) All nonaudit services performed by the auditors must be approved by the audit committee.
• D) All of the above.

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Definitions:

Present Consumption

refers to the amount of goods and services consumed by individuals or households at the current time, as opposed to saving for future use.

Loanable Funds Curve

A graphical representation of the market for loanable funds, showing the relationship between the real interest rate and the quantity of loanable funds supplied and demanded.

Future Consumption

The use of goods or services at a later date, often achieved by saving or investing in the present for benefits in the future.

Projected Rate

An estimate or forecast of a future rate or value based on current trends or data analysis.